Hardman & Co Research / GG00BYZSSY63

Hardman & Co Research on Duke Capital (DUKE): FY’24 results: record cashflows   In our April 2024 initiation, we highlighted that DUKE, by optimising the best of equity and debt, aimed to achieve equity-type returns with debt levels of risk. We highlighted four pillars of returns, namely: i) term credit; ii) participating preference share elements, which support DUKE shareholders’ high (2025E: 9.0%), growing (2027E: 14% above FY’24), and 1.7x covered dividend; iii) early exit fees; and iv) equity stakes. The 2024 results saw three of the four show positive returns; consequently, DUKE delivered record recurring cash revenue (+12% to £24.3m) and total cash revenue (+38% to £30.2m), with £18m free cashflow. Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/duke-fy24-results-record-cashflows/ If you are interested in meeting the company, you can register your interest by clicking on the above link.

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