Just Retirement Share Discussion Threads

[bigdazzler] 11/3/2015 11:18

Current price of 155p is very important as it was for almost a year resistance which once broken through in feb is now providing support.

My view is if the support fails and price closes and stays below this price for a short period of time there will be a retest of either the start of the breakout bar which had a low of around 146 or next support which was the base of the accumulation consolidation zone of around 134p.

[scrapheap] 06/3/2015 10:03

Of course if an insurer etc takes a chunk of these at 162p then game on for some corporate activity!!!

[scrapheap] 06/3/2015 10:02

Other than the 90 day lock up (which can be waived) the problem now is potentially a perceived overhang of 52% owner of the business as a seller waiting to bail out.

That could cap the potential price recovery from here albeit it's quite normal for these sort of investors to want to get out asap post IPO.

For something bullish we need some 'good' investors to appear on the share register as a result of the sale - that will be encouraging if it happens!

[dwsmithdhf] 06/3/2015 09:37

The company is still worth the same before and after the sale. Now you can buy the shares more cheaply.

[cthompso] 06/3/2015 09:30

Stupidly timed sale IMO - their manager deserves the chop.

[scrapheap] 06/3/2015 08:23

Thanks Permira!!!

[scrapheap] 05/3/2015 16:57

unhelpful... secondary placing....

[cthompso] 27/2/2015 16:26

Looks like a pretty nice break above the 170 resistance to me...

[scrapheap] 27/2/2015 15:42

I wouldn't be surprised if this was back over £2 by the time we click in to 2015/16 tax year.

[scrapheap] 27/2/2015 10:54

I will be seeking enhanced annuity quotes for some clients who've waited for April from next month... would be interested to hear from JRG and PA. if they see quote requests increase in the coming weeks more generally...

[scrapheap] 25/2/2015 19:40

Investors Chronicle appears not to realise the dust is likely to start settling very quickly in a mere month and a bit!!

IC View:
New business sales have been impressive given the gale-force headwinds unleashed by last year's Budget, and the shares trade at a big discount to embedded value. Contrarians may spy an opportunity, but it's hard to see Just Retirement making much progress until the dust settles on the pension market. We remain cautiously neutral for now. Hold.

[scrapheap] 25/2/2015 16:41

Just Retirement (LSE: JRG.L - news) : Deutsche Bank (LSE: 0H7D.L - news) lifts target price to 185p from 170p and reiterates buy.

[scrapheap] 24/2/2015 18:29

Telegraph article



Key bits

The board and management are reasonably chuffed with the results, as they clearly show to the market that we are still a growth company,” Rodney Cook, chief executive, told the Telegraph. “If we have managed to achieve this in a very challenging market, we will leave it up to investors to think what we can achieve when markets are better.”
..

Deutsche Bank analyst Oliver Steel said the company's half-year results were “just remarkable”, writing in a research note that “the group is building a sustainable foundation for future sales” through its bulk annuity deals.

"The outlook remains uncertain in respect of individual annuities given that the Budget changes come into effect in April 2015. That said we would highlight that around half of JR’s profit has been driven by new business which we believe reinforces our view that the company is far from being a run off business," wrote Barrie Cornes, an analyst at Panmure Gordon.

[scrapheap] 24/2/2015 18:04

FT has a long report but you need to register for it and so won't paste here other than this snippet:



Just Retirement not ‘dead’, says chief

..

The bankers have privately suggested Just Retirement could be a target of a larger insurance group, or that it could consider merging with rival Partnership.

“We have a strong organic strategy,” said Mr Cook. But he added: “Any board has a responsibility to grow shareholder value and therefore we would consider transactions that might lead to that.”

[scrapheap] 24/2/2015 17:42

Market reports will be interesting - this is the NMA report:

Just Resilient

But the morning’s eyecatcher was Just Retirement whose shares jumped 17% as the specialist annuity provider’s half-year results smashed analysts’ forecasts.

Although underlying operating profits fell 10% to £42.6 million on a year ago they were well ahead of analysts’ consensus forecast of £38 million. A push on sales of ‘bulk’ annuities to big employers looking to de-risk their pension scheme liabilities offset a plunge in annuity sales to individuals following last year’s Budget. Overall annuity sales dropped 4% to just over £661 million. The shares soared 24p to 170p

The chancellor ‘pension freedom’ reforms will give retirees full control over their pension pots from April, which means far fewer are using their savings to buy annuities, a form of life insurance contract that provides an income for the rest of a person’s life, when they retire.

Just Retirement, which specialises in ‘enhanced̵7; annuities to people with ill health, said it would offer new products to exploit the reforms and planned to launch in South Africa.

Rival Partnership Assurance (PA) gained 6.7% to 140, although its shares are still 56% down on a year ago. Just Retirement is 31% down over one year.

[scrapheap] 24/2/2015 14:06

pa. results next week as well. comparison will be v interesting

[scrapheap] 24/2/2015 14:04

I think there will be more to come - surely some broker upgrades in target price and remember this is the 'trough' period, their new product launches next month and then April it all kicks off...

[bigdazzler] 24/2/2015 10:51

Just for clarity my hope would be a pullback to the support line of 156.3p.

Fingers crossed.

[scrapheap] 24/2/2015 07:55

Well those results were better than I expected, embedded value £2+ and a confident interim dividend as well... not bad at all and with exciting volumes to come from April in my opinion in the individual space as that recovers..

[scrapheap] 23/2/2015 08:04

We're just on hold until their new product launch next month and then some sort of normal trading beginning again from April... I've clients who will likely annuitise still or at least in part once in the 'new world' but who have waited a few months just in case a better alternative does appear in the short term...

[bigdazzler] 19/2/2015 13:45

Well just entered a long trade on this one.

This board is so quiet and 'deathly.'

[scrapheap] 06/2/2015 08:26

quiet innit... fast forward to april but before then new product coming in march i gather.

[scrapheap] 02/1/2015 09:09

Great spot - one of their tips for 2015.

Just Retirement
Marion Dakers

Just Retirement has been in the wars, falling about a third from its November 2013 debut price of 225p as the pensions overhaul announced by George Osborne in March sent all annuity providers into a tailspin.

Following the initial shock, and a big drop in the number of retirees taking out annuities while the new flexible rules were clarified, it seems that there will be a market in future for products that provide a guaranteed income for life.

The Financial Conduct Authority has also made noises about pushing more savers to shop around for annuities on the open market, potentially sending more customers to specialist providers rather than the company they have saved with for decades.

A couple of analysts have pointed out that even if the new rules end up not playing to Just Retirement’s strengths, it has an ace up its sleeve: becoming a takeover target. The company’s pensions data and IT infrastructure could prove tempting, as could its experience in the growing bulk annuities market.

Just don’t bet your entire pension pot on it.