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FBH Fbd Holdings Plc

13.75
0.00 (0.00%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Fbd Holdings Plc FBH London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 13.75 01:00:00
Open Price Low Price High Price Close Price Previous Close
13.75
more quote information »
Industry Sector
NONLIFE INSURANCE

Fbd FBH Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
08/03/2024FinalEUR102/05/202403/05/202407/06/2024
11/08/2023SpecialEUR114/09/202315/09/202320/10/2023
10/03/2023FinalEUR120/04/202321/04/202316/05/2023
04/03/2022FinalGBP0.8413521/04/202222/04/202219/05/2022
27/02/2020FinalEUR109/04/202014/04/202015/05/2020

Top Dividend Posts

Top Posts
Posted at 17/2/2023 23:38 by outsizeclothes.com
Having got Covid related claims behind them, and having now gone 'back to basics' this last trading statement is looking very promising.
A special dividend into strong trading could be on the way.
Posted at 19/5/2014 05:31 by wexboy
Company: FBD Holdings

Prior Post(s): 2012 & 2013

Ticker: FBD:ID

Price: EUR 17.20

It's steady as she goes at FBD...its reliability lulls one into forgetting how spectacularly the company's delivered in such a bad market over the last few years. In 2013, gross premiums increased by 2.0% – seemingly modest, but this is the highest premium growth since 2006. It actually masks a 0.7% decline in average rates, offset by a 2.6% increase in policy volume – reflecting another year of increasing market share (at 13.4%, FBD's highest ever). However, 2013 genuinely looks like an inflection point for the industry – rates began hardening in H2, while insurable values also began to turn up marginally. Further premium hikes seem inevitable, as the industry suffered a combined operating ratio (COR) of 109% in 2012 & a likely worse outcome in 2013.

Which stands in stark contrast to FBD's far superior COR of 94.1% in 2013 (up from 89.4%). The yoy increase arises directly from (severe) weather-related & other exceptional claims – it's reassuring to see the company's attritional loss ratio actually enjoyed a modest decline. Looking to 2014, management's comfortable YTD severe weather claims are within budget, but expects a pick-up in regular claims in line with increasing economic activity. While one can never predict positive/negative claim reversals, FBD has a reassuring history of increasing market share & high returns on equity – plus a bullet-proof balance sheet (zero debt & 86% of its portfolio invested in deposits & bonds). This makes for very consistent investment returns – add in a nice bump from their (small) equity allocation, and diluted EPS (of 131 cts) held up well vs. a decline in operating earnings (to 136 cts). This delivered a 2013 Return on Equity (RoE) of 17.3% & a year-end NAV of 823 cts.

Now, there's obviously a few different ways to measure RoE – I come out higher myself, but I also note management guidance suggesting 2014 RoE might be closer to 15%. Averaging them all out, I think my prior 2.25 Price/Book multiple still looks about right. [NB: I usually value an 8-12% RoE at a 1.0 P/B - in terms of its history, financial strength & superior industry metrics, FBD deserves the strong end of this range]. A 33.25 ct dividend is due to be paid, but that's exceeded by likely earnings YTD:

(EUR 823 ct NAV + 40.9 ct EPS YTD – 33.25 ct Dividend) * 2.25 P/B = EUR 18.69

FBD remains slightly under-valued – I hold a 3.7% portfolio stake. With the company earning a prospective 15%+ RoE in the medium-term, I continue to look forward to an excellent compounded return on investment.

Price Target: EUR 18.69

Upside/(Downside): 9%
Posted at 14/9/2009 11:26 by william-just
Just rang my broker H-L and there is no market price on fbh at the moment.
So unable to deal.

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