Pollen Street Share Discussion Threads

[spectoacc] 12/4/2024 13:16

Not messing around in price either - 692.5p is high, relatively:


Date of purchase:

11th April 2024


Number of ordinary shares purchased:

170,000


Weighted average price per day (pence):

692.50

[34adsaddsa] 05/4/2024 18:51

They're certainly not messing around with the buyback. Almost 0.2% of the oustanding shares in one day.

[catabrit] 05/4/2024 13:22

I am minded to agree. Sometimes people just want to take some chips off the table or they need to sell shares for lifestyle reasons (new house, mortgage etc). Other times to diversify. But I am surprised that is occurring in the 6s. On the positive side, insiders are also acquiring shares including the CEO who bought a bunch from her partners.

With the buyback in-place this feels pretty asymmetric in that tangible nav is now 550p. So we're buying the core franchise for about 75m odd. That looks cheap vs LTM fund management income of 15m but a big chunk of that was performance fee and the market typically ascribes zero value to it. So off FRE this is still quite expensive as they're sub scale. But I still like the risk reward and think this will perform very well.

[spectoacc] 05/4/2024 13:05

Never sure what to make of director sales into buy backs - see it a lot, always seems iffy to me. "I need to sell some, shall we use the co's money?".

Open to dissenting views.

[bisiboy] 25/3/2024 12:47

thats my calculation too

[rambutan2] 24/3/2024 23:12

Re the div (my calcs), will be just under 52p paid out in two parts, not four as previously. And of course, that's excluding any buyback boost.

The full monty:

[topvest] 21/3/2024 19:17

Yes, results today were very promising. I think Pollen Street are well regarded as an alternative asset manager. They are growing in difficult market conditions. In a few year's time the asset management results will > the investment company. It all needs patience, but I am hopeful that it could be an Intermediate Capital. From the price where it is, it has the right characteristics to be a potential multi-bagger. Nice dividend while we wait. The only thing I'm wary of is that the CEO and team are deliberately not promoting the company much, so that they can buy-back shares on the cheap. Like Tetragon. But this is unfounded - just wary. They need to build trust. Might do another top-up on weakness.

The results are quite complex this year, but great under the surface. It's a bit frustrating that they can't be clear on the dividend in pence. I think it's a small cut, because of the waivers last year, but of course they couldn't bring themselves to say that like so many other companies...just tell it how it is rather than try and avoid saying something that is not glowing...it just undermines confidence.

[catabrit] 21/3/2024 16:45

We are very close to FTSE 350 eligibility.

[74tom] 21/3/2024 09:35

I've added a chunk at £6, hadn't done a lot of DD here but an initial scan of the fundamentals suggest it's significantly undervalued despite excellent performance.

[spectoacc] 21/3/2024 09:18

Around 50k in total got bought at £6, but as it didn't move the price higher, would guess Quilter's busy unloading some.

If I've read it right, they've 5.97m shares still to sell (assuming they're selling all, which I suspect they are).

Hoping for an opportunity to buy again around the £5.50 mark.

[34adsaddsa] 21/3/2024 08:58

Zoom presentation + Q&A over in less than 30 minutes.

Still very little interest.

[blackhorse23] 21/3/2024 08:46

Money moving to APH [LSE] , excellent profitable healthcare company

[34adsaddsa] 21/3/2024 08:45

True, true.

I'll just reinvest my dividends and we'll see what happens.

The results couldn't really be better.

[cwa1] 21/3/2024 08:44

I think OPM syndrome is a pretty widespread one unfortunately

[spectoacc] 21/3/2024 08:42

They definitely are fools, but as it's OPM they likely don't care. MNG, Schroders, Rathbones and the rest are just as bad.

[34adsaddsa] 21/3/2024 08:41

Quilter are fools.

They backed the merger in the first place (a risk/mistake at that valuation), now they sell just as it starts to bear fruit and profits per share recover.

Let them sell.

[spectoacc] 21/3/2024 07:28

It's all good BUT Quilter seemingly have 9% still to dump - a lot more than the buy back can absorb.

Would like to see some director buying coming through after today's report.

[34adsaddsa] 21/3/2024 07:18

~£10 Billion AUM target within 4-5 years.

Return on investment assets aim of low double digits within 2 to 3 years. With 70% in private credit and 30% in private equity.

If they can meet those goals these shares will skyrocket.

As it is you're getting a ~9.5% progressive dividend and a buyback.

Current p/e ratio of 8.5, FCF yield of 11.7%.

[34adsaddsa] 21/3/2024 07:05

Buyback.

Makes sense.

[spectoacc] 19/3/2024 06:58

Good spot. So the questions are - who's been buying (will we get a Holdings RNS), and what is the remaining 9% going to do to the s/p.

[34adsaddsa] 18/3/2024 17:30

Quilter sold more.

15% -> 13.9% -> 9.3%

9.5% dividend yield down here.

[rogerrail] 08/3/2024 09:26

Thanks for clarifying.

[catabrit] 08/3/2024 08:48

Roger rail - the peer set do not RNS buyouts either. This is a fund-level investment presumably from the PE fund which is financials and fintech focused.

[spectoacc] 08/3/2024 07:52

Thanks @Catabrit.

[rogerrail] 08/3/2024 07:51

I am surprised that there is no rns from poln on this. No idea if there is any shareholder interest in the investment funds acquiring mtw, I guess not .