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Burford has had several years now of difficulties with the valuation of the receivables. It's one of those areas where opinions can legitimately differ. Also, one where views can be had.
Burford Capital Limited (LSE:BUR) shares crumpled 20% after a generally positive trading update, where it reported on better year for cash realisations but a lack of progress on its major Argentinian claim and delayed publication of its full accounts due to ongoing discussions with the US financial regulator. Talks between the litigation finance funding specialist and the US Securities and Exchange Commission (SEC) have been going on for six months over whether to adopt a new fair valuation methodology for legal finance assets.
The rapidly growing litigation finance industry is creating a new asset class with uncorrelated alpha-generating returns. Burford Capital is the largest player in the industry, with what appears to be a sustainable competitive advantage.
While shares of Burford Capital have fallen 33% year to date, there has been little change in the fundamental outlook of the business. If Burford's current portfolio of cases (ex-YPF) performs in line with historical results, Burford should generate $8/share in value (assuming no growth).
Burford Capital Limited (NYSE:BUR ) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Christopher Bogart - Chief Executive Officer Jonathan Molot - Chief Investment Officer Kenneth Brause - Chief Financial Officer Conference Call Participants David Chiaverini - Wedbush Securities Julian Roberts - Jefferies Andrew Shepherd-Barron - Peel Hunt LLP James Hamilton - Numis Securities Limited Christopher Bogart Thanks very much, and hello, everybody. Thank you for taking some time in what is almost the middle of August to talk about Burford and our interim results.
Burford Capital Limited (BUR) CEO Christopher Bogart on Q4 2021 Results - Earnings Call Transcript
Litigation Finance is a rapidly growing industry that advantages first movers.
Burford Capital is a high-quality compounder trading at liquidation valuations.