Share Name Share Symbol Market Type Share ISIN Share Description
Argo Group LSE:ARGO London Ordinary Share IM00B2RDSS92 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 16.25p 15.50p 17.00p 16.25p 16.25p 16.25p 0 07:50:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 3.9 -2.0 -3.4 - 9.92

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Date Time Title Posts
21/10/201613:58argo - a new start?200

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Argo Group Daily Update: Argo Group is listed in the General Financial sector of the London Stock Exchange with ticker ARGO. The last closing price for Argo Group was 16.25p.
Argo Group has a 4 week average price of 16.86p and a 12 week average price of 13.36p.
The 1 year high share price is 17p while the 1 year low share price is currently 8.88p.
There are currently 61,023,494 shares in issue and the average daily traded volume is 46,100 shares. The market capitalisation of Argo Group is £9,916,317.78.
hugepants: Looks like more buying back at under 10p. However they are buying off market so not pushing the share price up.
stemis: Well NAV turned out slightly better than I expected (23.1p v 21.5p). ARGO appears to be a fund manager with it's share price strongly backed by NAV. If they can buy back £2m of shares at 9.5p (which seems extremely unlikely) that would increase to 29.3p. In reality however many of the funds are unable to pay their management fees or manage their liquidity and therefore ARGO has turned into part investment fund with much of it's assets 'invested' in or loaned, directly or indirectly, to it's own funds to keep them going. There's probably no more than 3.3p a share clean of that (which would just about all be used up in a share buy back). If they can sort these out the share price should easily double from here. Driving up AUM would certainly be a good start...
stemis: Selling. Their holding has obviously fallen below the notifiable level. Today's release is obviously good news although the market remains less than excited about the share. We should see release of part of the bad debt provision ($1,300 = 1.3p per share) although that's offset by unquantified, but relatively small, losses in the fund (which we have share in) from selling below NAV. The share price seems to have gone up to reflect that. Proforma cash will be about $6.3m or 6.1p a share.
b3842517: I've been monitoring this since being tempted at 14p last year, but thankfully I held off investing at that point. I have also been stung by EMG, so am wary of diving in too early while the share price is still falling, but the underlying figures make it look extremely cheap, especially with the high divi yield.
stemis: Price dropped by 0.75p even though dividend is 1.3p. Adding back dividend gives a comparable share price of about 15p.
wexboy: Thanks, davydoo. Yeah, I don't buy on a lower share price these days, IF there has been negative newsflow - learnt that lesson, averaging down not so good if you eventually reach zero..! But no hint of that kind of situation here. Same for me, a nice top up brings me back up to a 5% stake - my 4th largest portfolio position. Cheers, Wexboy
wexboy: ARGO interims out today - ARGO continues to remain safe ($25.972 mio cash/investments, no debt) and cheap (P/E 8.3 (LTM eps) & an 8.0% dividend yield) - updating my analysis (see post 32), i peg fair value now at: $10.250 mio Cash + $15.722 mio Investments + $379.7 mio AUM * 3.75% = $ 40.211 mio / 1.6595 GBP/USD = GBP 24.231 mio / 69.753 mio shares = GBP 34.7p per share potential 132% upside from current share price support for the stock should come from further prospective share buybacks between GBP 12-14p, upside should come from new investors finding the stock/taking advantage of the low valuation, but a good percentage of the real upside may have to wait for growth in AUM, which will depend on a better market and hopefully (as i've commented on before) a better fund-raising push now from the company
wexboy: stemis, yep, collecting an 8.6% yield in the meantime is none too shabby...what i really like is the sustainability of this dividend - i do think earnings will increase over time, but regardless of where eps comes out each year, the fact is that the current dividend is covered for the next 19 years based on current cash & investments! updating my previous analysis, i now come up with a fair value of GBP 36.4 p per argo share - 163% potential upside from current GBP 13.875p share price - the increase from my previous 35p fair value per share is simply down to the share repurchases since by argo - illustrates the power of utilizing surplus cash to retire shares, particularly when shares are purchased at a substantial discount to intrinsic value - so let's raise our glasses to more share repurchase activity!
squib3: Fantastic news, should take the shackles off the share price :)
wexboy: if the board sold the fund management business, and liquidated the company, yes i think 35p per share is achievable today - but that requires an event..! for the share price to rise to that level otherwise requires confirmation the lawsuit is totally dead and some real growth in AUM to kickstart a price rise - once that happens the virtuous circle kicks in, remember most private investors will only start buying after the share price rises 50-100%... the timing of this, i've given up on trying to figure that out! meanwhile, the level of cash & investments, the share buyback & dividend, the % share ownership by the board, and the secular growth from emerging markets all make me feel very comfortable with this shareholding
Argo Group share price data is direct from the London Stock Exchange
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P:34 V: D:20161027 22:31:18