Доклад на английском языке (название - задание на отдельном листе )
Table 1 The Evolution Group Financial Strength
Corporate activity has increased notably and revenues for the second half will be at least double the first half. Improving secondary market share, broad research and increasing distribution strengths are leading to a much improved pipeline and growing corporate client list.
Fixed Income continues to generate strong revenues across expanding range of product.
Equity revenues are experiencing strong growth, driven in particular by commission income and are at record quarterly levels.
Evolution Securities saw income fall by 46 per cent to £29.8m as primary market activity slowed to a trickle. It advised on just one IPO and conducted only 20 fundraisings, less than half the business it did in 2007 - that raised £470m for clients, down from £2.9bn in 2007. However, investment in its fixed i
Показать всеncome offering appears to be paying off, with revenues here almost doubling to £7.1m, while the group has taken swift action on costs, making annualised cost savings of £7.2m5.
Given the successful results to date from investments made over the last 12 months and The Evolution Group growing business pipeline, the Group is highly confident that it can continue the momentum in profit growth into 2010 and beyond6.
The basic economic indicators of work of the company this year show positive dynamics. The Evolution Group suffered bruising share price falls last year. Since then, sentiment has improved as the worst of the financial storm has receded, with investors waking up to the enviable position of survivors. The Evolution Group expected its full-year profits to exceed current forecasts, has made the most of the new reality, capitalising on the opportunities presented by the struggles of rivals.
Picture 1 The Evolution Group Management Effectiveness
The number of institutional clients of The Evolution Group deal with in both Fixed Income and Equities is growing at a significant rate. Year to date, the company have established in excess of 300 new client relationships across both businesses.
Beyond investment banking, the private client business has grown, with funds under management and administration reaching £5bn at the end of September, up 19 per cent from the end of June. The strength of the business is reflected in the stock, which has risen sharply and now trades on 21.97. Broker Arden Partners has upgraded its 2009 pre-tax profit forecast from £8.1m to £11.4m, raising EPS from 2.6p to 3.8p, reflecting continued growth on the fixed income side and an increase in trading income.
Meanwhile, Evolution's private client investment management business - Williams de Broe - continued to thrive in spite of the wider economic adversity. The division saw assets under management rise 21 per cent to £3.4bn, thanks partly to the acquisition of Singer & Friedlander's investment management business from Icelandic credit crunch victim Kaupthing, which brought in £1bn of funds under management. The division also opened a new office in Edinburgh in April, which helped it boost income by 10 per cent to £35.7m, of which a large proportion is recurring8.
Tough trading conditions have left their mark on investment bank and private client asset manager Evolution, especially on the sales and broking side where trading income slid from £13.3m a year ago to just £1.9m. In that time, just one initial public offering (IPO) and four secondary placings were secured against one IPO and 13 secondary placings a year earlier. Reflecting the difficult market conditions, the group has cut its cost base by £6.5m, or around a fifth9.
The Evolution Group can grow stronger and the stock should climb higher. Management is competent rather than inspired, and the group has had something of a chequered history.
In my opinion, The Evolution Group PLC is a good buy at present and now is the time to buy in advance of the December build up. My target price is 180 pence but 190 pence is possible, around December / January.
In favor of money investment in the company growth of payments under dividends testifies (table 2) 10.
Table 2 The Evolution Group Dividend History
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