Table of contents
Rating summary...................................................................................................................................................... 6
Earnings calendar................................................................................................................................................... 7
Valuation.................................................................................................................................................................. 8
Valuation screening.............................................................................................................................................. 14
General financials.........................................................................................................................................................14
Lloyd’s vehicles ............................................................................................................................................................16
EV/EBITDA analysis.....................................................................................................................................................17
Asset management............................................................................................................................................... 18
Credit risk management....................................................................................................................................... 23
Stockbrokers......................................................................................................................................................... 25
Lloyd’s vehicles .................................................................................................................................................... 27
Companies ............................................................................................................................................................ 28
Aberdeen Asset Management Outperform................................................................................................................29
Ambrian Capital Outperform.....................................................................................................................................31
Arbuthnot Banking Underperform.............................................................................................................................33
Arden Partners In Line ..............................................................................................................................................35
Ashmore Outperform...............................................................................................................................................37
Astaire Group Underperform.....................................................................................................................................39
Beazley In Line ......................................................................................................................................................41
Begbies Traynor Outperform ....................................................................................................................................43
BlueBay Asset Management In Line..........................................................................................................................45
Brewin Dolphin Outperform.......................................................................................................................................47
Brit Insurance In Line ................................................................................................................................................49
Brooks Macdonald Outperform.................................................................................................................................51
Canaccord Capital Outperform.................................................................................................................................53
Catlin Outperform ..................................................................................................................................................55
Cavanagh Underperform........................................................................................................................................57
Cenkos In Line..........................................................................................................................................................59
Charles Stanley In Line.............................................................................................................................................61
Chaucer Outperform...............................................................................................................................................63
Climate Exchange Outperform..................................................................................................................................65
Close Brothers Underperform...................................................................................................................................67
Collins Stewart In Line ..............................................................................................................................................69
Evolution In Line ......................................................................................................................................................71
F&C Asset Management In Line ...............................................................................................................................73
Fairpoint In Line ......................................................................................................................................................75
Hansard Global Outperform......................................................................................................................................77
Hargreaves Lansdown In Line ..................................................................................................................................79
Henderson Group Outperform..................................................................................................................................81
Hiscox Outperform ..................................................................................................................................................83
IFG Group Outperform............................................................................................................................................85
IG Group In Line ......................................................................................................................................................87
Intermediate Capital In Line ......................................................................................................................................89
International Personal Finance Underperform...........................................................................................................91
Invista Real Estate In Line ........................................................................................................................................93
Lancashire Holdings Outperform..............................................................................................................................95
Lighthouse In Line ...................................................................................................................................................97
Liontrust Asset Management Underperform..............................................................................................................99
London Capital Group In Line .................................................................................................................................101
Mattioli Woods Underperform.................................................................................................................................103
MCB Finance In Line ..............................................................................................................................................105
Moneysupermarket.com In Line..............................................................................................................................107
Neovia Financial In Line..........................................................................................................................................109
Novae Group Underperform ...................................................................................................................................111
Numis Outperform ................................................................................................................................................113
Omega Insurance In Line........................................................................................................................................115