That means that, if the offer goes through at its suggested level, some long-term shareholders may get back less than they paid for the shares in the first place (although Numis has paid dividends along the way).

I do not own any shares of the target company. But I think the sudden soar in the Numis share price could be a sign that the big boys are bargain hunting in London’s stock market this year.

I think that highlights that there are also some great investing opportunities open to me right now.

Hunting for value

That is because what Deutsche has done is pounce on an apparently decent business that has a beaten-down share price and now offers an attractive valuation based on historic business performance.

I think there are bucket loads of London-listed companies that match that description. In my own portfolio alone, it could arguably apply to businesses including ITV, Superdry and DCC. In the wider market, there are lots of firms I think could be attractive to a bidder.

If they might be attractive to a bidder, might they also offer good value for my portfolio?

Not necessarily.

Strategic benefits

Take the Numis deal as an example. Why does Deutsche think the firm is worth almost 70% more than suggested by yesterday’s closing Numis share price?

The answer lies in the difference between financial and strategic considerations for buying a business. Buying Numis would give a trade buyer like Deutsche the ability to grow its own business. In explaining the deal, the firms said it would allow Deutsche to accelerate its ‘Global Hausbank’ strategy “by unlocking a much deeper engagement with the corporate client segment in the UK”.

With a strategic rationale like that, Numis may be worth more to a strategic buyer such as Deutsche than to a buyer with a purely financial rationale.

As a private investor, I have a financial motivation. I buy into a company because I think its share price underrates the business’ long-term value. But I will not be unlocking any of that value myself in the way that Deutsche can with Numis.

In other words, there may be shares that offer great value to strategic buyers, but not necessarily to me as a small private investor.

Buying quality on sale

That matters because I do not buy shares simply hoping for a takeover bid.

Instead, I am looking to buy into a great business at an attractive price. Hopefully that will benefit in long-term value creation shareholders, whether or not any takeover bid materialises in future.

I think there are quite a few such opportunities in the London market right now. Indeed, I have bought more shares in both ITV and Superdry for my portfolio this year precisely because I think their current share prices do not reflect what I see as their long-term potential.

Just like Deutsche Bank, I am shopping for bargains in the London stock market while I can!

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Rapid earnings growth

First, the Numis (LSE:NUM) share price is up 8% in the last three months. At the time of writing, the shares are trading at 259p.

For the year ended September, between 2017 and 2021, the broking firm’s earnings per share (EPS) rose from 27.4p to 54.2p. By my calculation, this results in a compound annual EPS growth rate of 14.6%. As a potential investor, I find this rate of earnings expansion extremely attractive.

Over the same period, revenue increased from £130m to £215m. What this tells me is that the business has been performing for its shareholders year in, year out.

Yet I’m always aware that this growth isn’t guaranteed in the future.

For the three months to 30 June, revenue was £40m, which was up quarter on quarter. And there was no change to full-year expectations in the report. 

However, the company stated that deal volume may decline in the event of a recession. This may lead to lower profit margins.

Nevertheless, the investment banking segment has enjoyed improved performance and there’s a strong future pipeline of merger and acquisition activity. 

Glowing financial results

Second, Yellow Cake (LSE:YCA) has seen its shares climb 13% in the last week. Currently, they’re trading at 417p.

For the year ended March, between 2019 and 2022, EPS rose from ¢39 to ¢260. This results in a compound annual EPS growth rate of 60.6%.

As a holder of physical uranium, it’s currently benefiting from the rapidly rising spot price of uranium. This may become a vital energy source in the future, as governments may plan to move away from oil and gas. 

There’s the risk, however, that countries look to renewables and bypass uranium, which could be bad news for the business.

Assuming it does have a strong future, for the three months to 30 June, the firm added 3m pounds of uranium to its holding and embarked on a $3m share buyback scheme in April.  

Furthermore, for the 12 months to 31 March, net profit climbed to $417.3m, up from $29.9m during the same period in 2021.

Additionally, the firm saw the value of its uranium holdings increase 203% year on year. 

Overall, both of these companies display exciting rates of earnings growth. What’s more, the near future may also hold promise for both Numis and Yellow Cake, through M&A activity and moves to use uranium and nuclear power more widely. As such, I’ll add both businesses to my portfolio soon to hold for the long term. 

