Castelnau Share Discussion Threads

[ddahj] 23/2/2010 17:11

The share price didn't make 375p as I hoped. It will be ex div tomorrow and down 16.8p

[q4z] 16/2/2010 15:13

ddahj
The low valuations and high yields attracted me to the sector about a year ago. Baring round the world catastrophes they look very good value and the yields are something else as well. Sooner invest in a basket of non lifers than have money on deposit. In life insurance, AV. look good value below 370p and it and CSN have high yields as well.

CGL purchases are free of stamp duty.

[ddahj] 16/2/2010 11:52

Last year non life insurance was one of the worst performing sectors.
There are other Lloyds insurers which are at similar valuations. Also others have international office and are generally similar good international companies.

[ddahj] 16/2/2010 11:37

Q4z,
Taking the last 4 years of earnings, (from advfn earnings info on this site) 159, 184 –19,152 cents gives an average of 73p using 1.6 US$ to £. Therefore at 360 the company has an average PE of 4.9. The net asset value of the company is around 360p. I like Catlin best of the non life insurers because it has invested in setting up a network of international offices. When the share goes ex dividend I doubt it will fall as much as the dividend. These shares are not subject to UK stamp tax so if you have a good broker you could buy them, then sell them for around 1% and profit that way. I don't do this but it's a lot less risky and more profitable the dealing in highly expensive derivatives.
I think we both agree Catlin is good value. No doubt the market will push them lower. It's just so tough deciding what is risky and what is good value. That's the market!

[q4z] 16/2/2010 10:09

ddahj
I don't think the dividend should come into your calculations. The basic earnings per share figure is the attributed profit divided by the number of ordinary shares in issue and the PE is the share price divided by the basic earnings per share figure. Another way of arriving at PE is, I believe, to divide the market capitalisation by the attributed profit, and taking both of these numbers in thousands simplifies the arithmetic while staying close to an accurate approximation.
I hope I'm right but stand to be corrected if necessary. However the main point seems to be that if the company's performance is maintained then its earnings over the next four years will equal its current value in the market. Some of those earnings will be distributed as dividend payments but the aggregate value (and it's taking a leap of faith to expect future years to be as good as the last one) is returned to today's buyers within the next four or five years.

[ddahj] 16/2/2010 08:40

I can see these going to 375 by ex dividend day 25/02/10: Giving PE of 4 plus 15p dividend, 90*4 +15= 375p

[randolph and mortimer] 12/2/2010 09:29

Value here is equal to the combined Wellington merger value from three and a half years' ago.

Add in £200m of new equity from 2009.

[irenekent] 11/2/2010 13:43

Probably one of my best investments overall. I wonder if Buffet is interested. Right up his street I would have thought. They must be due a re-rating - time for a top up methinks. Well done to management.

[uncleoswald] 11/2/2010 08:02

EPS of $1.5 or around 90p !!!
Way above consensus of 75p!!
Ratio of assets to share price of well above 1.
25p div, yield of 7.5%.
All good news!

[lonrho] 11/2/2010 07:50

great results on a p/e of less than four.

[ch1ck] 08/2/2010 15:27

PIP Re DIVIDEND

I am going from what happened last year you needed to hold on Feb 20 for the final div.

From last year



"DIVIDEND DETAILS


HAMILTON, Bermuda - The Board of Directors of Catlin Group Limited has
recommended a final dividend of 18.0 pence (26.6 US cents) per share in respect
of the year ended 31 December 2008, which will be paid on 15 May 2009 to
shareholders of record at the close of business on 20 February 2009, subject to
shareholders' approval at the Annual General Meeting on 7 May 2009. When added
to the declared interim dividend of 8.6 pence (16.8 US cents) paid on 7 November
2008, this will make a total dividend for the year of 26.6 pence (43.4 US
cents).


The final dividend is payable in sterling except for shareholders who have
elected as at 11 February 2009 to receive their dividends in US dollars (based
on the exchange rate of GBP1 = US$1.48 prevailing on 6 February 2009).

[iomhere] 05/2/2010 09:04

CGL has appointed a new chief investment officer, Martin Zingg. Anyone know if he's likely to make much of a difference. A lot of all insurers' reserves are in bonds and cash and with bad news ahead for bonds because of the danger of interest rates being forced upwards in the UK, that could be a downer. I assume foreign bonds would be less affected and with a weakening pound (disregarding any hedging) they'd score over domestic paper. Any views?

[trader horne] 03/2/2010 14:15

doesn't seem to want to push its way past 350.

[spittingbarrel] 02/2/2010 17:48

Diviner - Cheers

[the diviner] 02/2/2010 17:45

Burmuda Listing ?

[spittingbarrel] 02/2/2010 13:40

I bought these and wasn't charged stamp duty, not complaining but anyone know why this is?

[pip_uk] 29/1/2010 13:46

Just checked their web site and the final figures for 2009 are due next month.
Although their site dosen`t show it I assume an interim divi was paid in November 2009 and a final divi will be paid in June 2010.
Regards.

[pip_uk] 29/1/2010 13:38

This is a lovely share, nice steady increase, no sudden leaps up or down.
One of Money Weeks favourites.
Are you sure it`s divi time next month and not just latest figures.

[ch1ck] 27/1/2010 13:06

Bought in on the recent cut back shares look to climb to me. Div due next month

[pip_uk] 15/1/2010 08:38

Suit me too marvelman, but I`m looking for better than that.

[marvelman] 14/1/2010 16:41

Well Pip 4.00 would be fine by me. Regards.

[pip_uk] 14/1/2010 16:37

Not much of a pull back yet.
End of year report in February, hope it`s positive.
Morgan Stanley cuts Catlin Group price target to 404p from 414p.
Equal weight.

[trader horne] 07/1/2010 16:52

talon,
so when/how do you decide to buy?
gotta be in it to win it.
I'm waiting for a pullback to add.

[rampmeister] 22/12/2009 23:41

Nice gap up above the bid with close at day's high - classic buy signal.

RM