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Share Name Share Symbol Market Type Share ISIN Share Description
Chesnara LSE:CSN London Ordinary Share GB00B00FPT80 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.50p +1.04% 340.00p 340.00p 341.00p 341.00p 336.00p 336.00p 57,209 16:29:36
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 823.0 89.6 52.4 6.5 509.53

Chesnara Share Discussion Threads

Showing 1676 to 1700 of 1700 messages
Chat Pages: 68  67  66  65  64  63  62  61  60  59  58  57  Older
DateSubjectAuthorDiscuss
31/12/2018
12:39
EI - yes, financials do underpreform, so it's important to distinguish which companies might be genuinely distressed rather than just going with the market flow. As it happened, the insurance sector weathered the GFC pretty well: wasn't AIG the only major casualty?
jonwig
31/12/2018
07:54
Not sure there is anything mystifying. CSN tends to underperform during market corrections, as in 2011 and 2016 post referendum. Many 'financials' do the same.
essentialinvestor
31/12/2018
07:45
Thanks for your input jonwig. I am not an “insurance expert” either and use CSN as a bond proxy (and cash bank alternative) so it always concerns me when the share price takes these “mystifying221; diversions! I think you are correct that, in the longer term, the solvency ratio is the best test of the value and stability of the share price However, other players in the market appear, every now and then, to drop the share price in the short term. Whether this is based on fundamentals, share liquidity or other reasons I know not but I expected, and expect, CSN to be more stable through market cycles. Maybe there is more irrationality in the market than I, as a mere amateur, can rationalise? ;-) Best wishes all for a prosperous 2019!
sogoesit
27/12/2018
17:26
The share price here has often shown mystifying behaviour, so the question is how to value the company. Insurance accounting is still pretty opaque for me, but maybe a key number is "solvency ratio". Solvency ratio was 157% at 30/06, meaning (roughly) that it would fall to the critical 100% if supporting assets fell by 36%. Since these will be bonds rather more than equities, that's pretty unlikely. (Isn't it?) The SR has varied between 143% and 148% since end-2015. At 30/06/15 it was 271%, but that predates Solvency 2 so isn't really comparable. Another factor is FX gains/losses. Actually I don't think these matter, as SKR, say, is kept to service the Swedish arm, and changes only when account are drawn up in GBP. It's worth saying that CSN uses external fund managers (Schroders, I think), as does PHNX (SLA). They used to quote an embedded value, but that's stopped, and they now quote "Economic value" - EV per share at 30/06/18 was 467p, though this isn't a recognised measure. The company has net cash (ie. debt is irrelevant). So when FY results to 31/12 are published in March I'd be surprised if the SR fell by more that 10% (ie. to 141%), and I'd be comfortable with that.
jonwig
21/12/2018
16:43
360.5 paid for 73,000!
spittingbarrel
21/12/2018
16:42
nice reversal today
mister md
21/12/2018
10:14
Many thanks alter ego... my scrolling missed that! I shall revert to closer reading as the sensitivities, on page 126 of the 2017 Annual Report, surprised me. Gabster points to an opportunity on the yield and that's the reason I was taking a look again. CSN is about 7% of my portfolio. I consolidated in CSN after selling out of PHNX some time back. To do with the Italian Bonds (I assume) this comment is also made in the Overview/Scildon Section of the Half Year 2018 (page 9): "When assessed in terms of levels of cash generated in the period we have, with the exception of Scildon, delivered broadly in line with expectations. £16.1m of cash emerged from the UK division during the period which, together with £26.8m of previously constrained surplus released from the with-profits fund, resulted in total cash significantly in excess of recent dividend payments. Movestic has increased its level of surplus resulting in a further £7.3m of cash generation. Scildon has reported negative cash generation of £2.3m. This is primarily due to the impact of valuation pressures on its fixed interest investments. The result in the period does not in itself impact our view regarding the future cash generation of the business." PS: Anyway, Italian Bonds are now improving following the budget deal with their EU masters: htTps://www.bloomberg.com/quote/GBTPGR10:IND
sogoesit
21/12/2018
09:59
Sogoesit, "All divisions have made positive contributions, with the exception of Scildon, where operational gains were offset by the impact of losses on Italian bond holdings." from latest half year report
alter ego
21/12/2018
09:48
Even if asset values are affected rising rates should not affect cash flow which is used to pay the dividend. As long as that is safe any capital appreciation swings will be rectified long term and dividend increased. Now is a good time to take advantage of juicy yields.
