Brewin Dolphin Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9054993 INVESTMENT EXTRA:fishing for stars
By IAN LYALL
9:59 AM on 10th December 2011
http://bit.ly/sUnFyo By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=9054993&action=detail Sat, 10 Dec 2011 22:01:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.9046856 http://www.edisoninvestmentresearch.co.uk/researchreports/BD081211outlook.pdf
Thu, Dec 8, 2011 at 3:24 PM

Brewin Dolphin (BD) offers investors geared access to the expected double-digit long-term market growth from UK and Irish wealth management, where it has consistently delivered AUM growth ahead of benchmarks. Additionally, the group has started a strategic review to bring its margins more in line with best in sector. In the year to September 2011 market volatility worked against the group and there was upfront investment in the strategic review, but still BD delivered adjusted profit growth. The twice covered dividend (Edison 2012e yield 5.4%) is attractive.

Brewin Dolphin is one of the largest independent private client investment managers in the UK and manages around £24bn. It provides a complete service for private investors, charities and pensions and has an investment banking division.

Year
End Revenue
(£m) PBT
(£m) EPS
(p) DPS
(p) P/E
(x) Yield
(%)
09/10 240.0
37.1
12.5
7.1
10.5
5.4
09/11 264.0 39.4 11.3 7.1 11.6 5.4
09/12e 291.5 46.2 13.1 7.1 10.0 5.4
09/13e 312.4 53.5 15.0 7.5 8.7 5.7
Brewin Dolphin H By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=9046856&action=detail Thu, 08 Dec 2011 15:31:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8822355 Fri, Oct 7, 2011 at 10:38 AM
http://www.edisoninvestmentresearch.co.uk/researchreports/Brewin071011update.pdf

Brewin Dolphin’s pre-close trading statement again indicates discretionary funds growing well ahead of the benchmark (10.9% beat). Critically in the latest quarter there has been a net organic inflow of funds (gross inflow £0.3bn, gross outflows £0.25bn). Market movements knocked c £1.7bn off funds in the quarter but this was not unexpected. Critically discretionary funds have proved much more robust than advisory. Investors are paying an undemanding sub 9x September 2012 earnings for double-digit earnings growth with a near 6%, twice-covered yield.

Brewin Dolphin is one of the largest independent private client investment managers in the UK and manages around £24bn. It provides a complete service for private investors, charities and pensions and has an investment banking division.

Year
End Revenue
(£m) PBT
(£m) EPS
(p) DPS
(p) P/E
(x) Yield
(%)
09/09 212.3
32.1
10.9
7.1
10.7
6.2
09/10 250.9
38.6
12.8
7.1
9.1
6.2
09/11e 273.0
39.2
12.5
7.1
9.4
6.2
09/12e 282.0
43.4
13.1
7.1
8.9
6.2
Brewin Dolphin is a research client of Edison Investment Research. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8822355&action=detail Fri, 07 Oct 2011 10:40:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8729611
There has been some large size buys go through today, been very quiet with BRW of late.
Slight tick up in sp.

Regards

soi By soi ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8729611&action=detail Fri, 09 Sep 2011 14:10:00 GMT soi tag:iii.co.uk,2003:tst.8603123 Financial News( BRW;HDU;RAT;LIO;HAT):
Top down or bottom up?

Analyst:John Borgars Published on 02/08/11
http://www.equitydevelopment.co.uk/
http://www.equitydevelopment.co.uk/login

Here is our latest analyst report on Financial News:
There have been several encouraging items of corporate news in the past week, but they have unsurprisingly been overshadowed by worries over US or Eurozone defaults:

Brewin Dolphin’s third quarter performance was solidly satisfactory with a 10% rise in revenue but it was overshadowed by Rathbones interim results announced the same day

Hardy’s IMS shows that Beazley isn’t the only underwriter that can earn profits despite the exceptional level of catastrophe payments in the current year. Hiscox is significantly exposed to catastrophe risks, both directly and through its Reinsurance account, and the breakdown it gives is illuminating

Liontrust's proposed acquisition of Occam will widen the range of funds managed to include Asian and Emerging Markets. On the whole it looks a good deal for both sides.
Download full report click here
Symbol/Epic BRW;HDU;RAT;LIO;HAT
Listing various
Sector Financials
Price
Market Capitalisation By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8603123&action=detail Tue, 02 Aug 2011 13:04:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8591768 Edited by Nikhil Kumar
Thursday, 28 July 2011
Our view: Buy
http://www.independent.co.uk/news/business/sharewatch/investment-column-morgan-deserves-a-premium-2327168.html


Brewin Dolphin

Our view: Buy

Share price: 152p (-6.7p)

Shares in Brewin Dolphin took a dive yesterday after the financial services firm released its third-quarter update.