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As such, here are some of the bargain shares I would buy today for my portfolio. 

Bargain shares 

The first company on my list is the automotive retailer Vertu Motors. Surging used-car prices are set to send this firm’s profits 270% higher this year.

This growth seems unlikely to last, but the organisation is looking to reinvest its windfall profits into additional growth initiatives. These could help underpin the company’s expansion plans for years to come. 

Considering this potential, I think the market is undervaluing the business. It currently trades at a forward price-to-earnings (P/E) multiple of 8.5 for 2023. 

Another corporation seeing surging demand is homebuilder Redrow. The company and its peers just cannot build homes fast enough. Its profits are expected to rise 25% this year as management capitalises on this growth. 

Despite the growth potential, the stock is selling at a forward P/E of just 5.8. The shares also offer a dividend yield of 5.7%, at the time of writing. 

The one main risk both of these companies might have to deal with going forward is that growth grinds to a halt. They are both benefiting from significant tailwinds in their respective markets, but an economic slowdown could slam the breaks on growth. That is something I will be keeping an eye on as we advance. 

Growth champion 

Integrated investment banking company Numis (LSE: NUM) has taken the City of London by storm over the past couple of years. 

The corporation has cornered the market for helping smaller companies raise finance. Last year, its revenues jumped to £224m and net profit hit £58m, which was more than double the figure reported for 2016. 

The group is investing heavily in its offer, while expanding its footprint in the UK market. Its reputation for helping businesses come to market is also boosting its profile. 

That said, one issue of working in the investment banking business is that it is quite volatile. Last year was a bumper year for raising finance. That may not be the case this year. The company could suffer a slump in revenues as a result. 

Despite these headwinds, I think the stock looks undervalued. At the time of writing, the shares are dealing at a forward P/E of 8.6. They also offer a prospective dividend yield of 5.2%. 

Considering the company’s expanding footprint and brand strength, I think this multiple undervalues the enterprise and its outlook. That is why I believe this is one of the best bargain shares to buy now and would not hesitate to add it to my portfolio. 

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Stocks and Shares ISAs have unique tax benefits. Investors can save up to £20,000 every tax year in one of these wrappers. 

Investments held in an ISA don’t attract income or capital gains tax. Investors don’t even have to declare the assets on their tax returns. This makes them particularly attractive for higher rate taxpayers and investors focused on income. 

I like to concentrate on income and growth stocks in my ISA for this reason. Growth companies tend to retain the majority of their profits to reinvest in the business. So growth stocks don’t tend to be income investments.

On the other hand, corporations that can pay out a large chunk of profits may not necessarily be great growth investments, as this could signify they’re not investing for growth. 

I want to focus on companies that offer the best of both worlds. UK shares that provide both a steady dividend yield and have cash left over to invest for growth. 

UK shares to buy

Some of the best growth investments can be found in the small-cap section of the market. These businesses might not be suitable for all investors. They can be incredibly volatile, and small-cap growth stocks can be even more challenging to own. 

Still, I’m comfortable owning these companies in my portfolio, despite the risks of doing so.

One such firm I’d buy for my Stocks and Shares ISA is the motor retail and after-sales company Lookers (LSE: LOOK). The stock’s currently trading at a forward price-to-earnings (P/E) ratio of just 5.9. The stock doesn’t currently offer a dividend, but it did before the pandemic.

After two years of losses, profits are expected to rebound this year to similar levels as reported for 2017. That year, the company paid a dividend of 3.9p per share.

I don’t think it’s unreasonable to say that, as the company’s profits recover, management could reinstate the dividend at or near this level. Doing so would give the stock a dividend yield of 5.8%. Of course, there’s no guarantee this will happen. 

Challenges the company could face, which would slow its return to growth including rising costs, and competition in the used-car sector. 

Stocks and Shares ISA investment

Another company I’d buy for my portfolio of UK shares is the financial services group Numis (LSE: NUM). 

This organisation, which specialises in institutional stockbroking and advisory services, is currently benefiting from a surge in capital market activity. City analysts believe the group’s earnings per share will increase by around 56% in its current financial year. That’s a significant jump. 

