Edison review on The Law Debenture Corporation
Source: RNS
London, UK, 1 March 2023
Edison issues review on The Law Debenture Corporation (LWDB)
In challenging conditions, The Law Debenture Corporation (LWDB) has reported robust 2022 results. IPS delivered its fifth consecutive year of growth, in line with its mid-to-high single-digit target. The extreme polarisation of equity market performance, with only a handful of large companies generating positive returns worked against the investment managers' consistent, diversified, value-driven approach in 2022. Nonetheless, LWDB's track record of outperformance over three, five and 10 years remains. The share price return was positive while DPS, held or increased for 44 years, rose 5.2% to 30.5p.
LWDB has maintained its premium rating, both to NAV (1.4%) and to its AIC peer group (a little more than 4% discount). We attribute this to the beneficial impacts of its differentiated proposition on long-term performance and strong dividend growth (five-year CAGR: 11.7%). Q422 DPS increased 4.5% to 8.75p versus Q421 and aggregate 2022 DPS of 30.5p was 5.2% ahead of 2021 (29.0p).
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