Duke Capital Limited (DUKE)

Sector:

Financials

Index:

FTSE AIM All-Share

33.50p
   
  • Change Today:
      1.00p
  • 52 Week High: 35.00p
  • 52 Week Low: 28.70p
  • Currency: UK Pounds
  • Shares Issued: 421.49m
  • Volume: 438,594
  • Market Cap: £141.20m

Canaccord Genuity nudges up target price on Duke Royalty

By Iain Gilbert

Date: Thursday 08 Sep 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity nudged up their target price on diversified financial group Duke Royalty from 53.0p to 54.0p on Thursday, citing "material growth" throughout the trading year.
Canaccord Genuity stated that in the 12 months ended 31 March, Duke Royalty had delivered recurring cash revenues of £14.9m, up 70% year-on-year, driven by strong growth in its investment portfolio and an improved performance amongst its royalty partners. Total cash revenue was £18.4m, up 67% year-on-year, helped by two buyouts during the year.

Duke's royalty investment portfolio experienced £3.5m of net fair value gains during the year and its equity investment portfolio experienced £7.1m of net fair value gains, which contributed to an ending net asset value per share of 37.1p - a 7% year-on-year increase.

"We update our forecasts for the placing which occurred in May, current trading in FY23 and our assumption for an upsized debt facility in FY24 per the 40% LTV covenant at a funding rate of 7.25% + 1.0m SONIA (i.e. consistent with the interest rate on the current facility). Our FCF/share forecast increases by 7% to 3.9p in FY24 and our adjusted diluted earnings per share forecast increases by 12% in FY24," said Canaccord.

The Canadian bank added that it believes the company to be "well positioned" in the current environment as a now "larger and well-diversified business".

"We also flag that there is some degree of inflation protection built into Duke's model via the annual yield adjustment mechanism on royalty investments, so long as royalty partners are able to pass on inflation to their own customers."





Reporting by Iain Gilbert at Sharecast.com

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

DUKE Market Data

Currency UK Pounds
Share Price 33.50p
Change Today 1.00p
% Change 3.08 %
52 Week High 35.00p
52 Week Low 28.70p
Volume 438,594
Shares Issued 421.49m
Market Cap £141.20m

DUKE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
36.8% below the market average36.8% below the market average36.8% below the market average36.8% below the market average36.8% below the market average
10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average
Income Not Available
Growth
Market averageMarket averageMarket averageMarket averageMarket average
18.52% below the sector average18.52% below the sector average18.52% below the sector average18.52% below the sector average18.52% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

DUKE Dividends

  Latest Previous
  Q4 Q3
Ex-Div 28-Mar-24 28-Dec-23
Paid 12-Apr-24 12-Jan-24
Amount 0.70p 0.70p

Trades for 28-Mar-2024

Time Volume / Share Price
16:22 1 @ 33.03p
15:47 6,000 @ 33.83p
15:15 3,500 @ 33.68p
15:06 3 @ 34.00p
14:58 5,903 @ 33.18p

DUKE Key Personnel

CEO Neil A Johnson

Top of Page