Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Grp(DI) 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
  -5.00p -0.69% 717.50p 717.50p 718.50p 722.00p 714.50p 718.00p 897,559.00 16:35:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 685.0 185.0 89.8 8.0 2,818.56

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Date Time Title Posts
08/12/201609:46PHOENIX GROUP ::::::::: Zombie Fund2,013.00
02/3/201616:56Phoenix Group latest news and comments-

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Phoenix Grp(DI) Daily Update: Phoenix Grp(DI) is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix Grp(DI) was 722.50p.
Phoenix Grp(DI) has a 4 week average price of 724.38p and a 12 week average price of 791.35p.
The 1 year high share price is 952p while the 1 year low share price is currently 700p.
There are currently 392,831,195 shares in issue and the average daily traded volume is 743,770 shares. The market capitalisation of Phoenix Grp(DI) is £2,818,563,824.13.
jonwig: Regarding the share price, MCEV is sensitive to interest rate increases/swap rates. There's reference to this in the annual reports and we discussed it here, though not recently. The market tends to get jitters from time to time about this sort of thing. PHNX has made two decent acquisitions this year. Chesnara has just bought L&G's Dutch life business at a very big discount. I think Solvency II is causing big companies to dispose of non-core operations at a discount, benefiting both parties. The only constraints will be the appetite of shareholders for more fundraising and the time and effort in integrating new operations. I imagine there won't be more for a while.
orinocor: So can anyone explain the continuing weakness in the share price? That's quite a share price drop the last couple of weeks.
andrewbaker: I had this on my watch list, but am removing it now, because whilst it's possible to make more money by managing closed life and pension funds, because there are no new business costs, and administrative costs, both investment and management, will be less; there are other factors in play now that will affect the profits. Firstly, Phoenix took out a longevity swap in 2014 on its own company defined benefits pension scheme, which involves it in making annual payments to cover the longevity risk of its own pensioners, and these payments increase costs: and also, the government is passing legislation to prevent the large early surrender and transfer penalties on pensions, which penalties are particularly high on the old pension contracts that Phoenix are and will be managing. The loss of this not insignificant revenue - which is not spoken about or advertised for obvious reasons - will significantly affect the company's future profits. In short, managing closed arrangements is cheaper, but the extra costs and lower profits of the above items will eat into these potentially higher returns. If you've got a profit from holding PHNX, I suggest you take it now before the share price falls back even further.
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.
this_is_me: Current cost of 12 shares = 865*12 = 10830p cost of 7 rights shares = 508*7 = 3556p cost of 19 shares = 10830 + 3556 = 13936p average cost of each share = 13936/19 = 733p value of one nil paid share = 733 - 508 = 225p I hope that helps some to understand how it is calculated. Naturally the market will take a view on whether the acquisition is a good deal; currently the first reaction is very positive. If a lot of nil paid shares are dumped on the market it will not do the share price any good. Like many of you I have my shares in my, and my wife's, ISAs both of which are fully invested. but we have time to sort out what to do.
jonwig: A couple of thoughts: It's striking how accurately they can seemingly predict future cashflows and dividends from zombie funds, and yet the share price of PHNX has been very volatile over the years! Part of a desperate fire sale by Deutsche Bank, hence the bargain price. RCT2 - yes, another way to avoid dilution.
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 Grp(DI) share price data is direct from the London Stock Exchange
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