The numbers did not make for fantastic reading. Most notably, its investment management revenue of £64m was a sizeable 11 per cent behind forecasts, while funds under management missed hopes by 3 per cent.

Yet it is worth noting that the period covered in the update runs to 26 June, just before the markets enjoyed a major rise in the last few days of the month. Such was the size of the move that, according to estimates from the analysts at Peel Hunt, it would have boosted Brewin's assets under management by around 4 per cent.

Investors should also note that although Brewin's share price has been under pressure since March, City scribblers have been positive towards the group. The reason is that back in May, the company announced plans to tackle the thorny issue of why its operating margin was significantly lower than those of rivals such as Rathbones.

The major review that was launched at the time is expected to take up to three years, although the company did say it hoped to see some positive changes in the near future. Nonetheless, it remains a long-term issue and, if you're prepared to wait, it could provide some significant upside as the company makes improvements. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8591768&action=detail Thu, 28 Jul 2011 22:10:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8586288 Wednesday, Jul 27 2011 by Edison Investment Research
http://www.stockopedia.co.uk/research/steady-as-she-goes-58551/
http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5472


Jul 27th 2011 - Edison Investment Research today published a report on Brewin Dolphin (BRW.L, LSE:BRW, LON:BRW) entitled "Steady As She Goes". In summary, the report says:

Brewin Dolphin (BD) has issued its IMS for the 13- and 39-week periods ending 26 June 2011. There were no surprises in the announcement and we are not changing our 2011 full-year forecasts of 12% investment management revenue growth, 16.7% EPS growth and £16.2bn of discretionary assets managed at end-September 2011. The valuation is undemanding relative to peers and for the expected mid-teens earnings growth. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8586288&action=detail Wed, 27 Jul 2011 18:18:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8545101 By JOANNE HART
Last updated at 9:33 AM on 17th July 2011

In today's investment climate, when markets are particularly complex and unpredictable, investors need all the good advice they can get.
And when looking for help they would do well to talk to someone with experience.
One adviser with more than most is private client investment manager Brewin Dolphin, which can trace its roots to the mid-18th Century and was a founding member of the London Stock Exchange.

Buoyant: Jamie Matheson is making Brewin's national spread visible through sports sponsorship
Executive chairman, Jamie Matheson, has a straightforward view of investment – keep it simple, keep it straightforward and know your time horizons.
And if something looks too good to be true, it almost certainly is. This type of plain speaking has won Brewin many customers.
It has more than 100,000 clients, who have an average investment portfolio of between £300,000 and £400,000, although some have considerably more and others substantially less.
For investment managers, customers tend to split into two camps – discretionary and advisory. The former hand over their money, trusting the investment firm to manage it for them.
They are regularly updated on their portfolio but they are not involved in decisions about what to buy and sell. In the other camp, advisory clients are involved in making decisions.
They pay close attention to the markets and they discuss with their investment manager what they want to do with their portfolio. For investment managers, both types of client are interesting but discretionary customers are invariably more profitable because they are charged an annual fee.

Brewin used to have many more advisory clients but the firm has worked hard over the past few years to change the balance. In 2000, for example, 26 per cent of its clients were discretionary.
By the end of last year, that had risen to 60 per cent and Matheson hopes to increase the percentage still further. The shift is important because the more discretionary clients Brewin has, the more annual fee income it receives and the more robust its profits are.
Investment managers' profits are always affected to some extent by the stock market – when shares are soaring, funds under management rise, people trade more and fee income grows.

