Law Debenture Corp PLC Edison issues review on The Law Debenture Corp
July 30 2018 - 8:16AM
RNS Non-Regulatory
TIDMLWDB
Law Debenture Corp PLC
30 July 2018
London, UK, 30 July 2018
Edison issues review on The Law Debenture Corporation (LWDB)
The Law Debenture Corporation (LWDB) is unusual among investment
trusts in that it runs a long-established independent professional
services (IPS) business alongside its investment portfolio of
global equities. With the corporate entity having refreshed its
management team, growth in the IPS business has been strong in
H118, and income from the businesses (which include corporate
trusts, pension services, corporate services and whistleblowing)
provided 30% of LWDB's net revenue per share, in spite of
accounting for only 13.5% of fair value NAV. Meanwhile, the
investment trust portfolio has produced strong long-term NAV total
return performance versus its FTSE All-Share benchmark, and
managers James Henderson and Laura Foll continue to find
attractively valued opportunities in the UK, which remains severely
out of favour among professional investors.
At 27 July 2018, LWDB's shares traded at a 10.2% discount to
cum-income NAV (with debt at fair/market value). This was wider
than both short- and long-term averages (a range of 6.2% to 9.2%
over one, three, five and 10 years), probably reflecting a lack of
investor appetite for UK-focused investments. LWDB's dividend yield
of 2.9% is among the highest in the AIC Global sector, and is
supported by the income contribution from the IPS business.
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Gavin Wood, +44 (0)20 3681 2503
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