Law Debenture Corp PLC Replacement - Edison review on The Law Debenture
August 10 2020 - 8:10AM
RNS Non-Regulatory
TIDMLWDB
Law Debenture Corp PLC
10 August 2020
London, UK, 10 August 2020
Replacement - Edison issues review on The Law Debenture
Corporation (LWDB)
The Law Debenture Corporation (LWDB) has reported another strong
set of results for its independent professional services (IPS)
business in H120, with EPS growth remaining in the target mid- to
high single-digit range despite a more challenging economic
backdrop. With the trust's largely UK investment portfolio having
been hit by the widespread stock market sell-off in February and
March, IPS has provided a larger than average contribution to
revenue returns. This means fund managers James Henderson and Laura
Foll can continue to search for attractive total return
opportunities in a broad range of sectors, while maintaining LWDB's
focus on both capital appreciation and above-inflation dividend
growth.
At 3 August 2020, LWDB's shares traded at a 4.2% premium to
cum-income NAV (with debt and the IPS business at fair value).
Recently the discount has been much narrower than historical
averages (broadly in a range of c 7-9% over one, three, five and 10
years), which may reflect a degree of market reassessment of the
trust, given the contribution of IPS to total revenues and the
higher quarterly dividends. Based on the current share price, LWDB
has a yield of 4.8%.
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