Keep it simple: Executive chairman, Jamie Matheson, has a straightforward view of investment ¿ keep it straightforward and know your time horizons
But firms that are heavily weighted towards advisory clients suffer more in difficult climates than those with plenty of discretionary customers on their books. Back in 2000, for example, Brewin Dolphin made £25 million.
By 2003, profits had slumped to £4.4 million. Over the same period, the FTSE 100 fell 35 per cent. By 2007, Brewin's profits had risen to £41.7 million and last year, they were £40.8 million, even though the Footsie fell 14 per cent over those four years.
Looking ahead, profits for the year to September are forecast to rise more than 15 per cent to £46 million, with another 18 per cent increase to £55 million pencilled in for the year to September 2012.
Dividends are expected to move in tandem, increasing from 7.1p last year to 7.3p in 2011 and 7.6p next year. This growth is likely to come from several quarters.
First, the firm is hoping to attract new customers, keen to benefit from its advice in hard times. Second, Matheson is broadening the services offered to include pension advice and other forms of financial planning. Matheson is also keen to expand Brewin's national presence.
The firm has 41 offices from Inverness to Truro, but it would like to have more, and the more there are, the more funds should grow.
Finally, the firm is engaged in a comprehensive update of its systems, which should cut costs and help customers who enjoy checking their portfolios online.
Midas verdict: Brewi By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8545101&action=detail Sun, 17 Jul 2011 22:13:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8544313 Sun 17 Jul 2011
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4366904
By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8544313&action=detail Sun, 17 Jul 2011 12:37:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8329607 Tuesday, May 31 2011 by Edison Investment Research


May 31st 2011 - Edison Investment Research today published a report on Brewin Dolphin (BRW.L, LSE:BRW, LON:BRW) entitled "Tilman Acquisition". In summary, the report says:

BD has announced the acquisition of Tilman Asset Management, a privately owned private client company, based in Ireland. The initial consideration of €20.8m (4.6% BD’s market cap) less surplus capital, is 11.5x earnings to March 2011, but just 1.7% of the €917m AuM. The buy-out will be 11.5x 2014 earnings (less initial consideration). While this deal may be modestly dilutive to earnings (consideration is BD shares trading at 2012 sub 10x), it is buying the potential of the Irish wealth management sector where the competition and market for advice are in turmoil.

http://www.stockopedia.co.uk/research/tilman-acquisition-56996/

http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5148 By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8329607&action=detail Tue, 31 May 2011 22:28:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8311373 Thursday, May 26 2011 by Edison Investment Research


May 26th 2011 - Edison Investment Research today published a report on Brewin Dolphin (BRW.L, LSE:BRW, LON:BRW) entitled "Interim Results". In summary, the report says:

Brewin Dolphin results again saw discretionary funds growing well ahead of the benchmark (10.7% against 4.7%). Our previous September forecast AuM (£25.3bn) is nearly achieved (£25.0bn) by March. Total revenue was up 12.5%, and investment management income was up 14%. Underlying EPS rose 9% with the investment management earnings up 16%. The group has announced a strategic review to improve its operating margins. Investors are paying an undemanding sub 10x September 2012 earnings for double-digit earnings growth with a near 5%, twice-covered yield.

http://www.stockopedia.co.uk/research/interim-results-56892/

http://www.edisoninvestmentresearch.co.uk/?ACT=18&ID=5134 By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=8311373&action=detail Thu, 26 May 2011 16:18:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7814575 http://www.stockopedia.co.uk/research/disposal-of-the-corporate-advisory-and-broking-division-54005/ By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=7814575&action=detail Wed, 16 Feb 2011 17:11:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7812442 http://www.stockopedia.co.uk/research/portfolio-tidying-53984/ By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=7812442&action=detail Wed, 16 Feb 2011 13:22:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7804072 http://www.growthcompany.co.uk/news/1602168/brewin-dolphin-offloads-broking-arm.thtml By petrit ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=7804072&action=detail Tue, 15 Feb 2011 11:49:00 GMT petrit tag:iii.co.uk,2003:tst.7803410
As they point out in the release today the disposal will "...simplify the structure of the Group into that of a pure investment manager..."

Corporate Advisory and Broking with BRW represents less than 5% of sales, profits and employees.

The acquirer and JV partner is:

http://www.nmas1.com/Home/tabid/36/language/en-US/language/es-ES/Default.aspx

By mutandis13 ]]> http://www.iii.co.uk/investment/detail?code=cotn:BRW.L&display=discussion&id=7803410&action=detail Tue, 15 Feb 2011 10:47:00 GMT mutandis13