This estimate is based upon 1 Burford Capital Underwriting Analyst salary report (s) provided by employees or estimated based upon statistical methods. Based on the company location, we can see that the HQ office of Burford Capital is in CHICAGO, IL. Burford Capital is not owned by hedge funds. In legal finance, Burford is comparable to IBM. Then, there were technical questions about concepts applicable to the employer company and also my knowledge about operations of the employer company. I realized this when I was researching the industry and noticed how many news stories mention Burford and no one else. So, when I read that quote, I interpret that as him seeing a clear path for a minimum of 15% industry growth for the next five years. Following the takeover, Repsol sued Argentina for roughly 57.4% of that $18.6 billion they believe they were owed, which was $10.5 billion. But it is possible I have been too conservative here. Insurers have different terms and conditions that can radically change the outcome for customers. If this lawsuit goes to its conclusion, Argentina is likely to lose a much larger amount of money than if they settle before the trial starts. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Executives and many midlevel managers understand the inner workings of the companies I invest in better than I ever will. Burford Capital is replacing its chairman and finance chief in an effort to appease shareholders after a US hedge fund made allegations of poor governance and murky accounting practices. On Burfords investor relations website, a file can be downloaded that shows investment data for every completed investment they have made. The above is true because there are search costs when it comes to finding a funder to work with. Market: AIM Ticker: BUR www.burfordcapital.com Lead analyst: Dr Brian Moretta Request a meeting And when employees choose to participate in Burfords deferred compensation plan, the company match is in Burford stock. They did this to help fund their growth the past few years. Burford Capital . As we have long made clear, we can neither predict nor control the timing of the generation of litigation returns. If the relationship is comfortable, that client is more likely to stick with Burford for future funding needs. No company culture to speak of. There was not. Pay ranges for the same job title may differ based on the location and the responsibilities, skills, experience, and other requirements for a specific job. And as time goes on, more investors should realize the short reports were not very substantive, the reports will be forgotten, and there will be less career risk for large funds to invest in Burford. How is pay, wlb & work culture. They come off as intellectually honest without any bullshit. Nonetheless, this scale results in several advantages. To be clear, Burford settling Petersen this year is not what I am counting on, and it has no bearing on my own personal investment thesis. Beyond Repsol, two of the other large YPF shareholders in 2012 were Petersen Group, which owned 25.5%, and Eton Park Capital, which owned 3.1%. In the aggregate, however, I do understand Constellations investment philosophy, their competitive advantage, and I believe there is substantial evidence that Mark Leonard has created an amazing capital allocation machine. The latest price target for Burford Capital ( NYSE: BUR) was reported by B. Riley Securities on Friday, May 13, 2022. As part of that IPO and to appease concern from potential investors, the Argentinian government guaranteed that if they ever took over control of YPF, they would make a tender offer to YPF shareholders based on a simple and (relatively) objective formula. That is what I care about. Second, Burfords results should be taking a step up in the near future. Posted 4:00:51 PM. Here's what people are saying about Burford Capital. Looking only at their concluded cases through the end of 2020, Burford has generated 24.9% IRRs. Any insights would be helpful. This is why I am often attracted to companies like Burford Capital that have capital allocation ingrained in their company culture. What are some typical titles and locations for Burford Capital jobs? I expect nine-figure investments to come around once in a while and I will be happy when they do, but they do create lumpiness. However, looking at the actual dollars deployed, only 15.4% of Burfords cash deployed has gone into investments that eventually lost money. Everything on this blog is the opinion of Travis Wiedower and should not be taken as investment advice. This can be an efficient way to increase customer retention and average revenue per customer. Starting on page 47 of the 2020 annual report, Burford spends four pages walking through various potential concentration risks in their portfolio: geography, currency, case types, industries, corporations, law firms, and related claims. Burford also maintains a separate private funds business. Institutional investors own over 50% of the company, so together than can probably strongly influence board decisions. To be fair, Burford is not the simplest business I follow. If the lawsuit is lost, Burford loses their entire investment. HOW WE WORK Learn more Burford's research of 300 litigation leaders in the US and UK explores how law firms and legal finance can help major corporations fuel success. In this regard, interest expense on debt is cheaper than outside capital where Burford only earns management and performance fees. Nonetheless, this chart shows Burfords total portfolio has steadily grown every year. Each of these sources has pros and cons. If Burford only had access to their own equity, growth would be slower. Two weeks later, on May 3, the Argentinian parliament made that official. Before we make a commitment, we conduct extensive in-house due diligence. Analyzing culture is important for any company I want to potentially invest in, especially so for Burford. Team members are smart, creative, collaborative, curious, and confident. Burford possesses the resources and expertise of a large company while retaining the flexibility and creativity of a startup. Claim your Free Employer Profile, Quantitative Investment Analyst Interview. Burford Capital has a consensus price target of $15.00, indicating a potential upside of 81.82%. The opinions from lawyers online and ones I have spoken to have unanimously agreedcalling the case straightforward and regarding Burford as having a high chance of winning. But beyond that type of stuff, I do not think the short reports uncovered anything substantial. 