|Law Debenture Corporation
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Law Debenture Share Discussion Threads
Showing 26 to 49 of 50 messages
|13.36% discount using fair value/cum income.
IMO although the discount has been gradually increasing this is still a boringly good value IT.|
|@v - def, the "consecutive years" divi payers. Picked LWDB for its business-on-the-side fiduciary business, undervalued IMO & valuable both as a stand-alone and in what it brings to the IT (seem to recall about £1m annually in tax benefits).
Low charges too - 0.3% annual management charge, 0.45% TER.
And c.10% discount to what I reckon is a mildly understated NAV.
3% yield, & James Henderson as manager - though I'm always wary of "star names".
Could almost talk myself into buying more (I won't) ;)|
|Yep, everybody needs something like this in their portfolio.
A bit boring, old (as in been through a lot of crashes over the years), steady and reliable.
I have some Foreign & Colonial (FRCL) to play this role in my pf.|
|Not a lot of change really, but some pretty good holdings. Happy with LWDB as a LTBH, discount wide, divi not enormous but growing, more than just a holding vehicle for equities.
1. Royal Dutch Shell 3.72
2. HSBC 2.49
3. Rio Tinto 2.38
4. BP 2.34
5. GKN 2.15
6. Baillie Gifford Pacific 2.08
7. Stewart Investors Pacifc 2.02
8. Prudential 1.71
9. GlaxoSmithKline 1.68
10. Hill & Smith 1.61|
|Long been a fan of LWDB, nice to see them finally rising. Top Ten holdings won't be hurt by recent £ weakness:
1. Royal Dutch Shell 2.97
2. HSBC 2.27
3. Baillie Gifford Pacific 2.19
4. GKN 2.16
5. BP 2.14
6. Stewart Investors Pacifc 2.13
7. Rio Tinto 2.01
8. Senior 1.96
9. GlaxoSmithKline 1.83
10. Hill & Smith 1.75|
|26 Sept NAV With the Corporation's long term debt stated at fair value, the NAV was 554.15 pence per share (ex income) and 561.44 pence per share (cum income).|
|19 Aug with the Corporation's long term debt stated at fair value, the NAV was 547.63 pence per share (ex income) and 558.31 pence per share (cum income).|
|15 Jul -with the Corporation's long term debt stated at fair value, the NAV was 525.56 pence per share (ex income) and 535.30 pence per share (cum income).|
7% below NAV|
|Just bought in.|
|From the beginning of March the IFS business was included at fair value in the nav. See start of results for explanation.
|Why is this trust now at a 12% discount to NAV?|
|Agree. Held it since 2008. +84%|
|Added a few more today. Great company this with a solid investment company run by a top manager and a great fiduciary services thrown in "for free".|
|Bought the stock today at 182.28p.
8p Dividend paydate 22.4.09 - xd on 11.3.09
Unofficial annual report
|Yes, I agree. Should be able to increase the dividend, albeit slowly, over the next few years. Resilient performance by their operating business as well, given market conditions. 6% yield.|
|Rather solid results today. Good yield - far better investment over the next few years I feel than cash in a B.S. a/c.|
|I thought that I would start a new thread on this interesting investment trust. All a rather odd vehicle this one, but has been very successful over the years combining a traditional investment trust activity with an income producing fiduciary services business.
Doesn't normally trade on a discount because of the legal business valuation which is a good chunk of value which is not NAV based. Suspect this business is struggling a bit this year, but still a strong business.
ps Just bought some myself in my flight to safety and quality.|
It should be obvious why RBS isn't on the factsheet now.
The henderson stable does not have a great track record on the whole. The only ITs I rate are Bankers, Law Debenture, Pacific, F/East Income and European. The remainder are poor to bad.|
If you look at the latest fact sheet RBS is nowhere to be seen.
Any good Investment Trust for income would have sold RBS LLOYDS and HBOS a couple of months ago.The Henderson stable has a great track record.
|I have followed this Investment Trust for over 35 years and now it is very cheap.
The annual dividend on 1.2.1991 was 13.5p and the share price was 329p since then there has been a share adjustment 0.2 which puts the 1991 share at 65.8p and dividend 2.7p giving a net yield then of 4.1%.
At that time we were in a bad recession and long dated gilts were 9.8% yield and US Long dated treasuries 8.19%.
Look at today long dated gilts 4.2%
In US they are almost zero.
LAW DEBENTURES yields 6.66% net
Notice in relation between dividend and share price Fridays close is 6.24% cheaper than 1.2.1991.
THE FTSE 100 was 2165.7--- now 4049.37
DOW JONES 2730.69-- -now 8365.42
NIKKEI 225 23156.7 ---now 7917.5|
|The fiduciary services business is being valued by the market at a much lower price than 12-15 months ago. I would imagine that the business is being affected by the current economic situation as described in the interims to 30 June 2008.
The investment portfolio is fairly good quality. Though, I can find no good reason to have had nearly 3% in RBS as at 30 June 2008.|
|Although down 11.5p @1.93.5 on 1.12.08 the portfolio is stock is attractive to it's peers.Looking at the porfolio the portfolio is better than most.
I will be a buyer if any weakness from here it's low for the year is 186p on 28.10.08|