What Investors Need to Know about financial strength of Clime Investment Management

Clime Investment Management Ltd (ASX: CIW) is a diversified financial services company, which provides private wealth advice and investment solutions for high net worth and sophisticated investor clients. The company offers a range of services and products for wholesale and retail investors via its three main entities: Clime Asset Management, CBG Asset Management and StocksInValue. Currently, the company is having five highly experienced private wealth advisers working from its offices in Sydney, Melbourne and Brisbane.

The company’s strategy is to move from being an Australian equity manager to an integrated wealth management business by expanding its financial services offering for clients. The company follows a consistent value-based approach to identify the most attractive investment opportunities within the universe of stocks.

Over the long term, the company is aiming to achieve a higher return than the market index with lower volatility.

During the 2019 March quarter, the company witnessed a strong investment performance and FUM growth across all investment portfolios managed by CIW. The company’s Individual mandates increased by 4.6% and managed funds increased by 4.1% over the quarter with investment inflows as well as market performance.

As at 31st March 2019, the company had around $9.5 million of liquid capital and, at the close-of-quarter share price of $0.47 per share, CIW was capitalised at $26 million.

For the half-year ended 31 December 2018, the company reported revenue from ordinary activities of $5.154 million, up 6% on the previous corresponding period. During the half year period, the company reported funds management fees of $4,721,510, slightly increased from $4,379,112 earned in pcp.

As at 31 December 2018, the company had gross funds under management (FUM) of $816 million compared to $811 million at 31 December 2017. As at 31 January 2019, gross FUM increased to $835 million. The company’s software revenue from the StocksinValue business was $246,625 during the period, compared to $301,645 in pcp as a result of a drop in the membership levels.

For the half-year period, the company recorded an after-tax profit attributable to members of $214,062 and administrative expenses of $4,473,856. The company created a new operating division for all group client-facing functions, encompassing private wealth advice, StocksinValue, financial adviser distribution and SMSF administration operations. The company believes that the increased focus and management intensity in this area will lead to beneficial outcomes in the years to come.

In its 2018 Annual Report, the company informed that its directors and management are expecting 2019 to be a year of further growth as the business transitions from funds management into a diversified product and financial solutions services business. The company is having a clear focus on expanding the Clime Private Wealth Division, maintaining solid investment returns across all portfolios, and developing investment solutions that meet the needs of self-directed or managed superannuation funds.

The company believes that the strengthening of its funds management team and building of the strategic alliances with specialist technical advice providers will ensure that the company can provide one-stop wealth and/or superannuation solutions for its clients.

At market close on 26 April 2019, the stock of the company was trading at a price of $0.450, with a market capitalisation of A$25.29 million. The stock is trading at a PE multiple of 37.50x.


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