|City Of London Investment Group
||EPS - Basic
||Market Cap (m)
City Of London Investment Share Discussion Threads
Showing 1926 to 1950 of 1950 messages
|Not very liquid, is it? Small share count I suppose, and yield investors holding on. I've bought a small amount for my SIPP as PHNX was getting a bit too dominant in there. I might add more if it actually starts trading at some stage during a market correction.|
|N+1 Singer unchanged from last forecast.
DPS E2017 = 24p
DPS E2018 = 27.5p
DPS E2019 = 30.1p|
|Zeus Capital 17th of January 2017
City of London Investment Group* CLIG Financials
Pre-close shows 1H PBT up 61%
What’s new Today’s pre-close statement from City of London Investment Group (CLIG) reveals:
Total funds under management (FuM) 31 Dec 2016 were $4.1 bn (£3.3 bn); 2.5% rise since 30 June 2016 when FuM was $4.0 bn (£3.0 bn).
Unaudited PBT for 1H17e of c. £5.8m, (up 61% from 1H16: £3.6m), with a monthly "run-rate" for operating profit, before profit-share of £1.4m per month. CLIG’s investment performance has been “challenging8221;: country allocation “weak” and NAV performances of portfolio Closed End Funds (CEF) has been “poor”. Discounts remain wide generally: size-weighted average discount (SWAD) is c.13%-14%, suggesting significant strategy value for investors in CEF. Active pipeline of >$400m, is spread across Emerging and Developed Markets, Global Tactical Asset Allocation, Tactical Income, and Frontier CEF strategies. Management has updated its “template̶1;, which shows:
1Q17 & 2Q17 exceeded management’s previous expectations.
Management expectations for 2H17 have been maintained.
Dividend cover is increasing (assuming the DPS is unchanged).
Zeus view We take this opportunity to adjust our forecasts to reflect new management guidance. Assuming new guidance and an exchange rate of £1=$1.25, we raise our FY17e adj PBT forecast by 2.8% to £11.5m. Our unchanged DPS forecast of 25.0p is covered 1.36x by our new FY(Jun)17ec adj EPS of 34.0p (up 2.8%). Lower assumed growth in FUM in FY18e and higher operating cost growth, means that we now reduce our FY18e adj EPS by 6.9% to 38.0p.
Prospects of 12% growth in adj EPS should encourage the Board to nudge the FY17e final dividend up by 1.0p to 17.0p and increase the FY18e interim DPS to 9.0p. The formal dividend policy is to have cover of 1.2x over a rolling 5 yr period. We expect CLIG’s 1H17 DPS to remain unchanged at 8.0p (1H16: 8.0p).
Valuation With CLIG shares at 350p (3 month high/low: 381p; 333p), its historical dividend yield is 6.9%. Its 2017 dividend yield on our forecasts is 7.1%, which is 92% more than the FT All Share yield of 3.7%. A more reasonable 50% premium would set a target dividend yield of 5.55% dividend yield, implying a 455p CLIG target price.|
|Will get another link on buy|
|Well yes but then there is no reason they cannot do a special dividend come Q4 in addition to the standard divi is there.|
my retirement fund
|I think that the update currently underpins the retention of the existing dividend of 24p (8p interim + 16p final) which provides a yield of 6.8% at todays shareprice. I can't see any increase in the dividend until they achieve their target ratio of 1.2 x cover which indicates that they would have to deliver an eps of at least 30.0p before this was come under any serious consideration.|
|Solid set of figures in a controversial sector and looking at actual and forecast figures moving forward it does look promising for a dividend increase.|
|On course for a tasty dividend increase in the future then.|
my retirement fund
|Also from this morning's rns...