gabsterx
21/12/2018
09:47
@ Sogoesit - I've been meaning to look more closely again at CSN (described by the CEO as "hopefully the most boring company in your portfolio"). maybe before the silly season gets under way.
jonwig
21/12/2018
09:42
Hmmm... not convinced. Surprisingly, they mention a (substantial) negative sensitivity to rising market interest rates. So I am wrong for my second point which was based on a changing underlying discount factor. Maybe that explains it. I don't see any mention of Italian Bonds. Happy to be corrected, 'tho. I will have to keep digging given my previous assumptions.
sogoesit
20/12/2018
07:58
Spot on jonwig
solarno lopez
20/12/2018
07:53
Sogoesit - the other side of the coin is that their assets get degraded: bonds marked to market, even default (they mentioned some Italian holdings); then Solvency2 calculations enter.
jonwig
19/12/2018
21:21
It does, but am surprised at its fall, illogically in my view. If interest rates are rising CSN should follow. If sterling is falling CSN should be rising/protected. I think the herd has hit everything indiscriminately thereby throwing up opportunity.
sogoesit
13/12/2018
10:27
Though the chart is unsatisfactory, CSN appears to be performing better than PHNX. In my opinion.
bscuit
13/12/2018
09:44
RNS. For a moment there I got all excited - 'Had The Group Financial Director dug deep into his own pockets and bought a huge wodge because they were exceptional value for money?' Fat chance!
eggbaconandbubble
19/9/2018
06:06
The FCA has closed its investigations into the life companies without further action: https://www.investegate.co.uk/financial-conduct/rns/fca-investigation-into-life-insurance-companies/201809190700021766B/ Countrywide the CSN one.
jonwig
14/9/2018
11:49
speeds - yes, thanks ... so rather opaque, and their largest slice!
jonwig
14/9/2018
11:23
jonwig - Definition of Collective Investment Schemes according to Blackrock... HTTPS://www.blackrock.com/ch/individual/en/education/understanding-investments/collective-investment-schemes Also this taken from CSN 2017 Annual Report pg125 under 'Insurance contracts with discretionary participation features'... For the CA (S&P) business the primary investment objective of the with-profits policyholder funds is that the guaranteed minimum benefits of the with-profits policyholders should be met entirely from the policyholder funds. The secondary investment objective is, where possible, to provide a surplus in excess of the guaranteed minimum benefits. The entire surplus in the policyholder fund accrues to the with-profits policyholders. Any deficit in the policyholder fund is ultimately borne by shareholders. Therefore the group has a significant exposure to market risk in relation to with-profits business should the with-profits policyholder assets be unable to fully meet the cost of guarantees. To achieve the investment objectives, the funds may invest in a range of asset classes including property, equities, fixed interest securities, convertibles, cash and derivatives, both in UK and overseas. Such exposure may be achieved by investment in collective investment schemes (including such schemes with total or absolute return objectives or which include investments in commodities). Investment guidelines restrict the level of exposure for certain asset categories. In respect of derivatives, these may only be used for the purposes of reduction of investment risks and efficient portfolio management.
speedsgh
14/9/2018
09:46
My position here is very small as not in favour of the minimal BOD holdings (as previously mentioned). Prefer to see directors have far more skin in the game, tends to concentrate the mind, particularly when it comes to acquisitions. Appreciate others may view it very differently.
essentialinvestor
14/9/2018
08:47
I was probably wrong. At 31/12/17 they held; Equities ....................... £0.5bn Collective Investment schemes .. £5.2bn - meaning what? Bonds, other debt secs ......... £1.6bn
jonwig
14/9/2018
08:36
Jon, thanks.
essentialinvestor
14/9/2018
08:33
zeppo - its foreign currency earnings will improve, yes. But holding Italian bonds is maybe not so clever! EI - I think it has more bond than stock investments, but haven't checked recently. Stock market falls will certainly impact negatively, but rising interest rates will compensate up to a point, as maturing bonds are reinvested at better rates.
jonwig
14/9/2018
08:03
Out of favour atm. Market concerns about potential impact of wider stock market falls?, as we look late in this cycle..
essentialinvestor
04/9/2018
10:43
speedsgh Thank you for the link. more Is CSN a possible post Brexit currency play? If the pound weakens will CSN be earning more in other currencies? z
zeppo
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