Lighthouse Group – 7.875p

Report dated – 21 January 2011
Market Capitalisation – £10.1m
Sector – AIM
Prospective p/e ratio – 34.2x
Prospective net yield – 4.4%

With cash balances of around £14m and a market capitalisation of just over £10m, it is clear that the City is not attributing any value to Lighthouse’s underlying business. The group is a leading IFA and wealth management group which is profitable and its scale and financial strength give it a considerable advantage over smaller competitors. Regulatory drivers such as the forthcoming Retail Distribution Review will have a significant impact on the industry and Lighthouse is well placed to benefit from this.

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