Over the past six years, the company has gone from strength to strength and has used profits to drive growth into new markets and take on its larger competitors. Revenues and profits have more than doubled since 2015. 

As long as the company continues doing what it does best, I think it’ll continue on this trajectory. As well as its growth potential, the stock also supports a dividend yield of 3.4%. I believe it’s likely this distribution will increase as earnings expand. 

Those are the reasons why I’d buy the company for my Stocks and Shares ISA. However, as is the case with all small businesses, it does face some significant changes. These include competition in the financial services sector and regulatory costs. These could prove to be a drag on profit margins and the group’s growth. 

Tech sector darling 

In the technology sector, I’d buy IT infrastructure solutions provider Softcat (LSE: SCT) for my portfolio of UK shares. 

I like this company because I think as the world becomes more digitally enabled, demand for IT solutions and infrastructure maintenance will only increase. As one of the predominant groups in the UK in this market, the £4.4bn enterprise is one of the best stocks to own to build exposure to this theme, in my opinion. 

And it has a fantastic growth track record. Over the past six years, net profit has grown at a compound annual rate of 19%. Management’s hiked the group’s dividend yield in line with its profit growth. The payout has more than doubled since 2019. 

While the stock’s dividend yield of just 1.5% might look disappointing, I’m encouraged by its growth potential over the next few years. 

That said, Softcat’s growth shouldn’t be taken for granted. I’ll be keeping an eye on the group’s costs, which could increase and reduce profit margins. Competition in the sector may also prove to be a headwind for growth. 

UK shares for the recovery

I think one of the best ways to build exposure to the UK economic recovery is to acquire recruitment companies. With that in mind, I’d buy Sthree, Pagegroup and Robert Walters for my Stocks and Shares ISA. 

I would purchase all three because I’m well aware this sector can be incredibly volatile. Recruitment tends to be the first sector that feels the pain in a downturn, but it can be the first to see the green shoots of recovery. 

As such, these companies may not be suitable for all investors. However, I’m comfortable with the risks involved. 

Recruitment stocks also tend to be highly cash generative. Therefore, when times are good, they can return significant amounts of cash to investors. These returns might not come into play until next year, considering the state of the global labour market, but investors could be set for substantial rewards when they return. 

So despite their risks, I’d acquire these recruitment stocks for my portfolio of UK shares in my Stocks and Shares ISA as growth and income plays. 

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However, some equities have lagged the market. And it’s these businesses I plan to concentrate my efforts on buying during the next few weeks.

I reckon that as these firms report their half-year results and issue future trading updates, the market will revalue the businesses. That’s assuming, of course, the updates are positive. 

As such, here are three stocks and shares I’d buy in August. 

Companies on offer 

The first on my list is the Bisto to Mr Kipling owner Premier Foods (LSE: PFD). While shares in this company have added around 30% over the past year, I think the stock remains undervalued. 

According to a trading update published today, sales across the group for the 13 weeks ended 3 July were 6.3% above 2019 levels. This was at the top of expectations for the period. 

International sales are also growing strongly. Global sales increased 17% compared to 2019 levels in the period. 

Based on these numbers, management now expects pre-tax profits for the year to come in at the top end of expectations. With this growth coming through, I reckon the stock’s current price-to-earnings (P/E) multiple of 9.4 undervalues the business. This is why I’d add the firm to my basket of stocks and shares. 

Key risks and challenges the business might face are rising costs, which could weigh on profit margins. Competitive pressures may also hurt growth and lead the firm to spend more on marketing. Both of these factors could hurt profit growth. 

Insurance growth

Another company I’d buy for my portfolio of stocks and shares in August is Lancashire Holdings (LSE: LRE).

Rates are rising across the insurance industry, and many companies in the sector are reporting earnings growth as a result.

Unfortunately, Lancashire’s share price doesn’t reflect this. The stock’s fallen nearly 15% over the past year.  

I think investor sentiment towards the business could change when it publishes trading updates later in the year. With the rest of the sector experiencing growth, I reckon the company will report expanding earnings as well. 

