AFH Financial (AFHP)

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An Independent Financial Advisor and Discretionary Investment Manager, a financial planning led wealth management firm.

24-Sep-2018 – 402p – £152.5m – PER 14.7

Bought in here, no coverage yet but bought in here today – The reasoning is documented here.

12-Nov-2018 – 385p – £161.8m – PER 14.1

Trading Update For The 12 Months To End October 2018 – “Another year of strong growth”, Funds Under Management at £4.5bn (2017: £2.8bn), Revenue expected to exceed £50m, up 49% (2017: £33.6m), Continued expansion of EBITDA margin, reflecting operational gearing – Trading in line with current FY market expectations. Board confident of achieving its stated objectives of Revenue of £75m, EBITDA margin of 20% and £5bn Funds Under Management .

I am Long here and in-line will do for me as in-line should see a 40%+ increase in EPS this year (on a current PER of 14 or so!).

1-Mar-2019 – 336p – £142.8m – PER 10.3

AGM Statement – 5th year of improved profitability, record Revenue of £50.7m (up 51%), EPS up 43%, the Dividend is up 50%. Complete 16 accertive acquisitions, continuing to implement operational efficiencies through scale. Current year trading remains in-line with expectations with 4 acquisitions in the first 4 months.

I am Long here and in-line will do for me, forecasts for in Revenue and EPS to increase again 40%+ this year (on almost a single digit PER!).

28-May-2019 – 311p – £133m – PER 9.3

Results For The 6 Months To End April 2019 – Revenue up 61%, PBT up 80%, EPS up 49%, FUM up 68% – Strong outlook and re-confirms 3-5 year targets, FUM of £10bn, Revenue of £140m and EBITDA margin of 25%.

I remain Long here and have no idea why this is still on a single digit PER, perhaps I have missed something!

13-Sep-2019 – 276p – £118m – PER 9

Two Acquisitions – completed on attractive, value-enhancing multiples.

I am Long here and hope this gives a much needed boost to the share price.

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