Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group LSE:PHNX London Ordinary Share KYG7091M1096 ORD EUR0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.00p +0.13% 775.00p 774.50p 775.00p 777.50p 768.00p 771.00p 263,997.00 11:20:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 685.0 185.0 89.8 8.6 3,044.44

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Date Time Title Posts
16/2/201711:28PHOENIX GROUP ::::::::: Zombie Fund2,134.00
02/3/201616:56Phoenix Group latest news and comments-

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Phoenix Group Daily Update: Phoenix Group is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix Group was 774p.
Phoenix Group has a 4 week average price of 763.63p and a 12 week average price of 741.15p.
The 1 year high share price is 952p while the 1 year low share price is currently 695p.
There are currently 392,831,195 shares in issue and the average daily traded volume is 621,894 shares. The market capitalisation of Phoenix Group is £3,048,370,073.20.
jonwig: I think it's a real possibility. At present there's a rush to get rid of closed books if they're viewed as non-core. At some point this will slow and companies might well prefer to keep them rather than dispose. Also, Phoenix and others need to raise funds to buy closed books. They don't want more debt and equity might be hard to come by. The present MCEV (or 'economic value' as it seems to be called) is a decent enough measure of what investors will get back (future-discounted) as these closed books run off. From memory, a broker marked PHNX as a 'sell' a year or so back based on this possibility*. For myself I wouldn't mind holding it if I knew I'd get back a decent premium to the existing share price. EDIT: *In post #1688 I think.
stun12: That would be quite the lump to add. Personally, I'd like to see it happen, though no doubt some volatility in PHNX share price would ensue. Is this why we've had a few days of mild down when the wider market has been ticking up?
speedsgh: Deutsche likes Phoenix’ fire power - HTTP:// Deutsche bank has upgraded its recommendation for Phoenix Group Holdings (PHNX), believing the market under-estimates the life insurance consolidator’s capacity to make another value-enhancing acquisition this year. Insurance analyst Oliver Steel lifted the stock to ‘buy’ from ‘hold’, but lowered his share price target to 835p from 870p, explaining the purchases of the AXA Wealth and Abbey Life legacy pension businesses last year left Phoenix in a strong position to snap up another closed book of policies this year. ‘Phoenix has finally emerged from seven years of balance sheet recovery with the announcement of two acquisitions in 2016. We think investors are under-estimating the rapid improvement in solvency and debt capacity over 2017e- 2018e,’ said Steel. ‘Specifically, we think a hypothetical £1 billion - £1.5 billion acquisition could be funded principally out of cash and debt rather than equity, adding either side of 25% to future value - something that in our view is not sufficiently reflected in the current share price. Reflecting this, we lift our recommendation to “buy” with a 835p price target,’ the analyst said. Steel’s comments follow a trading update earlier this month in which Phoenix revealed it had generated £486 million of cash in 2016, £117 million from the two acquired businesses. It reports full-year results in March. The shares softened 0.9p yesterday to 743.6p.
hiddendepths: Just looking at this stock. FWIW The share price has been weak because of the dilution effect of the rights issue, sometimes known as the bonus element of the rights. This is how to get the theoretical ex rights price. Before the rights was announced, holders had 12 shares (or a multiple thereof!)valued at 880p/share = £105.60 They receive 7 more shares at the 508p each = £35.56 So the new holding is 19 shares worth 105.60 + 35.56 =141.16 This is equivalent to 743p per share, known as the theoretical ex rights price and is the equivalent of the old 880p price. So the shares are down about 3%, probably due to some insitutions reducing their weightings back to where they were before taking the extra shares. This is a normal and temporary overhang and should be corrected in due course.
orinocor: So can anyone explain the continuing weakness in the share price? That's quite a share price drop the last couple of weeks.
sogoesit: ganthorpe, yes, I think so too. bluemango; Note (2) to the statement about dividends says the following: 2) Stated after adjusting the 2015 dividend per share for the bonus element of the Rights Issue and based on the closing share price as at 27 September 2016 of 838.5p. This contradicts what I previously thought. My conclusion is that there will therefore be a 5% increase on the EQUIVALENT dividend per share adjusted for the new number of shares in issue. My calculation is as follows: Current half dividend (just paid today) of 26.70p/old share Equivalent dividend adjusting for bonus element: 16.86p/share (7 for 12 rights) Increased by 5% for the AXA deal: 17.70p/new share (annual 33.73p) Increased by 5% for the Abbey deal (not compound): 18.55p/new share (annual 37.10p) Does that make sense and work? This is the quote: "Acquisition will support a proposed increase in dividends in respect of 2017 to £197 million, representing a further 5%(2) increase in dividend per share ("DPS") in addition to the 5% increase in DPS as a result of the AXA transaction, and equivalent to a total increase in the DPS of 10%(2) from the 2015 level." and "Supports a further increase in the proposed dividend: The incremental cashflow generation from the Acquisition supports (subject to regulatory approval) a proposed increase in dividends in respect of 2017 to £197 million. Based on the closing share price on 27 September 2016, this is equivalent to a further 5%(2) increase in the DPS, with effect from the interim dividend payable in respect of 2017 and is in addition to the 5% increase in DPS as a result of the AXA transaction. The total dividend payable in respect of 2017 would represent an increase in the DPS of 10%(2) from the 2015 level. The Directors believe this is a sustainable level at which to rebase the dividend going forward." However, my calculations do not tally with the total new dividend payments of £197m. If £197m is paid out in 2017, on the total new shares, this would amount to an annual dividend of 50.15p (25.075p semi-annual). I do not know why they say "based on the closing share price of 27 September 2016". Maybe these increases refer to a change in the YIELD not the dividend per share (DPS)? Is it just me that is confused?
rcturner2: Note also that buying the nil paid rights is a kind of leveraged exposure to the share price, so they will be more volatile than the actual share price. They will also have a time value element, so could also trade higher than the share price minus the rights price.
rcturner2: The rights issue is an interesting one, because presumably the ultimate share price will be lower once the rights shares are admitted, but they are raising the dividend by 10% so the overall yield on the lower share price will be stonking.
jonwig: envirovision - Possible, yes, and converse to what I suggested, it makes PHNX even more undervalued on an EV basis. But who bids? I get the impression that AV. was after FLG's active, corporate pensions business rather than its private individuals. PHNX as predator or prey? The PHNX share price is still far short of EV (1030p or so) so the market must be thinking about the latter. Also, there's debt: FLG has low gearing.
scburbs: Surely that depends on the price and the impact further degearing would have on how the market values PHNX (which may allow them to do further deals). I do agree that Ignis is a good asset for PHNX and they shouldn't sell it on the cheap. However, I think that the Ignis value has never really been reflected in the PHNX share price (perhaps because it has large internal contracts). Turning that value into cash will make it much harder for the market to ignore!
Phoenix Group share price data is direct from the London Stock Exchange
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