Added to YB: 2026-08-03
Pitch date: 2026-07-31
REC.L [neutral]
Record plc
Author Info
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Company Info
Record plc, through its subsidiaries, provides currency and asset management services in the United Kingdom, North America, Switzerland, rest of Europe, Australia, and internationally.
Market Cap
GBP 86.1M
Pitch Price
N/A
Price Target
N/A
Dividend
8.16%
EV/EBITDA
7.11
P/E
11.51
EV/Sales
2.00
Sector
Capital Markets
Category
dividend
Record plc: Hard to Kill, Hard to Grow
REC.L (overview): UK currency-overlay specialist, capital-light 25% op margin, no debt, 8% yield covered ~1x. FY26 AUM +14% to $114.6bn but revenue -4% to £40.1m, EPS -22%, dividend cut; fee yield decayed 444→350. Swiss book (⅓ rev) -15% in francs. Bull: hard-to-kill, Nov mandate catalyst, private-markets/FX-vol optionality. Bear: shrinking core, client concentration, minority-owned growth arm. ~11.5x P/E, price near fair.
Read full article (26 min)