INTELLIGENT INVESTING - May 2021 Market review - Canaccord Genuity
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INTELLIGENT
INVESTING
May 2021
Market review Contents
Equity markets have been on a good run – so good in places that many commentators Market review 1
suggest it might be time for a pause. After all, UK equities are up almost 30% over the
last 12 months and it’s been a long time since we’ve had a pullback of 5-10%; these are UK large-cap equity
often seen as healthy for the sustainability of upwards progress. They allow short-term GlaxoSmithKline 2
froth to be blown off markets, getting shares to reflect their fundamental prospects
more accurately. UK small-cap equity
However, one of the problems with this view is that it is so widely held. It’s often the case Advanced Medical Solutions 2
that when too many people have a particular opinion – in this case that there might be
better buying opportunities at a lower level – then the positions investors have already Equity screen 3
taken in anticipation of that view effectively mean that it never comes about. For example,
if everyone is holding a little more cash than normal, looking to reinvest it on a fall, then Foreign stock
there’s likely to be less selling pressure to create the very pullback everyone is hoping for. Alcon 4
And it’s not just that sentiment is already cautious that makes a pullback more difficult
to achieve. We are in a sharp recovery phase in the economy as progressive, vaccine-led
Investment fund
reopening of activity combines with still huge government stimulus spending, ultra-low Syncona 4
interest rates, massive quantitative easing (QE) and pent-up demand from consumers
who have become forced savers during the pandemic. These are extremely powerful Profit takers 5
forces that neither governments nor central banks are in any hurry to contain. Caution
today means letting the economy rip for a while before calming things down later.
Add to this all the cost cutting that companies have been doing since the pandemic hit – Intelligent Investing is defined as
which means they are likely to make more profits than expected when conditions return to a marketing communication under
normal – and you have a recipe that makes it difficult for any pullback to build momentum. FCA, GFSC, JFSC and IOM FSA
The only things that might derail this optimistic environment would be the withdrawal rules and is provided to clients as
of those positives: less government spending, rising interest rates, less QE, lower part of their service with CGWM.
consumer spending, and lower profits. None of these looks remotely likely over the next The information provided here
year or more, even if we do get a spurt of inflation over the next few months (investors is not tailored advice – it has no
are fretting that this might bring forward the day when central banks raise interest rates, regard for the specific investment
although central bankers keep telling us they are in no hurry to do so). There are just too objectives, financial situation
many tailwinds driving equities remorselessly and steadily higher.
or needs of any specific person.
At the moment we aren’t in a world of excessive valuations either, so if there were a Investment involves risk. The value
pullback, we don’t think it would last very long. Even if we’d love to see one – after all, of investments and the income
who doesn’t want to buy things cheaper than they are today – unfortunately that feels from them can go down as well as
a bit like a pipe dream right now. up and you may not get back the
Richard Champion amount originally invested.
Deputy Chief Investment Officer, UK Past performance is not a reliable
indicator of future returns.
1
Intelligent Investing | May 2021They have shifted GSK’s research focus to
immuno-oncology which uses genetics to
GlaxoSmithKline
alter the body’s immune system to fight Share price 1,341p
disease. Although it is early days, progress Market cap £66.8bn
has been impressive with the oncology 2020A 2021F 2022F
Reversal of fortune pipeline more than doubling. While it’s
impossible to know which drugs will succeed,
Revenue (£bn) 34.1 33.4 35.1
Earnings per share (p) 146.9 97.8 109.6
GlaxoSmithKline (GSK) is a healthcare with the correct structures in place, we
Dividend per share (p) 80.0 79.6 61.4
company with three global divisions: expect its pipeline success rate to improve.
Dividend yield 5.1% 5.9% 4.6%
• Pharmaceuticals (46% of profits): In 2019, GSK formed a 68%-owned joint Free cash flow yield 10.0% 7.5% 8.4%
A broad portfolio of innovative and venture1 with Pfizer, creating a global
Price earnings ratio 10.6 13.7 12.2
established medicines with commercial consumer healthcare business that is
leadership in respiratory and HIV no.1 in pain relief (Advil, Voltarol, Panadol), Return on capital employed 20.9% 17.9% 19.1%
• Vaccines (30% of profits): A portfolio and vitamin mineral supplements (Centrum), Financial year end* 31 December
innovative pipeline of vaccines delivering respiratory (Otrivin, Theraflu) and oral Source: Quest®
2 million+ doses per day in 160+ countries health (Sensodyne). It plans to spin it off Note: 2021 and 2022 are forecast years
as a separately listed entity in 2022.
