JTC (JTC)

Sector:

Financials

Index:

FTSE 250

821.00p
   
  • Change Today:
      1.50p
  • 52 Week High: 830.00
  • 52 Week Low: 627.50
  • Currency: UK Pounds
  • Shares Issued: 166.01m
  • Volume: 74,496
  • Market Cap: £1,362.91m
  • RiskGrade: 117

Jefferies initiates coverage on JTC at 'buy'

By Iain Gilbert

Date: Tuesday 21 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Analysts at Jefferies initiated coverage on fund manager JTC with a 'buy' rating and an 860.0p target price on Tuesday, citing exposure to a growth industry and a "positive outlook".
Jefferies stated JTC operates in a growing market, has a record of good M&A execution, and high cash conversion, with the "underpenetrated" US market, the world's biggest, also presenting "an important opportunity".

"Our estimates are for mid-single-digit AUM growth to the end of the decade globally, with a continued shift to alternatives. This would expand JTC's opportunities, on top of further market penetration (especially in the USA). We forecast 15% revenue growth yearly to 2025 as a result (vs c. 20% historically)," said Jefferies.

The broker highlighted that with long-term income streams, a 15% top-line compound annual growth rate to 2025e, stable margins, and a 30% dividend pay-out, it reckons JTC offers "attractive exposure" to the rising internationalisation and regulation of finance.

"Our DCF gives an £8.60 valuation on a 9% cost of equity. We reduce profit growth from our circa 10% explicit forecast over five years to a 2% terminal rate. That equates to a 1.2% full-year 2023 yield and a price-to-earnings two years forward broadly in line with the long-term average of 21.0x," Jefferies added.













Reporting by Iain Gilbert at Sharecast.com

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

Note 2: RiskGrade figures are provided by RiskMetrics.

 

JTC Market Data

Currency UK Pounds
Share Price 821.00p
Change Today 1.50p
% Change 0.18 %
52 Week High 830.00
52 Week Low 627.50
Volume 74,496
Shares Issued 166.01m
Market Cap £1,362.91m
RiskGrade 117

JTC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
Market averageMarket averageMarket averageMarket averageMarket average
98.1% below the sector average98.1% below the sector average98.1% below the sector average98.1% below the sector average98.1% below the sector average
Price Trend
Market averageMarket averageMarket averageMarket averageMarket average
43.10% above the sector average43.10% above the sector average43.10% above the sector average43.10% above the sector average43.10% above the sector average
Income
Market averageMarket averageMarket averageMarket averageMarket average
84.85% below the sector average84.85% below the sector average84.85% below the sector average84.85% below the sector average84.85% below the sector average
Growth
Market averageMarket averageMarket averageMarket averageMarket average
79.44% above the sector average79.44% above the sector average79.44% above the sector average79.44% above the sector average79.44% above the sector average

What The Brokers Say

Strong Buy 4
Buy 3
Neutral 0
Sell 1
Strong Sell 0
Total 8
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

JTC Dividends

  Latest Previous
  Interim Final
Ex-Div 21-Sep-23 01-Jun-23
Paid 20-Oct-23 30-Jun-23
Amount 3.50p 6.88p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 41,952 @ 821.00p
16:35 1 @ 821.00p
16:35 161 @ 821.00p
16:35 234 @ 821.00p
16:35 143 @ 821.00p

JTC Key Personnel

CEO Nigel Le Quesne
CFO Martin Fotheringham

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