Arbuthnot Banking - H&Co: Tripedalism - three legs are better than two London Stock Exchange
RNS Number : 8801F
Arbuthnot Banking Group PLC
01 August 2016


Hardman research: Tripedalism - three legs are better than two


Hardman & Co research report: Tripedalism - three legs are better than two

Arbuthnot Banking Group (ABG) now has three legs to its business, each offering good growth options. First, the Private Bank, Arbuthnot Latham (AL) has invested heavily in staff, products and new offices with the profit payback now visible. Secondly, ABG owns a 18.9% stake in Secure Trust Bank the rapidly growing challenger bank (market value £76m). Finally, we estimate ABG has c£150m of surplus capital. With surplus liquidity, it has the capacity for significant organic or inorganic growth. The options to deploy this capital are virtually limitless. Our capital fully deployed valuation basis is 55% above the current price.


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