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JRP Group Share Discussion Threads
Showing 51 to 74 of 75 messages
|steady eddy move north still....|
|Looking good for more northwards movement IMO|
|personally think this can go much higher as city types rotate into banks and likes of JRP ahead of the yield curve....tis already happening by the looks of things....DYOR etc|
|Yes- charts indicating that too. Helped by rising bond yields|
|Looking at the 9 month IMS to 30 Sept suggests that new business could reach £2.5Bill to 31 December , at a 6% margin. This gives a gross margin of £100M which is a good start.
Share price looking good to reach 150P after 12 month IMS?|
|can only be positive although I saw a tweet from the Ret Adv man that the proposed comparisons wont be (yet) including enhanced annuities - surely they should use 'illustrative' to highlight their potential value!|
|This is important for JRP: hTTps://www.fca.org.uk/news/press-releases/customers-be-shown-how-much-they-could-gain-shopping-around-annuity surprised the share price hasn't responded to this and to announcement last week that LV= was leaving the medically underwritten GIFL/Annuity market|
|Banks are on the hoof given yield expectations, JRP IMO hasn't really moved with, do people see that as an opportunity the markets haven't caught up with?|
|Im lost for words on this one guys .Great results .great business model but seems to be tanking ..Heavy invested here ..Any ideas from you tech guys what the hell is going on ..Thanks in advance ..|
|ah found it...
|anyone know the isin for the bonds?|
|I'd have said the same.|
|I'd guess that they could have got the bonds rated, but it was not worth the rating agencies fees as they were being sold to a fairly limited range of holders who will "buy and hold" and whose credit analysis teams are better than the ratings egencies. But haven't spoken to the company to verify that.|
|I'm interested as to why they couldn't get their bonds rated. Why does market see bonds as high risk?|
|They are completely unsecured and unsubordinated, so yes the bonds are high risk. The coupon was higher than I would have liked but it's still a sensible move as they can replace bank debt which doesn't count as capital with something that does thereby increasing the amount of capital to write new business|
|1. Why were bonds unrated?
2. Doesn't 9% indicate a relatively high default risk?
3. unrated + 9% despite capital markets presentation?
"JRP Group plc (JRP) today announces that, following the completion of a successful roadshow, it has raised £250 million of sterling denominated unrated 10 year Tier 2 capital. The bonds will be listed on the Euro MTF market of the Luxembourg Stock Exchange.
The capital that JRP has raised increases flexibility and provides further room for growth at attractive rates of return. It also enables us to repay the senior bank debt, which stood at £98m at the end of June 2016. This debt did not benefit the regulatory capital position of the Group. By increasing its leverage, the Group has further diversified and strengthened its regulatory capital structure. On a pro forma basis, the Group's Solvency II capital ratio at 30 June 2016 would have increased to approximately 151%.
The combination of this increased capital flexibility, the increase in targeted synergies by £5m to £45m per annum, as well as the material improvement in margin as the combined Group sees the benefits of growing markets and a strong competitive position, will ensure that JRP can continue its growth trajectory whilst delivering attractive internal rates of return.
Key terms and conditions:
· £250 million 10 year bullet structure
· Tier 2 qualifying regulatory capital instrument under Solvency II
· Bond issued by JRP, the Group's listed holding company, with a subordinated guarantee provided by Just Retirement Limited, the Group's main operating subsidiary
· Annual interest rate of 9% payable semi-annually in arrears"|
I have been looking at investing here but the market is just so negative towards the stock that I will wait until we see a clear reversal.
Underlying net asset value is over 150 so that should in theory provide a floor but clearly the market doesn't agree!
I have set a limit order for 110p. I don't expect it to get filled but just in case.|
|This weakness doesnt make any sense....the business looks to be doing well.
General market weakness I suspect....|
king kong dong
|Strong Q3 sales announced and reiterated IFRS margin of 6%. Not sure margin is fully factored in to consensus forecasts for 2017, but need to work that through. DYOR|
|I imagine some institutions would prefer the 9% yield as a play in this stock over the ord hence the pull back?|
|Looks like they have raised £250m of Tier2 Capital with bonds yielding 9%. Unsecured and subordinated.|
|Note out from Shore Capital with a target price of 233p. As implied at the investor day it does looks as though they are currently seeking Tier 2 debt. Shoe's comment on this is; "we view the current debt road show (seeking sterling unrated 10 year Tier 2 paper) as an opportunity to enhance its balance sheet fire-power amidst significant growth opportunities in both the individual and bulk annuity markets, as opposed to any comparative weakness against its peers."|
|Amazing that no one has commented on the over 40% share price increase in under 3 weeks since the interims. For any holder, the capital markets day slides on the JRP investor website are well worth reading. The long term structural growth story is still intact, albeit significantly rebased from what was apparetn before the 2013 budget.|