Chesnara Share Discussion Threads

[pip_uk] 14/10/2009 14:24

A healthy correction I think, had got ahead of itself.
Still positive though.

[huntie2] 14/10/2009 11:12

...........we WERE, banj!

[banj] 13/10/2009 11:55

and we are in breakout territory

[banj] 13/10/2009 11:52

relentless :-))

Could it be that combined with improved sentimentthe EEV of moderna life is being rerated or are peeps investing their recent dividends back into share purchases? Or a bit of both?

[this_is_me] 12/10/2009 15:22

oops double post

[this_is_me] 12/10/2009 15:22

This is not a normal insurer, it is the huge dividend that is important at a time when this is being regarded as a lot more worthwhile than it used to be even a 6 months ago.

[pip_uk] 12/10/2009 15:01

Very pleased with my holding and showing strength today.
Appears to be a lot more sellers than buyers, which could be promising.
Something positive in the pipeline maybe!!!.

[jonwig] 10/10/2009 11:49

JoA - see post #211 and the link in #217.

[joan of arc] 10/10/2009 11:19

JW - where are you hearing these rumours from?

[jonwig] 10/10/2009 08:21

Yes, I certainly wouldn't be a buyer at the current price. EEV will be of the order of 215p post-Moderna acquisition, and a discount to that is warranted. Probably 30% for a typical life assurer.

It's possible, though, that the forward discounting rate used in calculating the EEV will have fallen, so raising EEV but not by all that much. There are stories that they have two potential acquisitions lined up - if they can get those at a good price, the shares will get another boost.

And the market's still rising thanks to QE and rock-bottom interest rates. People are chasing income, like here!

[janes bond] 10/10/2009 03:07

Does anyone here think, like me, that we are getting a bit toppy?
I also think, that as investors appetites develop more for dynamic/risky shares and bank interest rates start to rise, these shares may become less fashionable.
I expect a retracement and may consider a top up, if that comes. The trouble is, that the nerves have been tested, during the credit crisis and before the management went on the acquisition trail. My portfolio is already heavily loaded with CSN. Luckily, the dividends have made it all worthwhile, (beating most interest rates), and now the double whammy with the wonderful share price strength. Although a top slice is tempting, with the big dividend to follow, my greed is torn toward holding as long as possible.
What a boring company though?
I wonder how I found the shares in the first place. It certainly wasn't through bulletin board chatter, as it's been quiet on that front. It may have been an iii e-mail article or m-o-n-e-y-w-e-e-k or similar.
Good luck to us all anyway.

[pip_uk] 07/10/2009 09:45

Looking strong again today.
I invested my extra ISA allowance yesterday plus a bit more.
Better than money in a savings account.
More to come I hope.

[jonwig] 05/10/2009 08:28

Daily Mail seems to have done the biz. Thanks for the link, Rik.

(Do they support New Labour ... ?)

[janes bond] 04/10/2009 18:51

Yes, dosser2, I hold these in an ISA. One of the best dividend plays I've had and a nice one due soon.

[dosser2] 04/10/2009 17:18

Cheers, i think i will put some in my xtra allowance the gvt has given me from tomorrow!

[rgcol1] 04/10/2009 16:30

they do qualify for an isa,i just checked on my barclays account.

[dosser2] 04/10/2009 16:14

Has anyone these shares in an ISA?

[banj] 04/10/2009 13:35

Thanks RS, nice one. :-)

[rik shaw] 04/10/2009 13:29

Mos MIDAS Share tip:

[mctmct] 02/10/2009 11:46

It's good to see them holding a beauty parade for the auditor - it keeps the costs down. Deloitte's used to have the lowest fraud rate in the Big 6 (when there were 6) because their due diligence was superb. The head of fraud was John Magill (who revealed the fraud at Westminster Council when he was district auditor). He's the most honest auditor I ever met, and he can smell trouble at 5 miles. Is he still at Deloitte's?

[jonwig] 24/9/2009 18:52

Hi, Wilmdav - I see you haven't lost your nose for an opportunity!

Denis's point about CSN trading at a discount to its EEV is, of course, true of all life companies (30 - 40% disc) but I think a narrower discount is merited in the case of a closed fund (lower costs), and the EEV of CSN will probably show as around 215p when the Moderna acquisition is consolidated.

CSN have said that acquisition opportunities of run-off businesses at the right price are getting harder to find, but I think they might have a good chance of re-floating Moderna at a nice profit in a few years: after all, it was sold by silly old Kaupthing.

[wilmdav] 24/9/2009 17:25

Dipped a toe in today after chancing on a read of the recent IC article. I still have plenty to learn about valuing life assurance companies and was consequently pleased to find Jonwig and Chairman here present.