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#	AUTHOR DATE SUBJECT
26	member 7/18/24 4:51PM Re: Re: Can you explain why you exited? 25
Muchos Gracias Amigo view available tags
25	member 7/18/24 4:04PM Re: Can you explain why you exited? 24
basically just run a concentrated book and found stuff I like better. But also have heard the insurance industry has come up with some products that could compete with litigation finance. Not sure how big 1 view available tags
24	member 7/18/24 3:41PM Can you explain why you exited?
Thanks MPK view available tags
22	member 10/05/22 1:56PM Re: Re: Re: Valuation 21
i do think it's cheap. whether the multiple is low or mid single digit in the near term is something I need to re-ascertain. I've been busy working on a new writeup for a different... login to read the rest view available tags
20	member 9/30/22 3:20PM Re: Valuation 19
SK601 - gonna have to get back to you on earnings power soon as I can, sorry. Mgmt's revision on time to resolution pushes things out, but hopefully results in higher EPS in the long-run. ... login to read the rest view available tags
18	member 9/26/22 6:12PM chairman buys another GBP 560k of shares
CEO adds another GBP 56.4k. recessions irrelevant to currently funded cases view available tags
17	member 9/14/22 12:55PM Re: Re: insider buying 16
shares have traded like crap due to 1) second fund still not closed, despite mgmt's March prediction it would close by 6/30/22. 2) early July market update guiding for FY22 operating earnings up only 15% yoy, which... login to read the rest view available tags
16	member 9/13/22 10:11PM Re: insider buying 15
Any updated thoughts on the company? view available tags
15	member 4/25/22 1:10PM insider buying
LCM just announced the 5th big open market purchase by the Chairman since late October, at prices ranging 89.2p to 104.9p, totalling over GBP 1.8M. Not small for a GBP ~130M market cap company. The... login to read the rest view available tags
14	member 10/25/21 8:51AM Re: Re: Is high ROIC sustainable? 13
Thank you very much for thoughtful reponces. Really helpful. view available tags
13	member 10/21/21 4:10PM Re: Is high ROIC sustainable? 11
I can't tell you that returns won't come down given all the fund raising, but I'm pretty comfortable that returns will be more than adequate to justify a position in LCM today. Here are my... login to read the rest 1 view available tags
12	member 10/21/21 3:34PM Re: commitments vs deployments vs investments vs co-investments vs contract costs 10
Leo- glad you asked this because, yes it's confusing and had intended to add a glossary to my writeup but forgot. I'll take these in order: -- $105 and $76 ... that's exactly right -- $104 and... login to read the rest 1 view available tags
11	member 10/21/21 9:58AM Is high ROIC sustainable?
And another question - this time not on the terminology. With the second fund due to close shortly, the company will have the firepower of US$600m+ (in both funds). This compares to the total capital invested... login to read the rest view available tags
10	member 10/21/21 9:43AM commitments vs deployments vs investments vs co-investments vs contract costs
Thank you for an interesting write-up. I am new to the name and trying to get my head around company disclosures. Not sure if I understand these correctly and would appreciate your input. Slides 8-9 of... login to read the rest view available tags
9	member 10/14/21 4:10PM 2nd fund first-close of US$200M
as before, LCM expects to do a second-close that will get Fund 2 to US$300M. Terms on this fund are the same mentioned for Fund 1. Fund 1 now 91% committed, up from 77% a month view available tags
8	member 10/14/21 11:30AM Re: Re: Re: Re: Re: Agree 6
On commitments vs deployments, that 75% number is very conservative. Burford is around 89% historically, and Omni is close to that number as well (although they don't disclose these numbers like Burford does). Obviously with... login to read the rest view available tags
7	member 10/13/21 8:36PM lit finance primer
If you're new this the sector and have access to SumZero, I recommend checking out the Sept'19 presentation on Omni Bridgeway (fka IMF Bentham) by Peter Galaway of Amitell Capital, especially slide 9 on the... login to read the rest view available tags
6	member 10/13/21 8:09PM Re: Re: Re: Re: Agree 4
I understand that not all of a fund's AUM is guaranteed to get deployed (invested), due to early realizations, which I'm guessing are all settlements. There's an Omni presentation on SumZero from Sept'19 where the... login to read the rest view available tags
5	member 10/13/21 6:26PM Re: Re: Re: Re: Agree 4
thanks that's very helpful. sorry if I wasn't clear, but I don't think Burford's lower returns are due to any lack of talent. They've got plenty of that. It's just mix of business. view available tags
4	member 10/12/21 8:07PM Re: Re: Re: Agree 3
Probably should have mentioned - OBL's historical % of recovery has been ~37%, which has trended down over the past few years due to multiple reasons. Makes that calculation a bit fuzzy. view available tags
3	member 10/12/21 7:52PM Re: Re: Agree 2
You caught me about 10 min before I was scheduled to have a conversation with Andrew Saker - I presented him with the question but, as expected, didn't really get a hard answer. His response was... login to read the rest view available tags
2	member 10/12/21 1:35PM Re: Agree 1
AIFL - do you have a sense for how the returns on portfolios differ from single-cases? They're certainly lower, as corporate plaintiffs get better pricing on these, but I don't know how much lower. Lower isn't... login to read the rest view available tags
1	member 10/10/21 10:33AM Agree
I was in the middle of writing this one up and you beat me to it. The financials during the early innings of a transition to a 3rd party fund model are very obscured. view available tags

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			2021	2022
Price:	1.10	EPS	0.15	0.25
Shares Out. (in M):	116	P/E	7.3	4.4
Market Cap (in $M):	128	P/FCF	0	0
Net Debt (in $M):	1	EBIT	0	0
TEV (in $M):	129	TEV/EBIT	0	0

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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