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Is it time to back next stage of Brewin turnaround?

by Elsa Buchanan on Dec 05, 2013 at 10:59

Daniel Stewart & Co analyst Simon Willis welcomed Brewin’s new dividend policy, based on a target pay-out ratio of 60%-80% of adjusted earnings per share, describing the group's preliminary results as ‘above all expectations’.

In light of this, Canaccord Genuity increased the dividend per share (DPS) forecasts for 2014 by 10% to 11p, and 25% for 2015 to 15p, but maintained its profit and loss forecasts.

The analysts see potential upside of 8.6% to their new 304p December 2014 price target, representing an increase in relation to their 285p June 2014 target.

Looking ahead, Canaccord Genuity is upbeat. ‘Over the next twelve months we are positive on the UK and see scope for the APCIMS index to rise 5% [per annum], and Brewin Dophin shares to generate a 13% TSR,’ the analysts noted.

On Thursday at 10:50 Brewin Dolphin’s share price was trading at 282.9 pence, up 2.56% since Brewin's results.

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