Stock data
| Market cap. | £46.7m |
| Last close | 47.38p |
| High / Low (52 weeks) | 49.8p / 38.2p |
| Stock market listing | AIM |
| Forecast net debt (m) | N/A |
| Forecast gearing ratio (%) | N/A |
| Team | Investment Companies & Trusts |
| Sector | Investment Companies |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (1.3) | (1.81) | 14.16 |
| Relative * | 3.54 | 6.25 | 25.45 |
* % 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) |
|---|---|---|---|---|---|---|
| 2010A | 17.1 | 11.1 | 11.1 | 12.70 | 3.7 | N/A |
| 2011A | 10.0 | 3.2 | 3.2 | 3.34 | 14.2 | N/A |
| 2012E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 30/04/2012
Latest research
Q112 NAV, div and CLO
Flash note | Investment Companies | 27/04/2012
2011 results
Update | Investment Companies | 28/03/2012
More cash, more dividend
Outlook | Investment Companies | 20/01/2012
December pre close
Flash note | Investment Companies | 22/12/2011
Interim results
Flash note | Investment Companies | 16/09/2011
NAV update
Flash note | Investment Companies | 30/08/2011
Trading update
Flash note | Investment Companies | 24/06/2011
Franchise value rising
Flash note | Investment Companies | 24/05/2011
Management fee cut
Update | Investment Companies | 19/05/2011
Restructuring continues
Update | Financials | 28/04/2011
Results confirm trends
Update | Financials | 31/03/2011
NAV steadily rising
Flash note | Financials | 25/02/2011
Investment summary
Greenwich Loan Income Fund (GLIF) has announced its Q112 NAV (47.8p vs 48.3p end December), which has fallen modestly with a 3% adverse dollar/sterling exchange rate swing over the period. The basis of the NAV is conservative, marking assets to market and liabilities at par. As a going concern, we believe this is unduly harsh as many loans that are expected to fully repay have a market price below par. It is more appropriate to consider the value of assets realisable over time (franchise value), which we estimate at 51.5p.
Last updated on 27/04/2012
Industry outlook
The US corporate middle market is less covered than major corporate debt, creating more opportunities, with higher risk more than matched by higher reward. This can generate excellent long-term returns. Critically, the US mid-corporate market offers investors more credit risk control than major corporate situations. Recent trends in pricing and credit have been favourable.
Last updated on 23/04/2012
Key management
| Geoffrey Miller, Chairman |
Company address
| P.O. Box 296 Sarnia House, Le Truchot St Peter Port Guernsey GY1 4NA United Kingdom View website |
