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Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

Arbuthnot Banking Group / Equity Bottom-Up

<ul><li>ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value.</li><li>2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment.</li><li>Margins could be widened while still giving customers competitive products.</li></ul>

ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value.2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment.Margins could be widened while still giving customers competitive products.

Hardman & Co Arbuthnot Banking Group (ARBB): 1H’24 - optimising the franchise value

<ul><li>The saying goes, the proof of the pudding is in the eating.</li><li>ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value.</li><li>Key highlights were i) PBT £47.1m (2022: £20.0m), ii) operating income £178.9m (2022: £137.4m), iii) average net margin 5.7% (2022: 5.1%), iv) EPS +103% to 222.8p, v) total dividend for the year of 46p (2022: 42p), vi) net assets of £252.4m (2022: £212.0m), NAV per share of 1,547p (2022: 1,411p), vii) CET1 ratio of 13.0% (2022: 11.6%), and total capital ratio of 15.2% (2022: 14.0%).</li></ul>

The saying goes, the proof of the pudding is in the eating.ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value.Key highlights were i) PBT £47.1m (2022: £20.0m), ii) operating income £178.9m (2022: £137.4m), iii) average net margin 5.7% (2022: 5.1%), iv) EPS +103% to 222.8p, v) total dividend for the year of 46p (2022: 42p), vi) net assets of £252.4m (2022: £212.0m), NAV per share of 1,547p (2022: 1,411p), vii) CET1 ratio of 13.0% (2022: 11.6%), and total capital ratio of 15.2% (2022: 14.0%).

Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth

United Kingdom

Arbuthnot Banking Group PLC is a United Kingdom-based holding company primarily involved in banking and financial services. It offers private and commercial banking, wealth management, and various asset finance solutions, including specialist asset finance for high-value cars and vehicle finance. The company is headquartered in London, United Kingdom, and was founded in 1833.

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Arbuthnot Banking Group (ARBB LN)

Hardman & Co Arbuthnot Banking Group (ARBB): 1H’24 - optimising the franchise value

ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value. 2023 saw the peak benefits from ABG’s relationship...

Hardman & Co

Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth

The saying goes, the proof of the pudding is in the eating. ABG’s 2023 results proved that the strategic positioning of the group, as a...

Hardman & Co

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