• Consumer Healthcare (24% of profits): position in GSK. Although it hasn’t yet openly
Develops and markets an innovative On just 12.2x consensus 2022 earnings, GSK declared its intentions, Elliott does deep
portfolio of over-the-counter products. trades at a 25% discount to AstraZeneca. research before taking a position, often
Admittedly the businesses are different, over years. This prior work allows it to target
In 2017, Emma Walmsley became CEO. but we see considerable upside for GSK given companies with a high degree of precision.
Having done an excellent job improving that pure-play consumer health businesses
GSK’s Consumer Healthcare profit margins typically trade at 20x+ earnings. Its vaccines While the arrival of Elliott Management
from c.10% in 2010 to 19.8% in 2018, division would also deserve a premium shouldn’t be considered a panacea, it gives
she now has a 2022 target of 25%. multiple given its strong market position, high us increased confidence that GSK’s long-
margins, resilient growth, minimal pricing suffering shareholders (shares down 28%
Despite no pharmaceutical background,
pressure and well-diversified product range. over 20 years) may be on the cusp of a
she has reinvigorated GSK’s lacklustre
reversal in their fortunes.
research function after recruiting two Two weeks ago, the share price jumped 5%
high-calibre executives from AstraZeneca after Elliott Management, a US$42bn activist Simon McGarry, Senior Equity Analyst
and Calico Labs (Google’s biotech spin-off). hedge fund, reportedly took a multi-billion 1
The internal joint venture with Pfizer is a separate
Return to Contents company that will be listed in 2022 as a separate business.
As announced in its latest regulatory news
service (RNS), the business has a strong
Advanced Medical Solutions
new product pipeline and last year spent Share price 278p
around £8m on research and development. Market cap £599m
Its LiquiBand® Rapid™ (skin adhesive for 2020A 2021F 2022F
In recovery wound closure) was recently approved, and
its LiquiBand® XL (a device for large wound
Revenue (£m) 86.8 109.2 122.6
Earnings per share (p) 5.2 8.9 10.8
Advanced Medical Solutions (AMS) is a closure) is on track for launch towards the end
Dividend per share (p) 1.7 1.8 2.2
world-leading independent developer of 2021 having successfully completed clinical
and manufacturer of innovative and trials. The US clinical trial for LiquiBandFix8® Dividend yield 0.7% 0.6% 0.8%
technologically advanced products for wound (a mesh wound closure) is progressing, Free cash flow yield 3.3% 2.8% 3.5%
care, surgical and wound closure markets. with filing expected in 2022. And patient Price earnings ratio 45.7 31.4 25.8
enrolment for the first human clinical study of Return on capital
The company manufactures a wide range of employed 6.9% 15.0% 17.6%
Seal-G® and Seal-G® MIST (surgical incision
products and materials from two sites in the Financial year end *
31 December
sealants) began in February, with CE mark1
UK, one in the Netherlands, two in Germany
extensions expected imminently, giving AMS Source: Quest®
and one in the Czech Republic. These are Note: 2021 and 2022 are forecast years
access to a new US$1bn addressable market.
marketed under its own brands ActivHeal®,
LiquiBand® and RESORBA® as well as under The group has been active in mergers 2022 earnings, slightly above the historic
white label, and are sold in 77 countries via and acquisitions and in November 2020 average, and the business has a strong
distributors and its own direct sales force. acquired an independent wound care and balance sheet with net cash.
bio-diagnostics coatings business which has Ian Berry
Sales and profitability have been impacted
further broadened its capability. UK Small Cap Equity Analyst
by COVID-19 with elective surgery severely
curtailed across most markets. Reduced Medium-term prospects look good. Volumes *
See glossary for definition.
access to hospitals has also restricted are recovering, new product development 1
A CE marking is an administrative marking that indicates
is progressing, and pent-up demand for conformity with health, safety, and environmental
business development activities. However, protection standards for products sold within the
AMS has seen a gradual recovery over the last elective procedures post-pandemic bodes European Economic Area (EEA).
two quarters of 2020, and 2021 has started well. The shares trade on 25.6x consensus
well with a healthy order book.
Return to Contents
Investments in smaller companies are not suitable for all investors as they are high risk and tend to be more volatile and illiquid.
