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CLDN Caledonia Investments Plc

3,255.00
5.00 (0.15%)
Last Updated: 09:08:01
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Caledonia Investments Plc LSE:CLDN London Ordinary Share GB0001639920 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  5.00 0.15% 3,255.00 8,006 09:08:01
Bid Price Offer Price High Price Low Price Open Price
3,250.00 3,280.00 3,255.00 3,255.00 3,255.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 183M 142.9M 2.6142 12.45 1.78B
Last Trade Time Trade Type Trade Size Trade Price Currency
09:58:50 O 400 3,268.60 GBX

Caledonia Investments (CLDN) Latest News

Caledonia Investments (CLDN) Discussions and Chat

Caledonia Investments Forums and Chat

Date Time Title Posts
13/3/202413:49Caledonia Inv Trust635
15/2/201019:40Caledonia IT versus RIT Capital IT-
19/9/200911:32caledodia charts3
19/7/200711:40Caledonia Investments8
10/7/200312:31Caledonian a strong buy1

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Caledonia Investments (CLDN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09:58:513,268.6040013,074.40O
09:52:073,260.0096031,296.00O
09:31:413,268.8760819,874.72O
09:28:263,268.85611,994.00O
09:19:563,268.883009,806.65O

Caledonia Investments (CLDN) Top Chat Posts

Top Posts
Posted at 19/3/2024 08:20 by Caledonia Investments Daily Update
Caledonia Investments Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker CLDN. The last closing price for Caledonia Investments was 3,250p.
Caledonia Investments currently has 54,664,000 shares in issue. The market capitalisation of Caledonia Investments is £1,779,313,200.
Caledonia Investments has a price to earnings ratio (PE ratio) of 12.45.
This morning CLDN shares opened at 3,255p
Posted at 13/3/2024 12:21 by lowtrawler
CousinIT, what you are effectively saying is that the investment company discount applies to cash as well as other asset classes. Hence, if cash is held at a 20% discount, you will get an improvement in share price simply using the cash at face value. Logically, if markets were efficient then no discount would apply to cash but as we know markets are not efficient, we can improve valuations simply by spending the cash.
Posted at 13/3/2024 11:19 by lowtrawler
There is a danger that buybacks using low or zero discount to NAV assets (cash) to buyback shares that are heavily discounted to NAV does not change the overall situation

e.g. consider a trust with £100 cash and £100 of private equity assets. It trades at zero discount to cash and a 50% discount on the private equity assets - so has a market value of £150 and overall discount to NAV of 33%.
The company spends £50 buying back 1/3 of the shares, they then have £50 cash and £100 private equity assets with a market value of £100. The £50 spent has not altered the discount or changed the value of the shares.

The only way to improve shareholder value from buybacks is to use assets that are discounted to NAV for the buyback

eg, as per above except they monetise 50% of the private equity assets in order to buyback the same £50 of shares. They end up with £100 cash, £50 private equity assets and a market value of £125 which creates a higher share price and lower discount.
Posted at 13/3/2024 10:39 by apparition1
With the Cayzer family still owning 48% of the almost £3 billion trust and an unbroken 55 year run of rising dividends I'm quite happy to stick with this as I feel they know what they are doing. I've noticed over the years that the price seems to spend quite long periods of time range bound and then suddenly spends 6 month steadily rising to a new area.
With unrealised capital gains and dividends over the last 3 years my returns amount to 8.3% p.a. which for a small diversification in my portfolio is quite satisfactory.
Posted at 13/3/2024 10:33 by riverman77
You're right, compared to the other PE funds CLDN seem to be making very little effort to tackle the discount, eg through buybacks. Hopefully they might announce something, but probably won't hold my breath. They have plenty of cash so certainly have the capability if they wanted to.
Posted at 13/3/2024 10:29 by cousinit
I'd just add, at current discounts I'd prioritise RCP over CLDN as they are buying back shares (admittedly, at a lower discount) but once there are some PE realisations I would expect the buyback to accelerate (so either would be accretive to NAV or start to close the discount)
Posted at 13/3/2024 10:25 by cousinit
I think at the recent AGM the approvals required to permit share buybacks were not passed, so the lack of life in the shares may be related to that. Most of the private equity funds which have had a bounce are, to greater or lesser degrees, buying back shares. Market seems to want a catalyst to buy currently, given the plethora of wide discounts available.
Posted at 13/3/2024 09:06 by riverman77
Most of the PE funds have rerated a bit recently, while CLDN has gone the other way, so starting to look interesting as a trading opportunity if nothing else. About a third is in public equities so CLDN normally trades on a tighter discount than a traditional PE fund. Also I think the argument that the market distrusts PE valuations is becoming less plausible given the recent strength in stock markets.

CLDN now on a 38% discount. If I apply a 10% discount for the public equities and a zero discount for the 9% cash position, the market is valuing the private holdings (the PE funds and the direct holdings) on a 60% discount. These all look pretty solid positions so looks to be significant value here.
Posted at 11/3/2024 09:17 by chc15
Getting v close to my my buy trade going through, can't see any good reason for the recent price decline.
Posted at 15/11/2023 19:27 by cousinit
This seems to explain a lot

hxxps://quoteddata.com/2023/11/encouraging-signs-cost-presentation-problem/?amp=1

Banks have to hold more capital due to AIF classification of ITs.No wonder we see wide spreads and thin markets.

Also I suspect with trusts like CLDN being in the 250 this is exacerbated by the index being used as a basket proxy for UK domestic outlook. Whips around with poor sentiment/index shorting and then covering on any positive news. Not sure if CLDN would be fully replicated in a basket given the lower free float or if other more liquid trusts generally used as a proxy.
Posted at 09/4/2021 15:27 by stevegrass777
Glad to see CLDN share price move upwards, but it's no surprise based on such a great update, considering the turmoil over the last year CLDN have done very well.
The NAV has increased and I'm impressed with the performance of all the investments except buzz of course.
But who could see total door closure coming.
Anyway this update should show investors that CLDN can be reliable even in rough times.
The NAV discount should really start to narrow over the next few weeks after the media starts reporting on these updates.
Caledonia Investments share price data is direct from the London Stock Exchange

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