That said, we’re currently in the middle of the Atlantic hurricane season. A large hurricane could lead to significant losses for the insurance industry. This would almost certainly reduce Lancashire’s profits for the year. This is one risk I’ll keep my eye on. 

Trading stocks and shares 

The final company I would buy for my portfolio is stockbroker Numis (LSE: NUM). Shares in this business have increased by around 25% over the past year.

However, with revenue and underlying operating profit increasing 83% and 325% respectively in the first half of 2021, it looks as if the stock is lagging the group’s fundamental performance. 

The company has already said it believes this performance will continue for the rest of the year. As such, I think it could only be a matter of time before the market gives the enterprise a higher valuation. 

Still, Numis’ performance is tied to the general performance of the overall stock market. If volatility returns to stocks and shares, profits could fall. In this situation, the valuation of the business is likely to decline.

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So, with that in mind, here are three dividend shares I’d buy for my passive income portfolio right now.

Passive income shares

The first company on my list is the iron ore mining group Rio Tinto (LSE: RIO). This corporation has become a dividend champion in recent years as it reduced debt and capital spending to focus on improving shareholder returns.  

Based on the company’s current projections, and those from City analysts, the stock could yield just over 10% in 2021. A potential dividend yield of 7.3% is pencilled in for 2023. However, I should caution that these are just projections at this stage. 

The company has recently benefited from rising commodity prices. Unfortunately, commodity prices can fall just as fast as they’ve risen. That’s one of the most significant risks the business faces right now. If the price of iron ore drops, Rio’s dividend may not live up to expectations. 

Despite this risk, I’d buy the stock for my portfolio of passive income shares today.

Dividend shares

I think the best stocks to buy for a passive income portfolio are those businesses that have scope for dividend growth. City broker Numis (LSE: NUM) is a good example. 

Over the past five years, Numis has captured an increasing share of the stockbroking market in the UK. As the group has grabbed that share, its operating profits have grown at a compound annual rate of around 7% since 2015.

Management has held its dividend steady over the same period, which means that today, the payout is covered three times by earnings. That suggests to me it’s more secure than most dividends. 

Of course, such a high level of cover only suggests the dividend is more sustainable. But it doesn’t guarantee it. There are many different reasons why Numis could be forced to cut its dividend in future. Regulatory headwinds could increase costs, which would reduce profits. A stock market crash may also reduce demand for the company’s services. 

However, after taking these challenges into account, I’d buy the stock and its 3.2% dividend yield today. 

Portfolio power

Finally, I also like the Gore Street Energy Storage Fund (LSE: GSF), which builds and operates energy storage projects. The goal of these projects is to help the UK transition towards a greener future by building more flexibility into the electricity network. 

It targets an annual dividend of 7% of net asset value per ordinary share in each financial year, subject to a minimum target of 7p per common share. This target suggests the company could be an excellent passive income investment for a portfolio of dividend stocks. 

Unfortunately, just because the company has set out this target, it doesn’t mean management will meet the objective. Building energy projects is capital-intensive. If Gore Street can’t raise funds to build them, the business could struggle. Simultaneously, the firm may face increasing competition, potentially limiting returns on assets. 

Nevertheless, I think the company has tremendous potential. That’s why I’d buy it for a portfolio of dividend stocks right now.

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As for Rolls-Royce in 2021, buying the shares at today’s price may well lead me to double my money. But it’s not all plain sailing from here on out, and as a potential investor, there are quite a few things I need to consider. 

Should I buy Rolls-Royce shares now?

The name Rolls-Royce is synonymous with quality engineering. It’s a company with a strong heritage and close ties to the British establishment. Unfortunately, Rolls-Royce shares have been hammered by Covid-19 and are racking up an increasing pile of debt to help it ride out the storm. This is worrying, and while investors have been backing the company in recent weeks, a prolonged downturn could mean further volatility for Rolls-Royce shares. With negative earnings and no dividend yield, there’s not much to appeal to a value investor other than hope. It can begin earning again as soon as flights are back to business as usual, but this is likely to take time.

