Stock data
| Market cap. | £64m |
| Last close | 430.00p |
| High / Low (52 weeks) | 435.0p / 280.0p |
| Stock market listing | AIM |
| Forecast net debt (m) | N/A |
| Forecast gearing ratio (%) | N/A |
| Team | Financials |
| Sector | Financials |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 26.47 | 13.91 | 6.83 |
| Relative * | 19.61 | 5.29 | 10.11 |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 37.8 | N/A | 3.1 | 9.3 | 46.2 | N/A |
| 2010A | 40.5 | N/A | 4.1 | 17.9 | 24.0 | N/A |
| 2011E | 46.9 | N/A | 5.6 | 18.3 | 23.5 | N/A |
| 2012E | 56.1 | N/A | 9.6 | 32.6 | 13.2 | N/A |
Last updated on 24/01/2012
Latest research
Secure Trust in detail
Update | Financials | 24/01/2012
Pre-close update
Update | Financials | 11/01/2012
Securities sale details
Flash note | Financials | 21/11/2011
Securities Division sale
Flash note | Financials | 09/11/2011
Look at the parts
Update | Financials | 02/11/2011
Secure Trust IPO
Flash note | Financials | 06/10/2011
H111 results curate’s egg
Update | Financials | 02/08/2011
AGM statement
Flash note | Financials | 12/05/2011
Continuing progress
Outlook | Financials | 29/03/2011
Pre-close statement
Update | Financials | 13/01/2011
Excess liquidity hurts
Update | Financials | 04/11/2010
Surplus liquidity strain
Update | Financials | 06/08/2010
Investment summary
We have published a detailed report on Secure Trust Bank (STB), with a product-by-product review of its organic opportunities. This review has led us to raise our 2012/2013 Arbuthnot Banking Group (ABG) estimates. We emphasise we have only included organic STB growth in our numbers – some analysts estimate inorganic activity could add c 40% to the loan book and hence estimates. ABG trades at just c 60% of its (75.5%) holding in STB. It has completed the sale of its investment banking division (on which it previously announced that 2011 will include c £8m of trading losses and £3.5m of provisions with the final loss on sale c £1m in 2012).
Last updated on 24/01/2012
Industry outlook
For those like ARBB with good funding and strong capital ratios, it is an excellent time to lend as weaker competition has expanded lending margins and opened new opportunities. Private banking remains competitive with low interest rates limiting the value of deposits.
Last updated on 09/12/2011
Key management
| Henry Angest, Chairman & CEO |
| James Cobb , FD |
Company address
| Arbuthnot House 20 Ropemaker Street London EC2Y 9AR United Kingdom +44 (0) 207 012 2400 View website |
