By Michele Maatouk
Date: Tuesday 31 Aug 2021
LONDON (ShareCast) - (Sharecast News) - JPMorgan Cazenove and Citi both initiated coverage of recently-listed Bridgepoint on Tuesday.
JPMorgan started coverage of the shares at 'overweight' with a 600p price target as it argued that growth in assets under management and operational leverage will drive strong earnings growth.
"Bridgepoint is a leading global private market asset manager, with AUM of €27.4bn as of March 2021," it noted. It said the AUM split is around 72%/28% private equity/private credit.
"Bridgepoint has delivered 13% AUM compound annual growth rate (2011-20), outpacing the industry 10% CAGR (2011-20)," JPM said.
It added that among the private market asset managers, it sees most upside in Bridgepoint and ICP.
Citi started Bridgepoint at 'neutral' with a 513p price target, highlighting strong mid-market private growth but a "rich" valuation.
The bank said key strategies include mid-market, lower mid-market and growth in private equity, as well as credit opportunities, direct lending and syndicated debt in private credit.
"Notable investments include Pret A Manger, Molton Brown & MotoGP," it said.
"We like the long-term growth prospects, but our sum-of-the-parts valuation (for management fees, performance fees & co-investment) suggests the share price is already full, post recent appreciation."
At 1245 BST, the shares were down 4% at 492.80p.
Email this article to a friend
or share it with one of these popular networks:
Currency | UK Pounds |
Share Price | 263.60p |
Change Today | 3.40p |
% Change | 1.31 % |
52 Week High | 289.60 |
52 Week Low | 166.90 |
Volume | 22,442 |
Shares Issued | 793.64m |
Market Cap | £2,092.04m |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
Latest | Previous | |
---|---|---|
Final | Interim | |
Ex-Div | 18-Apr-24 | 17-Aug-23 |
Paid | 21-May-24 | 25-Sep-23 |
Amount | 4.40p | 4.40p |
Time | Volume / Share Price |
11:15 | 201 @ 263.60p |
11:15 | 51 @ 263.60p |
11:15 | 15 @ 263.60p |
11:12 | 282 @ 263.60p |
11:07 | 277 @ 263.80p |
You are here: research