Castelnau Share Discussion Threads

[talon13] 21/12/2009 12:54

CGL has been brought to my attention because of the Moneyweek article, and is now on my watchlist. This one does indeed look very interesting.

Merry Xmas!!

[pip_uk] 20/12/2009 09:54

Wow indeed, I have put my ISA money in this share so I am hoping the estimates pan out.I hope that the alleged global warming does not spawn toooo many hurricanes etc, but of course they have many arrows to their bow. The dividend is particularly attractive, trust they can keep it up.
This appears to be a friendly board which is like a breath of fresh air here.
Thanks for comprehensive information Effortless.
A very Merry Xmas and Prosperous New Year to all here.

[trader horne] 19/12/2009 20:13

wow!thanks! the estimates are a real turnaround

[effortless cool] 19/12/2009 19:29

2009 2010
Broker Date Rec Pre-tax
(£) EPS (p) DPS (p) Pre-tax
(£) EPS (p) DPS (p)
Oriel Securities 17-12-09 ADD 307.83 71.60 24.50 304.05 67.20 26.00
Keefe Bruyette & Woods Ltd [D] 14-12-09 MPER 45.60 25.00 33.60 26.50
Collins Stewart 14-12-09 HOLD
Shore Capital 11-12-09 HOLD 437.30 111.30 25.50 367.30 81.60 27.90
Numis Securities Ltd 11-12-09 BUY 337.66 78.50 25.56 318.16 70.20 28.11
KBC Peel Hunt Ltd 10-12-09 HOLD 300.40 65.15 24.70 200.14 40.91 25.93
FinnCap 02-12-09 BUY 212.60 64.90 26.00 312.24 88.40 28.50
ABN AMRO 02-10-09 BUY 280.04 80.52 23.17 341.85 104.54 25.03
Noble & Company 15-07-09 NEUT 211.35 46.70 25.10 217.30 45.80 26.30

Consensus 308.53 71.38 25.06 317.25 77.05 26.93
1 Month Change 0.99 -0.87 -0.01 -2.75 1.31 0.36
3 Month Change 31.51 9.23 0.43 -0.04 8.46 1.50

Growth 2008 (A) 2009 (E) 2010 (E)
Norm. EPS % 7.94
DPS % 1.99 12.05 7.46

Investment Ratios 2008 (A) 2009 (E) 2010 (E)
Dividend Yield % 6.97 7.81 8.39
Dividend Cover x -0.51 2.85 2.86
PER x -28.20 4.50 4.17
PEG f 0.52
Net Asset Value PS p 230.39 344.33

[trader horne] 19/12/2009 18:13

Are the moneyweek figures (P/E 4.3 cover 3x) optimistic forecasts for 2010? They differ wildly from the ADVFN financials: P/E 0 cover 0. Who do we believe?

[bart279] 19/11/2009 18:10

Went long today @318 50pp. Stoploss @298

[salpara111] 18/9/2009 11:23

Quite! where else can you find a 8% yield on a ftse 250 stock!
Still holding on a small gain, guess it is just a case of waiting until someone puts a spotlight on the sector.

[lonrho] 13/9/2009 13:32

tipped for yield by questor in the sunday telegraph.

[salpara111] 18/8/2009 12:54

Well, I have put my money where my mouth is and opened a long spreadbet this morning at 315.
Still long on Beazley so doubled up on the sector but as I think that so many other sectors are grossly overvalued at present, particularily the retail sector which seems to have priced in a major turn in the economy already, I am happy to be in two boring stocks at present.

[salpara111] 07/8/2009 16:09

Very odd but not surprising.
All the non life insurers seem to be stuck in a rut despite reporting good results.
I hold a fairly big chunk of Beazley and it is in the same boat, got a rights issue away successfully early this year and recently reported strong results but the share price has taken very little interest.
I had been watching Catlin with a view to getting on board but was uneasy for 2 reasons...
1. From a personal perspective I didnt want to be heavy on two companies in the same sector and
2. due to the market ignoring BEZ good recent results I though there was a strong possibility that the same would happen here and guess what....that is exactly what has happened.
I struggle to find a rational reason for this but who ever said the stock market was rational!
Think I will keep a watch on this and if it dips back towards the £3 mark I could be sorely tempted to break my own rules and add some to my portfolio.

[gdasinv2] 07/8/2009 12:12

SO why share price is not rising?