It’s selling its civil nuclear instrumentation and control business to French company Framatome. This doesn’t include its civil nuclear business or its small modular reactor plans, which may be a good thing. It’s recently floated the idea of creating 6,000 jobs in the next five years on the back of a plan to build 16 small nuclear reactors. While nuclear power is a highly controversial area, it has the potential to tackle the climate crisis. This is because it can create cost-effective clean energy. I think I probably could double my money with Rolls-Royce, but it will take time and it may not happen in 2021. There may also be less volatile options available. I like the chances of Rolls-Royce lasting for the long term, but I’d require nerves of steel to buy these UK shares just now.

Can I double my money with Numis?

Numis (LSE:NUM) is a £356m company. It operates as an independent institutional stockbroker and corporate advisor to public and private companies. The Numis share price has a volatile history, but 2020 has been fairly steady, other than its sharp crash and speedy recovery from March to May. Considering the economic uncertainty facing the world and especially Britain, I think businesses will continue to seek professional guidance. With that in mind, I think its outlook for 2021 is good too.

Since November 1, the Numis share price has climbed nearly 14%. In its investment banking division, M&A activity is likely to keep increasing and IPOs remain surprisingly popular. It has a price-to-earnings ratio of 11, earnings per share are almost 30p and its dividend yield is 3.8%. After the conclusion of Brexit, the UK government wants Britain to continue to be the financial hub of excellence it’s renowned for. I think this will bode well for Numis in the coming years. I don’t know if I can double my money with Numis shares in 2021, but I’d consider buying them as a long-term investment and for the dividend.

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Today’s full-year results report covering the period to 30 September 2020 revealed the figures driving the stock’s progress. Revenue rose by almost 39% compared to the prior year. And that led to a 240% increase in earnings per share. On top of that, the cash performance was good with the net cash balance increasing by nearly 49% to just over £125m.

Why I think Numis is a share to buy now

It’s expensive for companies to list on the stock market as a plc. And it’s expensive every time a company wants to raise extra capital by, for example, issuing new shares. But Numis benefits from corporate market activity. It’s a recipient rather than a payer of the often eye-watering fees common in the world of finance and the stock markets.

But big fees are attractive if I own shares in an investment banker such as Numis. Indeed, to access the markets, other companies must deal with Numis or one of its competitors. Meanwhile, a quick glance at the strength of the financial position at Numis shows how lucrative the firm’s position can be.

Numis said in the report that capital markets deal volumes increased “significantly” during the second half. Many of the firm’s corporate clients accessed the market for funding because of the disruption caused by the pandemic. Almost £102m of the company’s nearly £155m revenue came from investment banking activities in the period. And around £77m of that was taken via capital market fees.

However, the directors reckon “material” declines in M&A and IPO volumes offset the increased activity. And that happened because of companies pausing strategic plans while firefighting to keep their balance sheets healthy through the Covid crisis. But towards the end of the year, companies began to access the markets again “in support of revised growth strategies.” Either way, I reckon Numis wins.

A positive outlook

Looking ahead, revenue continued in the first two months of the current trading year “in line with the strong second-half performance of FY20”. The directors said investors reacted to the latest vaccine developments “providing a favourable environment for our Equities business”. So, in the other arm of the Numis business, execution commissions and trading gains have been “strong”. On top of that, the company is seeing the beginning of a recovery in M&A activity. And the IPO pipeline is “stronger than it has been for some time”.

Numis has held the shareholder dividend flat since 2016 and didn’t miss a payment because of the pandemic. With the share price near 338p, the dividend yield is just over 3.5%. And I’m tempted to buy and hold some of the shares as we move forward into what could be a buoyant period ahead for economies, companies and the stock market.

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The investment banking outfit provides research, execution, corporate broking and advisory services to companies in the UK and their investors. The recent weakness in the wider stock market has been unkind to the shares, and I think financial services firms like this tend to exaggerate stock market movements.

Investing to grow

On top of that, Numis delivered a profit warning recently caused by extra recruitment costs. The company is building up its payroll with additional talent, with the aim of pursuing growth opportunities – arguably that’s the best kind of profit warning. However, the reality is that the share price is down around 36% in just three months – painful if you’ve been holding the stock. But what about now? Is it time to buy?

In today’s full-year report, the firm explained that the benefits of the investment it made in the business during 2018 “are now materialising.” The directors point to three new corporate clients won since the start of the current trading year in October, and said that growing the corporate client list underpins their confidence in the firm’s future prospects.

