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Tetragon Fin Share Discussion Threads
Showing 126 to 147 of 150 messages
|NAV is now $20 per share with $400m in cash. Last tender offer of $100m was at $10 - must do another another soon.|
|$ denominated. Weak £ and price goes up.|
|Is TFG exposed to Brexit? I think that as its assets are not held in GBP it is protected from any fall in GBP in the remote chance of a Brexit?
It reports in USD.|
|I like as long term hold.
I will not be offering any of my shares.
I look forward to asset value increase as shares bought in at a huge discount.|
|Have held these for few years. Leon Cooperman of Omega is a significant holder and said buy last week as Discount to diluted NAV +45%. Any ideas on tender offer?|
|Listed today as specialist fund in London.
I expect some positive re-rating.|
|I don't hold any of these but I do like RECI very much, so have set up this thread.
Tetragon Financial Group (TFG / U/R / $11.52) December NAV +8.5%
n Pro-forma NAV +8.5%: TFG has reported a pro-forma NAV per share of $14.65 at 31 December 2012. This represents an 8.5% increase from November (November 2012 $13.51 after adjusting for shares in escrow). The NAV increase is due to the impact of the recent $150m tender offer (+$0.65 per share impact) and a portfolio valuation uplift (+$0.60 per share impact) at the end of December.
n Changes to mark-to-model assumptions: A number of changes to the valuation model for the CLO equity investments were made at the end of December. Medium term default assumptions have been reduced for US CLO equity positions to reflect the decline in the maturity wall and marginally increased for Europe to bring them in line with the US.
n Discount rates tightening: TFG has also reduced the applicable discount rates on the projected CLO equity cashflows for both US and European CLO equity investments. US discount rates have reduced to 17.5% for strong deals and 22.5% for other deals (Q3 2012: 20% and 25% respectively). European discount rates have reduce to 27.5% for all deals (Q3 2012: 30%). The discount rates on more recent CLO vintages (2010-2012) are determined by each deal's IRR and the weighted average discount rate was 12.4% at December 2012 (Q3 2012: 12.2%).
n The portfolio valuation uplift in the month is encouraging and we think the amendments to the model assumptions are reasonable considering the robust credit market conditions in 2012. Investors may have concerns over the mark-to-model nature of the portfolio valuation given the lower level of transparency. The process creates a potential conflict of interest for the investment manager due to the quarterly resetting high watermark on the performance fees but we regard the assumptions as conservative. It is the first time any of the model assumptions have been changed since December 2011. During this time the S&P/LSTA Index and the European Leveraged Loan Index returned 9.66% and 9.48% respectively.
n TFG's shares have rerated significantly (+36%) since the company's tender offer announcement in October and the stock now trades on a 21.4% discount to NAV. Our recommendation is currently under review.|
|Must be at least a strong hold now. Whether someone goes for the company or it continues its previous plan of steadily buying up small companies in the same field to keep a 20%+ increase in annual profits going, it looks rather cheap at around £5. A price nearer £6 would seem more appropriate for this rate of growth and the price seems to be ticking up now as, currently, it is £5 - £5.20. One to tuck away for the long term.
Cinven/Candover, now they have both the Wolters Kluwer and Bertelsmann subsidiaries, are not going to sit on them forever. Institutions like this normally want to see an exit within 3-4 years, so they will either continue building to float it off or trade sell it in that time. Now that scientific publishing has had its profile raised and seen to be a good business, there is likely to be more activity.|
|Does anyone have any info as to what is going on??
Lowish volumes and no price change for a few days now, wondered what is happening.|
|It now looks as though the company is in play, after failing to acquire the bertelsmann subsidiary. One of the private equity outfits will surely go for T & F if it isn't Cinven/Candover themselves. No longer a subject for the Bear Club I think. A take out between £6 -£7 would be needed and 3 directors awarded themselves options at 432.5p last week !!|
|Anthony Foye, FD, purchased 10,000 shares today, in the company of other steady buying. This gives good support at this level|
|Good results and still the sysnergy benefits of the CRC purchase to come through|
|With the results due out on Wednesday, analysts have a consensus prediction of £32.5 million of profits (up 20%). With the shares up 4% this morning in a falling market, it appears the market is confident there won't be any disappointments.|
|still good buying going on|
|I don't think so|
|So the rocket should stop going up about now ?|
|420p is 50% retracement of the previous downleg, and was also the previous support. A good place to re-short...|
|Anyone know when this rise will stop ?|
|I think we have seen the end of the drop in TFG. This latest acquisition has cleared the worry that the new CE was not capable of continuing the deals that had gone before. It is immediately earnings enhancing and a perfect fit with existing books and journals in that field. With the results due in 3 weeks it is due to go north of £4 again|
|very large sells going through today.|
|V large sells going through today.|
|is for me.
if the renewals are as bad as I expect they are looking at lower sales.
they are valued at 3 times sales so not only will this have a disproportionate effect on the share price, but they will be looking at massive intangible write downs too.
internet pricay becoming a bigger issue for technical publishers at the moment, with most titles available somewhere on line free ( like it has become for music).
currently rated as a growth stock ( hence valuation), if it starts contracting its knackered.|