[etome] 07/8/2009 10:01

Yes very good results. The good points are a long list

Financial Highlights

60 PER CENT INCREASE IN PROFIT BEFORE TAX TO RECORD US$240 MILLION (30 JUNE 2008: US$150 MILLION)

77 PER CENT INCREASE IN NET INCOME TO COMMON STOCKHOLDERS TO RECORD $196 MILLION (30 June 2008: US$110 million)

18 PER CENT ANNUALISED RETURN ON AVERAGE EQUITY (30 JUNE 2008: 9 PER CENT)

25 PER CENT ANNUALISED RETURN ON NET TANGIBLE ASSETS (30 JUNE 2008: 13 PER CENT)

9 PER CENT INCREASE IN INTERIM DIVIDEND TO 8.2 PENCE (13.8 US CENTS) PER SHARE (30 JUNE 2008: 7.5 PENCE; 14.6 US CENTS(1))

14 PER CENT INCREASE IN GROSS PREMIUMS WRITTEN TO US$2.2 BILLION ON CONSTANT CURRENCY BASIS; 7PER CENT INCREASE ON A REPORTED BASIS (30 JUNE 2008: US$2.1 BILLION)

9 PER CENT INCREASE IN NET PREMIUMS EARNED TO US$1.3 BILLION ON CONSTANT CURRENCY BASIS; 3 PER CENT INCREASE ON A REPORTED BASIS (30 JUNE 2008: US$1.3 BILLION)

96 PER CENT COMBINED RATIO ON US GAAP BASIS (30 JUNE 2008: 91 PER CENT)

2.9 PER CENT INVESTMENT RETURN FOR PERIOD (30 JUNE 2008: 0.9 PER CENT)

10 PER CENT INCREASE IN DOLLAR NET TANGIBLE BOOK VALUE PER SHARE IN FIRST HALF TO US$5.09 (31 DECEMBER 2008: US$4.63)(1)

Operational Highlights

AVERAGE WEIGHTED PREMIUM RATE INCREASE ACROSS RISK PORTFOLIO OF 6 PER CENT

GROWING PROFITABLE CONTRIBUTION FROM CATLIN US, INTERNATIONAL OFFICES

ATTRITIONAL LOSS RATIO ON TARGET

EMBEDDED GROWTH EMERGING AS ANTICIPATED

PROCEEDS FROM US$289 MILLION CAPITAL RAISE ALREADY BEING UTILISED

BRAND AWARENESS INCREASED AMONG BROKERS AND CLIENTS VIA CATLIN ARCTIC SURVEY



The bad point is that asset values decreased in Sterling terms.

30 June 2009 31 Dec 2008 % change
Total assets 11,985,541 9,659,651 24%
Investments and cash 7,053,378 5,933,413 19%
Stockholders' equity 3,006,268 2,469,235 22%
Unearned premiums 2,153,984 1,536,203 40%
Book value per share (US dollars)(2,3) $6.90 $6.61 4%
Book value per share (sterling)(2,3) £4.18 £4.53 (8%)
Net tangible book value per share (US $5.09 $4.63 10%
(dollars)(2,3)
Net tangible book value per share £3.09 £3.17 (3%)
(sterling)(2,3)

(1) Net underwriting contribution is defined as net premiums earned less losses and loss expenses and policy acquisition costs
(2) Prior periods adjusted for impact of Rights Issue
(3) Returns on average equity and net tangible assets as well as book value and net tangible book value per share exclude preferred shares. Per-share amounts exclude treasury shares.

[gdasinv2] 07/8/2009 09:03

Fantastic profit , share price is so undervalued, I have loaded and MM said it will be go 50% up in a week time, Any comment appreciated.

[nurdin] 07/8/2009 08:11

Stunning results though...

[lonrho] 07/8/2009 07:19

approx 36p half year earnings against a consensus of 62p for the full year.

[lonrho] 07/8/2009 07:19

great set of reults plus 9% dividend increase.

[little beaker] 24/7/2009 08:30

Nice one foxy man, you're the greatest..!

I'd like to get a reading on NTAV and actual profit here now before committing further. I think they've still got scope for some upside here.

I've pencilled in NTAV of cc £3.10 and earnings of 52p/sh, FYI, which makes them pretty cheap. Recent £ strength hurting NTAV and earnings versus general forecast.

[1fox1] 20/7/2009 10:53

Liking this for a quick run up to circa 325p on the back of general strength.

[joan of arc] 10/7/2009 10:58

I agree this board is far too quiet.

Can anyone cast any light on JP Maorgan cutting their target price from 563p to 399p?

[lonrho] 01/6/2009 13:50

just bought some of these, its a very quiet bb for such a large company.

[gary1966] 23/4/2009 11:43

Hopefully we can hold above 350p as seems to have been acting as a bit of resistance.

[gary1966] 26/3/2009 14:45

Thanks rikreschem

Think I will top up holdings on this sector when the FSCS decide to pay me my Icelandic money. Any thoughts anyone on Chaucer?