Selling may be difficult and they can fall further than the wider market. They are more exposed to fluctuations in the domestic
economy and growth is not guaranteed. When we talk about investing in smaller companies, we typically mean companies listed
on AIM or those with a market capitalisation of less than £1bn, which are not within the FTSE 100.
2
Intelligent Investing | May 2021the baby out with the bathwater. As long as
you avoid buying ’Value traps’ – structurally
challenged stocks that appear optically
Criteria
cheap (e.g. sub 10x price earnings ratios • Market capitalisation of more
or very high dividend yields) – Value-style than £200m
Value bounces back investing can deliver robust performance. • Next financial year’s consensus
After more than 10 years of price earnings ratio is less than 10x
Until a decade ago, ‘Value investing’* was
underperformance, we have seen a bounce • Next year’s consensus dividend
the go-to investment style with lots of
back in Value since the announcement of yield is greater than 4%
investors piling in. However, it has fallen out
a Pfizer vaccine last November, with Value
of fashion in recent times with well-known • Below average variance on returns
sharply outperforming both Quality and
Value investors such as David Einhorn on capital versus the UK market
Growth. There are several reasons to believe
(Greenlight Capital), Neil Woodford and
that this trend may continue into next year:
even Warren Buffett seeing lacklustre
performance over the last 10 years. • Value has outperformed Growth coming While we don’t advocate taking a cookie-
Meanwhile, Growth and Quality funds* out of all 14 US recessions since the 1930s cutter approach and buying any stocks
have flourished. that are on low price earnings* multiples
• Value tends to outperform for 33 months
and/or high dividend yields, we have used
In the UK, funds such as Fundsmith and meaning that if history repeats itself,
Quest®, Canaccord Genuity’s proprietary
Lindsell Train, which invest in mature we still have more than two years of
stock picking tool with 17,000 stocks under
companies with the ability to outperform outperformance to go
coverage, alongside our own qualitative
their peers, and Scottish Mortgage, • Typically, Value outperforms by c.60% over analysis, to identify the UK stocks that we
which invests in Growth companies, have this period, however its outperformance believe are best placed to outperform if the
consistently topped the best-selling UK since November 2020 has been only c.20% resurgence in Value investing witnessed
funds list over recent years. • If President Biden is successful in over the last six months continues.
Indeed, several prominent fund managers increasing the corporate tax rate to 28%, Simon McGarry
and strategists have gone so far as to it will hurt Growth stocks more than Value Senior Equity Analyst
suggest that Value investing is dead. We stocks, because Growth stocks tend to pay *
See glossary for definition.
disagree and feel that this view risks throwing lower taxes.
Price earnings ratio Price change over
Next year Current year
Market Current Next dividend net debt/
Company name Industry name cap (£m) year year yield EBITDA 1mth 3mths 12mths
Imperial Brands Tobacco 13,859 6.0 5.9 9.7% 2.6 -1% -3% -9%
BAT Tobacco 61,345 8.2 7.6 8.6% 3.3 -3% -2% -14%
TP ICAP Capital Markets 1,901 8.1 7.7 6.6% -0.6 -2% 23% -24%
Diversified Telecommunication
BT 15,733 6.4 8.0 4.4% 2.4 8% 24% 33%
Services
DWF Group Professional Services 255 11.5 8.7 7.3% 2.7 0% 0% -2%
Anglo American Metals and Mining 39,318 7.2 9.1 4.6% -0.2 12% 30% 119%
Vistry Group Household Durables 2,756 10.8 9.2 5.0% -0.6 14% 45% 51%
M&G plc Diversified Financial Services 5,356 9.3 9.3 8.8% 1.3 2% 15% 63%
Jupiter Fund Mgmt Capital Markets 1,401 10.0 9.6 7.2% -1.8 -8% -12% 17%
Central Asia Metals Metals and Mining 498 9.0 9.6 4.6% 0 14% 28% 108%
Rio Tinto Group Metals and Mining 99,426 6.9 9.6 7.5% -0.3 12% 9% 64%
BAE Aerospace and Defense 16,000 10.5 9.7 5.2% 1.1 1% 5% -3%
ITV Media 4,782 11.0 9.8 4.8% 0.2 -6% 12% 58%
Man Group Capital Markets 2,288 10.6 9.8 6.0% -0.7 -1% 9% 19%
BHP Group Metals and Mining 112,102 9.6 9.9 7.7% 0.2 6% 8% 66%
Source: Quest®
Return to Contents
Past performance and future forecast figures are not a reliable indicator of future results.