468,000 of these shares are held in treasury; as of December 31, 2022, 9.43% of shares are not in public hands. Decades ago, the saying nobody gets fired for buying IBM became popular. Burford Capital is committed to increasing diversity and maintaining an inclusive workplace culture. In very simple terms, the success of any business is determined by their ability to allocate capital. Individual salaries will, of course, vary depending on the job, department, location, as well as the individual skills and education of each employee. The trial could start and then be settled midway through. With this in mind, there were several statements from Burfords 2020 earnings that stuck out to me. However, this fund was launched in December 2018 and thus Burford is still only making their $7 million management fee. A conversation with Brad Hildebrandt: Key research findings on opportunities for law firms in 2023, Burford Capital featured on CBS' 60 Minutes, Complaints notice for Burford Law clients. The salary paid can be different for the same position in Burford Capital based on experience, skills, and education. With the increased scale of Burfords investments that have not fully flowed through the financial statements, in addition to performance fees for managing their funds that have not yet been earned, I do not think most investors realize how much more cash this business should be generating over the next few years as compared to the last few. In this video, Joshua Harris explains the emerging patent-related and affirmative recovery litigation trends in the pharma and biotech sectors. Burford did not update Petersen spend for 2020, but some of those expenses certainly continued. However, when the Petersen case is overas it should be in the next few yearsthose expenses will go away. By creating this job alert, you agree to the LinkedIn User Agreement and Privacy Policy. Disclaimer search Compare to GB Group plc GBX 335.00 GBG0.54% Boohoo. Highly organized, with committed work ethic and strong attention to detail; able to work independently and prioritize and manage multiple projects and deadlines simultaneously. According to the issued ratings of 2 analysts in the last year, the consensus rating for Burford Capital stock is Buy based on the current 2 buy ratings for BUR. Thus, in terms of the life of a fund, Burfords performance fees are very backend weighted. That is more market expansion. To be clear, the future will not turn out as I just described, and I do not think Burford is worth precisely $23.15 today. We made new capital provision-direct commitments of over $500 million Group-wide, of which $284 million was Burford-only, more than four times higher than the first half of last year and above our prior record levels in the second half of 2019. Burfords global legal finance team is the largest and most experienced in the world. No, 60% is not a typo. It would be surprising if 2021 did not see us begin to raise incremental private fund capital, although we will continue to balance carefully the advantages of fund capital with the higher profitability of balance sheet investing. Burford Capital 2020 Annual Report. Three more years and maybe they are able to raise $1 billion. In reality, I have done many versions of the above discounted cash flow using various assumptions and I think a reasonable argument for todays fair value could be made for anything from $12 per share up to $40. Given the current stock price of $10.72, I believe there is a very large disconnect between what Burford is currently being valued at by the stock market and what it will ultimately prove to be worth. Burford Capital is the leading global finance and asset management firm focused on law. Add a Salary. Verify your email to use filters. Chris is probably the most anti-guidance public CEO I have come across. This includes the balance sheet and the eight funds they manage. If Burford invests $10 million in a lawsuit that fails, they cannot lose any more than that $10 million. But if that is accurate, why would Burford want to settle for less? Compared to a current stock price of $10.72, that is substantial upside. In reality, I suspect the stock price would way overreact to the downside and I would be loading up on more shares. Analyst Estimates; Options; BUR Overview. To speak broadly about Burford, it is important to remember what their core business is: funding lawsuits. If the Petersen case is lost tomorrow, I would happily keep my shares. Underwriting Analyst salaries at Burford Capital can range from 37,563-40,877. If Burfords stock price were $30, Petersens value would matter much more to the bull case. Search 8 Health Analyst jobs now available in Creditville, ON on Indeed.com, the world's largest job site. Just as important as how the company and sources of capital are structured is employee incentives. The average salary of Burford Capital jobs will vary according to location, department, and job description. as corporate litigators we have spent decades of our professional lives seeing, and dealing with, the misjudgments and other fallacies of corporate executives and market participants. Reality, I would happily keep my shares the past few years this help! And expertise of a fund, Burfords performance fees are very backend weighted, Burford is still only making $. Speak broadly about Burford, it is important to remember what their core business is: funding lawsuits, can! As investment advice fund, Burfords results should be taking a step up the... % IRRs job description collaborative, curious, and confident jobs will vary according to location, department and! A startup go away start and then be settled midway through is upside! 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burford capital analyst salary