Law Debenture Corp PLC Edison issues review on The Law Debenture Corp.
28 Fevereiro 2022 - 4:01AM
RNS Non-Regulatory
TIDMLWDB
Law Debenture Corp PLC
28 February 2022
London, UK, 28 February 2022
Edison issues review on The Law Debenture Corporation (LWDB)
The Law Debenture Corporation (LWDB) has once again proved that
while its structure may be unusual, its combination of a UK-biased
investment trust and a portfolio of independent professional
services (IPS) businesses can deliver for investors. IPS produced a
fourth consecutive year of on-target high single-digit growth in
FY21, while the investment portfolio bounced back after a tough
2020 in both capital and revenue terms. The IPS contribution to
revenues (c 35% in FY21) gives fund managers James Henderson and
Laura Foll at Janus Henderson increased flexibility to select
lower- or non-yielding stocks that may have better growth
potential. That said, the top contributors to performance in the
year unusually included such stalwarts as Marks & Spencer and
Shell. A 5.5% increase in total dividends for the year secures a
43rd year of growing or maintaining the payout, and the trust
currently yields 3.3%.
In the past 12 months LWDB's share price has moved from a
persistent discount to NAV (long-term range of c 5-15%) to a small
average premium of 0.8%. This has facilitated the issuance of c
GBP40m in new shares over the past 12 months, which, along with an
additional GBP50m in low-cost borrowing, gives significant
firepower to both the fund managers and the IPS business to pursue
attractive opportunities where they present themselves. While the
current geopolitical strife may dent appetite for risk assets in
the near term, we see the much lower volatility in LWDB's
discount/premium over the past 12 months as suggestive that any
de-rating is unlikely to be severe or sustained, assuming no major
systemic or market events.
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February 28, 2022 02:01 ET (07:01 GMT)
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