3
Intelligent Investing | May 2021Alcon is the global leader in the Surgical
market and number two in the Vision Care
Alcon
market, based on 2019 sales. It expects Share price SFr 69.5
sales from both industries to grow at a Market cap SFr 34.0bn
4% compound annual growth rate (CAGR)* 2020A 2021F 2022F
Growth in sight between 2019 and 2025. Revenue (SFr bn) 6.0 7.2 7.7
One of Alcon’s attractions is that the Earnings per share (SFr) 1.8 1.7 2.1
Alcon is an ophthalmic medical technology
eyecare market is underpinned by several Dividend per share (SFr) 0.1 0.1 0.2
company that researches, develops,
megatrends, including an ageing society Dividend yield 0.2% 0.2% 0.2%
manufactures and distributes a range of
and a rise in emerging market wealth.
eyecare products across two main business Free cash flow yield 2.0% 1.9% 2.5%
divisions: Surgical and Vision Care. According to World Health Organisation Price earnings ratio 31.5 39.8 32.6
estimates, the number of people aged 60 Return on capital employed -1.2% 5.8% 6.9%
The Surgical business is focused on
or older is expected to double to more than
ophthalmic products for cataract, Financial year end* 31 December
2 billion by 2050, with cataract incidence
vitreoretinal, refractive laser and glaucoma Source: Quest®
increasing significantly at the age of 65.
surgery. These include surgical equipment Note: 2021 and 2022 are forecast years
Retinal disease is also driven by ageing,
like lasers and diagnostic instruments
and improvements in diagnostics have per 1,000 people in emerging markets and
used by surgeons to conduct ophthalmic
led to an increase in detections and other markets outside of the US, compared
surgeries, implantable devices designed to
subsequently an increase in retinal surgery. with 9.7 in the US.
remain in the eye after corrective surgery,
and a range of other surgical products used Rising emerging market wealth is also Alcon is a market leader in the attractive
during ophthalmic procedures. generating a large, new customer base for eyecare market that is supported by several
the eyecare industry. Increased education, megatrends. The stock trades on 39.8x
The company’s Vision Care business
ability to pay and access to eyecare 2021 consensus forecast earnings.
consists of daily disposable, reusable
products and services is creating strong
and cosmetic contact lenses as well as Dan Smith
demand for surgical procedures and eyecare
a portfolio of ocular health products, International Equity Analyst
products. For example, Alcon estimates
including over-the-counter products for dry
the cataract surgery rate is 2.5 procedures *
See glossary for definition.
eyes, contact lens care and ocular allergies.
Return to Contents
These figures above are shown in Swiss francs (SFr). These returns may differ significantly when converted to other currencies at
the prevailing exchange rates.
While the fund sits in the AIC’s (Association
of Investment Companies) Healthcare and Syncona
Biotechnology sector, it differs from its
Market cap (as at 28.04.2021) £1.54bn
peers who largely invest in listed companies,
Price (as at 28.04.2021) £2.31
and as minority investors.
NAV (as at 30.09.2020) 203.4p
Force for good • The fund looks to invest over the long
term with the aim of building companies
Syncona founds, builds and funds life
that can take products to market
science companies, and is building a to the large amounts of cash needed to
relatively concentrated portfolio of up • Fundamentally, investment is at the bring their products to market.
to 15-20 companies. riskiest stage, but this risk is managed by
deep domain expertise and disciplined In terms of ESG (environmental, social
It invests at a very early stage, partnering capital allocation, with capital added and governance) factors, we would note
with academics, and takes a long-term only as a business progresses along its the charitable focus of the trust, which
approach. It also maintains a majority equity expected path by hitting key milestones donates a percentage of its net asset value
stake over a company’s development. (NAV)* each year to charity – currently split
• To any extent that the managers believe between the Syncona Foundation (0.35% of
The fund’s investee companies typically an investment’s potential is not there NAV) and the Institute of Cancer Research
use innovative techniques and cutting- (i.e. following further research or clinical (0.15% of NAV). The Syncona Foundation
edge research to meet unmet medical trials), they cease funding. has historically supported a range of other
needs in the gene therapy, cell therapy and charities, mostly focused on seeking
immuno-oncology areas of life science. Given a majority of the fund’s companies
are expected to absorb capital for the treatments for or supporting patients
The management team has a depth of with diseases – particularly cancer.
understanding in these areas, as well as wide foreseeable future, one of its core
experience of setting up companies from strengths is its balance sheet, with around Patrick Thomas
the ground up and funding them through 43% represented by cash. Funds with less Investment Director
to when they are more mature entities. cash on their balance sheet would find it
See glossary for definition.
