Law Debenture Corp PLC Edison review on The Law Debenture Corporation
February 27 2020 - 11:04AM
RNS Non-Regulatory
TIDMLWDB
Law Debenture Corp PLC
27 February 2020
London, UK, 27 February 2020
Edison issues review on The Law Debenture Corporation (LWDB)
The Law Debenture Corporation (LWDB) saw a NAV total return of
17.9% (cum-fair) in FY19, with its share price total return of
24.5% comfortably outstripping the broad UK stock market. As well
as a c 25% increase in portfolio income, LWDB's independent
professional services (IPS) businesses saw another year of good
growth, providing important support for a step change in the annual
dividend payment (+37.6%, with the final dividend up 50%, and
moving to quarterly dividends from FY20). Portfolio managers James
Henderson and Laura Foll continue to find attractive investment
opportunities, particularly among unloved UK domestic stocks, while
CEO Denis Jackson sees growth potential across the IPS businesses
as a result of increased market focus on environmental, social and
governance (ESG) issues.
At 26 February 2020, LWDB's shares traded at a 15.7% discount to
cum-fair NAV. This is wider than both short- and longer-term
averages, and arguably presents investors with an opportunity,
given the discount was below 5% as recently as December 2019. Based
on the higher FY19 dividends, the shares now yield c 4.5%.
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