Edison Investment Research Limited 
Edison Investment Research Limited: Numis Corporation (NUM): Very strong results, consistent strategy 
14-May-2021 / 07:00 GMT/BST 
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London, UK, 14 May 2021 
 
Numis Corporation (NUM): Very strong results, consistent strategy 
In addition to successfully executing a high volume of transactions for clients in the first half, Numis continues to 
plan investment to strengthen and broaden its capabilities to support longer-term growth through market cycles. With 
over 60% of transaction fee income in H120 coming from outside the retained client base there is evidence that the 
company is succeeding in building a wider reputation. 
 
The shares trade on P/E multiples in line with the average for US and European investment banks and advisory firms. At 
a price to book multiple of 2.3x they trade above their 10-year average and, using an ROE/COE model, the current share 
price implies an assumed ROE of just below 18% (the five-year average value). This is also well below the 25% ROE we 
estimate for FY21, so the market seems to be factoring in a wide safety margin for a prospective normalisation of 
activity levels. 
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1196428 14-May-2021


 
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(END) Dow Jones Newswires

May 14, 2021 02:00 ET (06:00 GMT)