*
hard to invest early in these companies due
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Past performance and future forecast figures are not a reliable indicator of future results.
4
Intelligent Investing | May 2021Profit takers
In addition to providing insight and analysis of particular investment opportunities each month, we also review stocks that have shown
strong performance in recent months and as a result investors might consider taking profits. Please do contact your Investment Manager
to discuss any of these ideas or any other aspect of your portfolio held at Canaccord Genuity Wealth Management.
Performance over previous
Prior FY Current FY Prior FY Current FY
Market Share price dividend per dividend per price earnings price earnings
Company name cap (£m) (p) share (p) share (p) ratio ratio 1 mth 3 mths 6 mths
Cineworld 1,336 97 0.0 0.0 -1.3 -3.9 -6% 30% 300%
Restaurant Group 969 127 0.0 0.0 -4.4 -32.7 3% 97% 201%
TUI 4,742 431 0.0 0.0 -1.4 -4.4 22% 20% 143%
Ferrexpo 2,587 440 4.8 4.5 2.4 3.5 17% 50% 142%
Hammerson 1,648 41 0.4 0.8 35.5 34.5 23% 74% 135%
ITM Power 2,825 513 0.0 0.0 -11.8 -114.8 23% -12% 126%
Micro Focus 1,711 510 12.0 20.8 5.6 5.1 -3% 19% 124%
Virgin Money UK 2,914 202 0.0 0.7 6.8 17.9 5% 52% 122%
Intl Cons Airlines 10,077 203 0.0 0.0 -1.8 -6.4 3% 39% 116%
SSP 2,534 319 0.0 0.0 -4.9 -9.2 15% 25% 115%
Royal Mail 5,045 505 7.5 10.0 9.0 5.6 -3% 24% 114%
easyJet 4,685 1,031 0.0 0.0 -3.6 -6.2 7% 38% 111%
Morgan Sindall 1,065 2,310 61.0 71.4 13.3 12.3 31% 56% 108%
National Express 1,863 304 0.0 0.8 -5.8 45.3 -4% 21% 105%
Ceres Power 2,457 1,321 0.0 0.0 -71.6 -158.7 17% -7% 104%
Carnival plc 19,148 1,693 37.5 0.0 -2.9 -4.4 7% 39% 102%
Network International 2,272 413 0.0 0.8 138.2 56.3 -1% 18% 101%
Mitchells & Butlers 1,888 318 0.0 0.0 -151.1 -12.5 -2% 9% 101%
Impax Asset Management 1,283 1,006 8.6 16.6 33.3 39.1 34% 23% 100%
Aggreko 2,205 864 15.0 21.8 26.5 19.7 -2% 43% 95%
Glencore 40,107 303 8.8 11.9 8.4 9.3 6% 22% 94%
Crest Nicholson 1,068 416 0.4 10.3 15.6 15.6 4% 27% 92%
WH Smith 2,461 1,883 0.0 0.0 -68.2 -40.9 6% 17% 91%
Victoria 1,110 950 0.0 0.0 24.3 17.5 14% 48% 90%
Antofagasta 18,879 1,915 40.1 51.9 21.1 20.7 13% 32% 89%
Evraz 9,653 663 36.6 69.4 8.0 8.1 19% 32% 84%
Investec Group (LSE) 2,507 279 9.5 26.0 8.1 2.9 29% 44% 84%
RHI Magnesita 2,256 4,700 134.4 139.2 9.4 12.1 16% 21% 84%
Barclays 32,080 189 3.0 2.8 6.6 13.9 3% 38% 82%
Watches of Switzerland 1,762 736 0.0 0.0 15.9 30.1 11% 15% 80%
Source: Quest®
Return to Contents
Past performance and future forecast figures are not a reliable indicator of future results.
5
Intelligent Investing | May 2021Glossary
The glossary is not intended as a technical definition as most of these metrics can be calculated in a number of different ways.
