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JZ Capital Share Discussion Threads
Showing 76 to 99 of 100 messages
|OK fair point - will take a look.|
|I'd agree they haven't been spectacular, and I think they did a dilutive equity issue last year which wasn't popular.
But everything has its price, and a return of over 25% in under 6 months is satisfactory! I think PE is getting more interest from investors and the discount here is still higher than most. The fact that its assets are almost all EUR and USD is an important thing, too.|
|Yes, performance has been poor in recent years though. NAV rises have been pedestrian given the strong economy particularly in the US.|
|End-July NAV was unchanged at $10.41. using current FX rate (1.22) this equates to 853p. With some recent disposals coming in above carrying value that looks conservative. Discount 41% still gives space for upside.|
|During June 2016, the NAV increased by 9 cents (or 0.9%) from $10.32 at 31 May 2016 to $10.41 at 30 June 2016. This was driven by FX gains of 10 cents and investment gains of 3 cents offset by net expense/finance costs of 4 cents.
So 788p at current fx, or 45% discount. Even after the recent good run.|
|Is there a more positive attitude to PE as a neglected asset class in the current climate? Smaller companies might be less affected by macro issues, and the prospect of lower interest rates for years to come won't harm.
A monthly NAV statement is due for May, but it's doubtful they can be over-optimistic.|
|deadly - I think it's rather out of favour, as with a lot of other PE funds.
The big drop last year was down to an equity fundraising which was pretty dilutive, I think.
Gearing will be lower next week, of course. The yield of over 5% is a decent compensation for waiting around!|
|Looks exceptionally good value, but must be a catch? Investment in microcaps and property in the US is perhaps a risk but not enough to warrant the discount. And the gearing will reduce soon when the zeros are redeemed.|
|NAV at 31/05 was $10.32 or 711p spot, so 45% discount. This comes after a dividend payment of 15c (10.3p).|
|NAV as at 31/12 was $9.55 (or 663p, spot) so 41% discount. Even with gearing, that looks excessive.
ZDP redeem in June 2016, CULS in June 2021.|
|Well, someone thinks they're worth buying: First Eagle Investment Management, increased to 4,366,136, 6.72%.|
|Most recent document, H1 results presentation:
Dividends (last two): 33.5c = 22.3p, yield 5.6%
Latest NAV (23/11/14): 952c (635p), discount 38%.
Explained, I think by gearing in capital structure:
Gross assets. 1040 ($m)
Bank ......... 167
ZDP .......... 110
CULS .......... 67
Net assets ... 693|
|I never did get around to buying way back in 2009, but Citywire's "Investment Trust Insider" has a section on PE, and JZCP has some good looking numbers.
The discount to NAV isn't really the main reason, because it's been persistently high for years.
Will get the header updated over the weekend.|
|Hopefully ok posting here as no zero BB
For zero holders there appears some smoke and mirrors as surely to get the yield to maturity one should use the redemption in 22 june 16 of 369.84p plus the further 3.7p so total 373.54p. Then work out the compound rate from then till the Oct 2022 over 6.35 years ie the 4.75% they say 483.7p is , is infact 4.15% from the 2016 maturity value 22 jun 2016 373.54p to 1 oct 2022 483.7p|
|damn the FCA and their risk aversion ;)
HL has an arrangement with Equiniti that dividends are paid in sterling in such cases, probably the same for other large internet stock brokers.|
|Could be as the dividends are paid in US$ unless teh registrar is informed that a sterling payment is required and some of the internet brokers cannot be bothered to (or too difficult for them) to make the notifications.
May also be that
The funds described on this site are unregulated collective investment schemes, and the site is therefore only available to certain persons listed in the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. These persons include:
(a) high net worth corporate and other non-natural persons; and
(b) certain investment professionals.|
|specialist? As in private equity...seems strange.
TDW and HL allow it.|
|Quite a lot of the internet brokers do not allow investors to hold because of the specialist listing. HSBC Direct forced me to sell and Charles Stanley Direct will not allow me to add to my holding.|
|Starting to reduce discout to nav with vield (subject to exchange rates) in the region of 4.8%.
There will be an analyst and investor presentation to discuss JZCP's recent financial performance and portfolio developments at 11:30 UK time today at FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. It can be accessed by dialing +44 (0)20 3427 1917 (UK) or +1 718 971 5738 (US) with the participant access code 3705203.
A playback facility will be available two hours after the conference call concludes. This facility may be accessed by dialing +44 (0)20 3427 0598 (UK) or +1 347 366 9565 (US) with the participant access code 3705203.|
|I hadn't heard of this one until I found this write up:
|please see in news header below chart on top|
|Convertible loan stock prospectus announcement today. Interesting. Anyone got a copy of the prospectus please?|
|some cross trades going at 443.5|
Article was four weeks ago but seems not to have been spotted yet in the UK. To paraphrase, it says that Factor Energia (JZCP 65%) is on the market for sale, with a price tag of around Euros 200m. JZCP has instructed Lazards and there has been a fair amount of interest.
If achieved (that may of course be a big 'if'), Euros 200m would = about $177m for JZCP's 65% interest. Valued in latest accounts at $92.2m. Increase in NAV $85m = £50m = 77p/share approx based on 65m shares in issue.|