Law Debenture Corp PLC Edison review on The Law Debenture Corporation
March 01 2023 - 2:15AM
RNS Non-Regulatory
TIDMLWDB
Law Debenture Corp PLC
01 March 2023
London, UK, 1 March 2023
Edison issues review on The Law Debenture Corporation (LWDB)
In challenging conditions, The Law Debenture Corporation (LWDB)
has reported robust 2022 results. IPS delivered its fifth
consecutive year of growth, in line with its mid-to-high
single-digit target. The extreme polarisation of equity market
performance, with only a handful of large companies generating
positive returns worked against the investment managers'
consistent, diversified, value-driven approach in 2022.
Nonetheless, LWDB's track record of outperformance over three, five
and 10 years remains. The share price return was positive while
DPS, held or increased for 44 years, rose 5.2% to 30.5p.
LWDB has maintained its premium rating, both to NAV (1.4%) and
to its AIC peer group (a little more than 4% discount). We
attribute this to the beneficial impacts of its differentiated
proposition on long-term performance and strong dividend growth
(five-year CAGR: 11.7%). Q422 DPS increased 4.5% to 8.75p versus
Q421 and aggregate 2022 DPS of 30.5p was 5.2% ahead of 2021
(29.0p).
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