Compound annual growth Compound annual growth rate (CAGR) is the rate of return that would be required for an investment
rate (CAGR) to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the
end of each year of the investment’s lifespan.
Dividend per share (DPS) Dividend per share (DPS) is the sum of declared dividends issued by a company for every ordinary share
outstanding. The figure is calculated by dividing the total dividends paid out by a business, including
interim dividends, over a period of time by the number of outstanding ordinary shares issued.
Dividend yield Dividend per share divided by the share price, often expressed as a percentage. For historic periods
the average share price for the year is used, for forecasts the current share price is used.
Earnings before interest, tax, EBITDA enables better comparison between companies as it is not affected by the way that the
depreciation and amortisation company is financed or by subjective accounting charges for depreciation and amortisation.
(EBITDA)
Earnings per share (EPS) An indicator of a company’s profitability, it is the portion of profit after tax allocated to each
outstanding share in issue.
Financial year end Financial year end refers to the completion of a 12-month accounting period that may differ from
the calendar year. If a company’s financial year ends 31 March, H1 refers to the period between April
and September, and H2 refers to the period between October and March.
Free cash flow yield (FCF yield) Free cash flow yield is the free cash flow per share (after interest, tax and maintenance capital
expenditure) but before dividend and share buybacks divided by the current share price.
Growth and Quality funds Funds that invest in companies with high returns on capital, good cash generation and strong
balance sheets.
Net asset value (NAV) The net asset value (NAV) represents the net value of an entity and is calculated as the total value
of the entity’s assets minus the total value of its liabilities. Most commonly used in the context of a
mutual fund or an exchange-traded fund (ETF), the NAV represents the per share/unit price of the
fund on a specific date or time.
Price earnings ratio (P/E) Share price divided by EPS. For historic periods the average share price for the year is used;
for forecast years, the current share price is used. It shows how much investors are willing to
pay per pound of earnings.
Quest® Canaccord Genuity’s proprietary online valuation and analytical tool which combines consensus
market figures with the Quest® Discounted Cash Flow (DCF) Valuation Model.
Return on capital employed A measure of a company’s profitability and the efficiency with which it uses its capital. It is calculated
(ROCE) as operating profit divided by capital employed.
Tables F – forecast results, figures based on the combined estimates of analysts covering the company.
A – actual results, figures based on the company’s published results.
Value investing An investment strategy that involves picking stocks that appear to be trading for less than
their intrinsic or book value. Value investors actively seek stocks they think the stock market is
underestimating.
Investments discussed in this document may not be suitable for all investors. Investors should make their own investment decisions
based upon their own financial objectives and resources, and if in any doubt, seek specific advice from an investment adviser. This
document has not been prepared in accordance with the legal requirements designed to promote the independence of investment
research and we are not therefore subject to any prohibition on dealing ahead of its dissemination of investment research.
6
Intelligent Investing | May 2021Disclosures General Disclaimers
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or warranty, either expressed or implied, in relation to the accuracy, Limited (CGWIL). They are all wholly owned subsidiaries of
completeness or reliability of the information contained herein. Canaccord Genuity Group Inc.
All opinions and estimates included in this document are subject to CGFPL, CGWL and CGWPL are authorised and regulated by the
change without notice and Canaccord Genuity Wealth Management Financial Conduct Authority (registered numbers 154608, 194927
is under no obligation to update the information contained herein. and 594155).
Investment Recommendation: CGFPL, CGWL and CGWPL have their registered office at
Date and time of first dissemination: 04.05.2021 – 15.00 BST 41 Lothbury, London, EC2R 7AE.
Date and time of production: 04.05.2021 – 15.00 BST CGFPL, CGWL and CGWPL are registered in England & Wales
Buy: no. 02762351, 03739694 and 08284862.
Unless otherwise stated, at the time of the recommendation we CGWIL is licensed and regulated by the Guernsey Financial Services
consider there is a material upside to the current share price. Commission, the Isle of Man Financial Services Authority and the
Jersey Financial Services Commission. CGWIL is registered in
Price:
Guernsey no. 22761 and has its registered office at Trafalgar Court,
Prices are as at market close on 28.04.2021 Admiral Park, St. Peter Port, GY1 2JA.
CGWL and CGWIL are members of the London Stock Exchange.
Canaccord Genuity Wealth (International) Limited FSP number 48055
is a registered financial services provider with the Financial Sector
Conduct Authority in South Africa.You can also read
