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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Chesnara Plc | CSN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 265.50 | 08:09:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 265.50 |
| Industry Sector |
|---|
| LIFE INSURANCE |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 10/09/2024 | Interim | GBP | 0.0861 | 19/09/2024 | 20/09/2024 | 01/11/2024 |
| 28/03/2024 | Final | GBP | 0.1561 | 11/04/2024 | 12/04/2024 | 28/05/2024 |
| 21/09/2023 | Interim | GBP | 0.0836 | 28/09/2023 | 29/09/2023 | 10/11/2023 |
| 30/03/2023 | Final | GBP | 0.1516 | 06/04/2023 | 11/04/2023 | 26/05/2023 |
| Interim | GBP | 0.0812 | 08/09/2022 | 09/09/2022 | 21/10/2022 | |
| 31/03/2022 | Final | GBP | 0.1472 | 07/04/2022 | 08/04/2022 | 24/05/2022 |
| Interim | GBP | 0.0788 | 09/09/2021 | 10/09/2021 | 22/10/2021 | |
| 30/03/2021 | Final | GBP | 0.1429 | 08/04/2021 | 09/04/2021 | 24/05/2021 |
| Interim | GBP | 0.0765 | 08/10/2020 | 09/10/2020 | 13/11/2020 | |
| 30/03/2020 | Final | GBP | 0.1387 | 23/04/2020 | 24/04/2020 | 02/06/2020 |
| Top Posts |
|---|
Posted at 28/12/2024 10:53 by aleman They don't need earnings to cover the dividend. They have regulatory capital released each year from the closed pension funds as they shrink. Having said that, released capital shrinks over time and that cashflow needs replacing, so they need earnings and released regulatory capital to exceed the dividend by enough to reinvest and replace the shrinking capital - or they need earnings from conventional insurance business to grow enough to replace it. |
Posted at 24/12/2024 14:51 by eggbaconandbubble OK! So they are sitting on a shrinking amount of cash - currently circa £130m down from £205m (Stockopedia figs.)Net debt up from £8m to £76m. That said, and again according to Stocko they are expecting Earnings this year of 22p up from 10p on no increase in revenue! 22p would nearly cover the divi for once but I think is rather optimistic. Still WTFDIK! I shall wait to see Full years results first before dipping in. |
Posted at 24/12/2024 10:01 by tag57 I have a lot more faith in CSN management than the current or last UK Govt!!! |
Posted at 24/12/2024 08:43 by pete160 Egg,CSN appears to have a credible management strategy and is consistently moving forward. There is also the (strong imo) possibility of a bidder approaching at some point. |
Posted at 24/12/2024 07:47 by eggbaconandbubble 9.6% dividend looks good but has not been covered by earnings since 2019.I would not consider this a good investment until revenue and earnings start to show a sustained increase. |
Posted at 23/12/2024 21:11 by cerrito I got this from Proactivequote CSN’s latest acquisition from Canada Life UK is small but 'highly attractive' according to analysts at Panmure Liberum. The life and pensions group is acquiring £1.5bn assets under administration across 17,000 unit-linked policies for a total consideration of £2 million. By focusing on unit-linked policies, Chesnara should see “an incredibly fast payback period and uplift to cash generation,” adds the broker, adding to its predictable cash generation, which ultimately supports the uninterrupted dividend growth trajectory. “Moreover, this still leaves management with all the firepower to conduct a larger transaction next year should the opportunity present itself.” “To this end, the new policy administration partnership bodes well for migrating policies at scale and generating further efficiencies over time. Although not a large deal, Panmure Liberum suggests it is one of Chesnara’s most attractive on a purely financial metrics basis. The discount to EcV [economic value] means an immediate uplift of £8 million via a reinsurance agreement, while the deal should generate £8 million of cash over five years. More M&A is likely, adds Panmure, with Chesnara having a liquidity position of £200 million through ready cash and a revolving credit facility. In addition, “assuming management keeps its debt leverage at around 30% of its IFRS capital base”, the broker suggests an acquisition with c£300 million of value could provide for an additional debt capacity of c£100 million. “We get the sense management may be willing to participate in larger M&A than in the recent past, especially if traditional competitors and PE houses are focused elsewhere. “Larger peers are trying to focus on organic new business opportunities, while private equity-backed players now have a higher regulatory hurdle. Management has carried out due diligence on several possible transactions, adds Panmure Liberum, with a strong pipeline for the next 6-12 months for value-enhancing transactions. Regulatory metrics are also strong with a Solvency II coverage ratio of 201% at 1H24 (FY23: 205%), compared to a target range of 140%-160%, which implies excess capital above the top end of the target range of £134 million. “This was partly helped by a well-timed tier 2 debt issuance in 2022 and points to the M&A capacity management has on a standalone basis.” Panmure adds that with £200 million of firepower “We expect management to acquire additional insurance portfolios”. Now is a sensible time to be an acquirer as life insurers continue to battle inflation, legacy systems and operational challenges associated with run-off books, it adds. “We also continue to expect a steady flow of new business, which has historically supported around one-third of the dividend cost. “The move to the new outsourcing policy administration partner SS&C will allow for the migration of future acquisitions at scale and bodes well for efficiency improvements.” In conclusion, Panmure says that Chesnara is underrated given trends currently in the life sector. “With a well-timed Tier 2 debt issue and solid balance sheet, management is well positioned to take advantage of closed Life Insurance consolidation. “The Economic Value (EcV) is not immune to market volatility, but a clear vision and focus on value & dividend enhancing acquisitions and new business gives us confidence the EcV will continue to grow through the cycle.” Currently, Panmure estimates the shares trade on a 23% discount to June’s EcV number of 337p, “Which fails to reflect the growth opportunities, outlook, and realistic value of the business”. In addition, the estimated 2024 dividend yield is an attractive 9.6% and 'likely to continue to grow'. 'Buy' with a target price of 420p is its recommendation. Shares today were unchanged at 258p. The formal transfer via the UK courts of the Canada Life portfolio is scheduled to take place at the end of 2025. |
Posted at 12/12/2024 13:22 by mister md Have had CSN sitting in my portfolio for ages and rarely look at it - just happy with the high dividend yield it provides. The directors seem to be buying up stock too, another 10,000 shares director buy RNS'd today. |
Posted at 26/11/2024 11:00 by gbh2 No but the other I've had for years and it pays a damned good dividend, it's share price is always terrible between ex divi dates.I'm rather hoping this share price will will have a similar profile. |
Posted at 16/7/2024 08:36 by wllmherk Fair enough Jubbers, I guess we all have our own style of investing. I continue to hold and have been adding to my position as CSN has not rallied along with some of my other financial stocks and I can't see any obvious reason for the share price weakness. With a market cap of £380m, a positive set of results announced in March 2024 and a dividend yield of 9.5% I see no reason to sell. Furthermore, I wouldn't be surprised if these get bought out......PHNX perhaps.wllm :) |
Posted at 27/3/2024 20:21 by 1knocker If the dividend is increased in ine with the historic trend, the lsat few months have provided a great entry point.Fingers crossed, as I am currently heavier CSN than I have ever been before. In fact my net price is up to 25p per share after trading and dividends! CSN has done me very well over the years, taking the dividends and trading the range. I do hope that continues and the next dividend gets me back down to (nearly) net zero cost - with no allowance for inflation of course. The disconnect between rising dividend and flat or falling share price range is a complete mystery to me. |
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