... Please see the attached graph which is based on the following assumptions and includes the estimated quarterly cost of a maintained dividend:
City of London Investment Group PLC
17 January 2017
FUNDS UNDER MANAGEMENT AS AT 31 DECEMBER 2016: TRADING UPDATE
City of London (LSE: CLIG) announces that total funds under management (FuM) at the Group's half year end on 31 December 2016 were US$4.1bn (£3.3bn). This compares with US$4.0bn (£3.0bn) at the Company's year-end on 30 June 2016. This rise in FuM of 2.5% compares with a gain of 4.5% in the MSCI Emerging Markets TR Index (NDUEEGF) over the six month period to 31 December 2016. Investment performance in the Emerging closed-end fund (CEF) strategy over the short term has been challenging. Our country allocation in 2016 was weak and this was compounded by poor net asset value (NAV) performances of the underlying CEFs. Discounts remain wide across the sector, with the current size-weighted average discount (SWAD) at c. 13%-14%, indicating significant value in the strategy.
With regards to business development, the Group continues to maintain an active pipeline across all of its major CEF offerings and has seen an increased interest in the diversification CEF strategies over the past 12 months. In total, the active pipeline is in excess of US$400m, which includes opportunities that are spread across Emerging and Developed Markets, Global Tactical Asset Allocation, Tactical Income, and Frontier CEF strategies.
As of the end of December the monthly "run-rate" for operating profit, before profit-share of c.30%, is approximately £1.4m per month based upon current FuM. The Group estimates the unaudited profit before taxation for the six months ended 31 December 2016 to be approximately £5.8mn, which compares with £3.6mn for the equivalent period to 31 December 2015.
The Company is currently in a close period which will end with the publication of results for the six months ended 31 December 2016 on 20 February 2017.|
|31st Dec FUM $4.1bn, pretty decent performance compared to index.|
We've had Trump elected which is perceived as poor for emerging markets and the comparison MSCI index has dropped 10% with CLIG FUM likely to follow suit once we get the year end figures - having so far dropped from $4.3bn (end of Sept)to $4.0bn (end of Nov).|
|Shareprice has drifted down by 10% since the AGM in October on no news. Next announcement due is Q2 FUM on January 17th.|
|FUM down to $4bn at end of Nov, following the index down on Trump effect.|
|vfast - you may want to credit whoever advised you to use HL as they normally send out the usual thank you type awards|
|Barclays outsource their SIPP trading account to A. J. Bell and the value of that portfolio will also be aggregated to any other trading accounts one has with Barclays SB.|
|AJ Bell are also very good.|
my retirement fund
|Thanks once again for the information MG.
I'm tempted to hang on now. It is £30 per stock to transfer, I'm only holding 3 stocks.
However I have contacted HL and they are sending the appropriate forms.|
|vfast, fwiw - if you choose to wait until the new platform/monthly fee is introduced next year then you wont have to pay the current Barclays transfer fee (which I thought was £30 per stock) since this is one of the current charges being dropped by them when the new portfolio fee is introduced. Also their new online transaction charge will be £6. These are two of the reasons why I'm going to wait for the new platform/fee structure to be introduced before I finally decide to remain or change to an alternative provider.|
|Thanks Gary, pleased to hear that.
I had no problem with Barclays SB but their cost structure is changing and not to my benefit.|
|vfast,Yes HL,are one of the best.I can verify.|
Yes it will be £200 for me with BSB.
I’m changing to Hargreaves Lansdown which charge the same has Barclays for trading online £11.95 but have no monthly holding fee plus if I transfer to HL they will give me £500 for a portfolio £150,000 or over which more than covers Barclays £90 fee for the transfer of 3 stocks. (£410 in pocket/34 free trades)
I've been informed by people using HL they are good so I will soon find out.
|vfast - as far as I understand it they are introducing an annual fee of 0.1% on an aggregate portfolio value up to £200,000 and no charge to portfolio values above that level. This will be levied on a monthly basis starting sometime next year when they migrate clients to a new trading platform they are planning to introduce. Therefore that would cost you £200 per annum if your portfolio was worth £200,000 or more. At the same time they are reducing the individual share dealing charge by 20% which will offset some or all of this new fee so I guess that it is a case of swings and roundabouts that each individual has to compute against their own investment/trading activity.
At the moment I do not plan to move my account elsewhere, especially since I do not know how effective their new trading platform will be.|
Barclays SB fee structure is changing and in the new structure I'll be paying £200 PA holding fee so I'm moving my account.
Any thoughts or comments?|