Castelnau Share Discussion Threads

[leeson31] 11/8/2014 07:23

11 Aug Catlin Group Ltd Deutsche Bank Hold 521.50 564.00 546.00 Reiterates

surprised they're only reiterating, given last weeks massive YoY revs and pbt increases.

think they may have transposed the new price target from their old one too, if theyre meant to be reiterating..

[jakedog2] 09/8/2014 18:37

Hi Richard ,
Thanks for you reply. I had not considered it from that perspective.

A happy holder never the less

[richardbroughton] 08/8/2014 16:50

Hi Jake, I take your point re cover and would usually agree but I don't think the normal metrics necessarily apply here, e.g. it's about the only co. I can find where NAV is 20% more than market cap. although if you discount the intangibles, which I usually do, the figures are very similar.

[jakedog2] 08/8/2014 14:02

Biggest clue going forward for me is increasing the interim yield further, even though it is already at 6.7%.

Would have had not complaints if had been held at 10p. They are obviously confident of model &cash reserves going forward

However to temper that, divi is not 'well covered' IMHO at 1.6.
That is right on the cusp for me. Well covered for is at 2.0+.

[chairman20] 08/8/2014 10:37

It was fascinating to watch how -ahead of these results -
a number of "new" posters turned up on this board rubbishing
the share. Some even prentended to have information worth
sharing!!

It always amazes me that brokers and bucketshop hedge funds
bother with something as trivial as an ADFVN board to try and
manipulate the share price. In this case - given the shortage -
of stock understandable if they wanted to shake up some sellers
so they could stock up at the expense
of frightening a few PIs into selling.

[leeson31] 08/8/2014 10:18

and with decent divi/yield, too. :-)

[it_trader] 08/8/2014 10:15

I think the increase in everything will show what a quality company this is and hopefully will re-rate to a more realistic P/E. The industry average is 12 for example. And is Catlin better than average? Me and - think so.

[leeson31] 08/8/2014 10:00

thx it_trader.

i had this stock on my stock screaner because of the low PE, but given todays update the PE could drop lower from what i had . i had it at 8.1 at 485p

[stevie blunder] 08/8/2014 09:38

08-Aug-14 Oriel Securities Buy 502.50p 595.00p 595.00p Reiteration

[leeson31] 08/8/2014 08:53

whats the now expected FY eps here and next yrs, given todays massive rises?

cheers

[it_trader] 08/8/2014 08:29

Nothing to do with market, an II is selling into this good news. Hopefully clear overhang and then whoosh.

[soi] 08/8/2014 08:13

superb results, shame they announced on such a poor days for markets generally.

I bought at 501 earlier this week, fairly comfortable with that

[this_is_me] 08/8/2014 07:43

Spectacular results even if partly due to good luck with claims.

[gingerplant] 08/8/2014 07:17

Record results, divi up by 5%, capital broadly the same.

As for losses no included in these results:

"Two additional aviation large single-risk losses occurred during July 2014, which will be included in the Group's second-half results: the tragic loss of Malaysian Airlines Flight MH17 over eastern Ukraine and the aircraft losses caused by fighting at the Tripoli airport. Early estimates of aggregate net losses arising from these two events are less than US$50 million. Notwithstanding these losses, catastrophe and large-single risks losses to date in 2014 are lower than the historic average."

Overall - superb!

[sirhedgealot] 05/8/2014 16:02

Bit cheaper would be good.

[effortless cool] 05/8/2014 14:23

Tricia51,
You have been misinformed, as 237gmoney confirms. I suggest you do some research to understand how the London insurance market works - to get you started, it is a subscription market. I also suggest that you check your facts properly before posting accusations in future.

[237gmoney] 24/7/2014 07:42

Look on the insurance insider for recent insurance losses. Catlin have also been hit with the Aussie fires of 2009 as well as Costa and the recent plane crashes. Tripoli will be more than expected as well. Hopefully we have no hurricanes other wise it will be a bad year for Lloyd's insurers

[tricia51] 21/7/2014 10:52

Effortless cool
I checked with LLoyds of London
Malayan airliner insured with ALLIANZ.
Where did u get the impression that Catlin insured it?Deramp?

[effortless cool] 18/7/2014 12:12

Now expected to get hit by the new Malaysian Airlines loss and the Tripoli Airport losses.

[garycook] 13/7/2014 08:28

Did Invesco make a big purchase to take it over 5% Holding in CGL?

[effortless cool] 10/7/2014 09:36

CGL has apparently exhausted its retrocessional cover on the Costa Concordia loss. This means that any further deteriorations will be retained by Catlin, rather than passed on to its reinsurers.

The significance of this is that the projected cost of the Costa loss has persistently escalated as the wreck removal process has become ever more elaborate and protracted.

If wreck removal now proceeds as planned, then CGL's reserves should be adequate. If their reinsurance has run out, however, they are vulnerable to any further deteriorations. I think the CGL share of the active layer of cover is about 6.8%.

[kaffee] 21/6/2014 09:33

5.20 possibily IF this is an uptrend from the start of April.

[sirhedgealot] 29/5/2014 23:23

Yes, I am inclined I think the same.