Edison issues review on The Law Debenture Corp
London, UK, 3 August 2021
Edison issues review on The Law Debenture Corporation (LWDB)
The Law Debenture Corporation (LWDB) has reported on a successful first six months of 2021, building on its long track record of outperformance versus the benchmark over one, three, five and 10 years. Additionally, in its 42nd year of maintained or increased dividends, Q121 DPS increased by 5.8%. The portfolio benefited from its exposure to UK and international economic recovery and the IPS business delivered strong revenue growth and earnings growth in line with the mid- to high single-digit target.
The significant re-rating of LWDB shares during 2020, reaching a premium of c 6% to NAV, has partly unwound but the current c 1% discount remains below the historical c 5-15%) range. The re-rating may well reflect investor recognition of the value of its differentiated proposition, highlighted by the long-term performance trend and dividend growth in a challenging environment. The Q121 annualised rate of DPS represents a yield of 3.6% and the board targets a Q421 increase.
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