But the company’s activities in the Equity Capital Markets (ECM) have been challenging since October because of the stock market declines, which particularly affected “mid-market growth stocks.” The new trading year has started quite well with 14 deals, “including three IPOs,” but that’s a decline in deal volumes compared to the equivalent period last year.

However, the directors sound upbeat about the outlook, saying that activity levels “remain high across the business.”And the pipeline is “strong” with IPOs, and capital raisings planned for corporate clients, although “the execution of these transactions is increasingly unpredictable.”

The rise in volatility has hit the equity side of the business too, and the firm achieved lower trading profits and institutional income during the first two months of the year than it did in last year’s equivalent period. But Numis thinks it can gain further market share regardless of the market environment.

Big ambitions

Numis reported record revenues today for the trading year to September, although that’s immaterial to the outlook. What matters is what the firm does next, and there’s a clue in the dividend decision — the directors held the full-year dividend at the previous year’s level, suggesting a cautious view on the outlook.

However, Alex Ham and Ross Mitchison, the co-chief executive officers, said in the report that Numis aims to build “the investment bank of a generation,” which sounds like a lofty ambition. They reckon that the investment in people that affected profitability during the year has strengthened the firm’s “competitive position, expanded the range of services available to our clients and enhanced the overall quality of the Numis platform.”   

Meanwhile, the current share price close to 275p values the company at a forward earnings multiple for 2019 just below 11, and the forward dividend yield is around 4.4%. I’m tempted to take a chance on the growth prospects of the firm at this depressed share-price level.

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Despite this rise in its share price though, the group’s stock still trades at just 14 times consensus forward earnings and still kicks off a very attractive 4.9% dividend yield. While investors may be squeamish about investing in tobacco stocks, I think this high yield, attractive valuation and rising earnings still makes it one FTSE 100 stock to consider for the years ahead.

In fact, in Q1 the group’s revenue, excluding the acquisition of Reynolds American, grew by a respectable 1.9% in constant currency terms while operating profits were up by 2.4% on the same basis. But adding in the purchase of the parts of Reynolds American it didn’t already own is what makes BATS truly exciting.

On this statutory basis, revenue was up a full 56.9% to £11.6bn while operating profits leapt 72.4% to £4.4bn. Of course, this growth will naturally slow as it won’t be making anymore huge acquisitions any time soon. But there is still great long-term potential to wring increased profits out of Reynolds American through cost-cutting, improved leverage with suppliers and customers, and cutting investments in low-growth brands in favour of core names like Lucky Strike and Camel.

Now, it’s unwise to discuss investing in tobacco stocks without discussing the elephant in the room – declining rates of smoking. This is certainly an issue, but despite being an industry in decline, there is still potential for revenue and sales growth as the sector’s biggest players buy out smaller competitors. This is the position BATS is in and with high margins and huge cash flow I’d expect it to continue making deals once it’s deleveraged its balance sheet following the Reynolds American purchase.

With this being the case, I think it still has the potential to continue hugely rewarding shareholders for years to come and that its current price is quite attractive.

A faster-growing option 

Another reasonably priced stock that’s caught my eye is small- and mid-cap broker Numis (LSE: NUM), whose shares trade at just 16.4 times forward earnings despite rising over 80% in value in the past year.

This rapid rise in the group’s share price looks quite justified to me as the group has been growing quickly by carving itself out a leading position in corporate broker services for the small- and mid-cap companies that bulge bracket investment banks have ignored in recent years.

In the half year to 31 March, the group’s revenue increased 41% to £74.1m while pre-tax profits grew 86% to £19.5m. This increase in sales and profits was led by a rise in activities like IPOs and secondary fundraisings by its clients, as well as an uptick in M&A advisory services.

Looking ahead, there are a few potential worries for Numis such as the MiFID II restrictions on how clients pay for research, as well as the company’s obvious reliance on healthy corporate earnings and upbeat financial markets. However, with a proven growth strategy, plenty of cash on hand and a respectable 2.8% dividend yield, I think Numis is still attractively valued considering its long-term prospects.  

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