Edison issues review: The Bankers Investment Trust

RNS Number : 3879S

Bankers Investment Trust PLC

02 October 2017

 

London, UK, 2 October 2017

Edison issues review on The Bankers Investment Trust (BNKR)

The Bankers Investment Trust (BNKR) invests globally, with the aim of generating higher long-term total returns for its largely UK investor base than it could have achieved in its home market. Share price and NAV returns are ahead of the benchmark FTSE All-Share Index over both the short and longer term, with annualised NAV total returns of more than 15% pa over five years. BNKR also aims to grow its dividend ahead of inflation, and has the joint-longest record of unbroken dividend growth of any investment company, on track for a 51st year in FY17. Lead manager Alex Crooke, at the helm since 2003, has slightly reduced the North America allocation as leading economic indicators begin to look less favourable, diverting resources to European portfolio manager Tim Stevenson, who is finding good value opportunities particularly among financial stocks.

At 28 September 2017, BNKR's shares traded at a 2.4% discount to cum-income NAV, narrower than short-term averages and only modestly wider than the 12-month low of 1.9% reached in February. The valuation is supported by a 2.2% yield (based on the last four quarterly dividends), and the chairman has guided that the dividend for FY17 will be at least 18.0p, a rise of 5.9% on FY16. Guidance has tended to be cautious, and it would be reasonable to assume a total dividend no lower than 18.5p based on those paid year-to-date, equating to a prospective yield of 2.3%.  

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