Chesnara Share Discussion Threads

[chairman2] 22/5/2008 16:44

yup nice chunky one

[al101uk] 22/5/2008 10:40

Dividend arrived this morning :-)

[al101uk] 21/5/2008 13:28

Nothing here, expected it this morning, as it normally takes Chesnara divis 24 hours to hit my account. Unlike most others which hit same day.

The other weird thing about Chesnara is the divis don't show in my dividend history on my account... but I'm not worried about not getting my divi... yet ;-)

[anon23] 21/5/2008 11:23

Anyone else received their dividend yet? pay date was ment to be yesterday right?

[chairman2] 19/5/2008 17:00

not a lot happnening

[meadow50] 19/5/2008 11:19

Today's update fine.Div yield 9.5%.Shares should be up,not down in my opinion.Not a very busy thread this one

[owen999] 13/4/2008 13:07

Investors Chronicle


Chesnara is one of the few companies in the financial sector that has not seen its share price crumple since the start of the credit crunch. Despite a lack of acquisitions in 2007 it has an attractive dividend yield and little exposure to equity markets at a low cost base. Buy.

[owen999] 13/4/2008 13:03

Investors Chronicle


Chesnara is one of the few companies in the financial sector that has not seen its share price crumple since the start of the credit crunch. Despite a lack of acquisitions in 2007 it has an attractive dividend yield and little exposure to equity markets at a low cost base. Buy.

[kirbydon] 11/4/2008 08:28

Thanks all

[kirbydon] 10/4/2008 18:26

Question from a novice.If I buy on the record date i,e 10/05/2008 will I get the divi Thanks

[owen999] 09/4/2008 16:42

5p down on day gone xd

[owen999] 08/4/2008 12:27

03-04-2008 03.04.08 :+3.5, (168) higher midmorning after "solid" full-year results prompted Panmure Gordon to reiterate its �buy� rating and 190 pence target price, according to market sources. Chesnara reported a pretax profit of 6.4 million pounds on a European Embedded Value (EEV) basis, down from 30.6 million pounds the previous year. Pretax profit on an IFRS basis increased to 27.7 million pounds from 25.0 million in 2006. The company said it had no direct exposure to the credit crunch and is paying a final dividend of 9.85 pence per share, taking the total payout for the year to 15.1 pence, an increase of 15.3 percent. Panmure Gordon said Chesnara�s results were solid and largely in line with its expectations on an IFRS basis. The broker said it expects further sizeable normal dividend distributions in the future, despite the shares currently yielding 9.2 percent. In other comment, Numis Securities said it is keeping its �add� rating on Chesnara, saying the group is a "relatively safe port in a financials storm", adding that predictable cashflows are particularly attractive. Numis has a 183 pence target price on the company.
05-09-2007 05.09.07 :+2.25, (166.25) the closed life fund group reported an increase in first-half pretax profit, leading Numis Securities to upgrade its stance to �add� from �hold�. Chesnara reported a 17% increase in pretax profit for the six months to end-June to 12.4m, from 10.6m in the year earlier, helped by lower endowment complaints, improved mortality and positive economic factors. The company raised its interim dividend 4% to 5.25 pence, from 5.05 pence earlier and said it continues to seek acquisition opportunities which could leverage value from its existing capabilities. In reaction, Numis said the results were better than expected, adding that it has added 1m to its forecasts for this year and next in anticipation of further releases. Numis added that, following its increased forecasts for Chesnara, it has also modestly raised its target price to 183 pence per share from 180 pence and raised its dividend forecast for the group. The broker said the dividend remains a key attraction to the shares, as it forecast a yield of 8.2% this year and 8.4% for 2008. Meanwhile, Panmure Gordon also upgraded the stock to �buy� from �hold� and raised its target price to 190 pence from 185, as the broker said the shares are trading at an unwarranted 9% discount to embedded value.
20-07-2007 20.07.07: -0.25, (169) IC says buy (169p) : BULL POINTS Attractive dividend yield - Prospect of fat one-off payout - No exposure to weak equity markets - Efficient operator BEAR POINTS Possibilty of more regulation - New acquisitions tougher to find
05-10-2005 05.10.05 :-1.25, (167) lower in early deals as a weaker-than-expected interim embedded value offset otherwise robust results, prompting some investors to cash in on recent gains, dealers said. The closed life fund operator turned in better than expected half-time profits, buoyed by efficiency gains and comparatively lower provisions against possible endowment mis-selling claims. But Panmure Gordon said embedded value per share of 173 pence was 1/2% below its forecast. Nevertheless, Panmure reiterated its �buy� rating and 190 pence target and noted the outlook statement was optimistic. Meanhwile, Numis stuck to its �reduceᦙ3; rating and said the results came in slightly ahead of its own expectations. It added as expected, results in the first half were affected by an increase in the provision for endowment mis-selling given the recent rise in the number of complaints. The provision was increased by 3.9m, slightly higher than the 3.0m it had been expecting.
19-07-2005 19.07.05 :-0.25, (167.75) an article in the Times reports: Chesnara fell 2.75p to 167.25p as Numis Securities, its stockbroker, advised clients to take profits.
23-06-2005 23.06.05 :+7.5, (161) an article in the Express reports: the shares rose 3.5p to 153.5p amid suggestions of a cash bid of 170p with Hugh Osmond cited as a possible buyer.
14-06-2005 14.06.05 :+2.75, (146.75) an article in the Guardian reports: the shares rose 6p to 144p on talk that it may be a reverse takeover target for entrepreneur Hugh Osmond, who recently bought the closed life funds of Henderson Group.
15-04-2005 15.04.05 :+0.25, (132.75) IC say buy (133p) - BULL POINTS Fat dividend yield - Further cash returns possible - Acquisition target Potential for expansion through acquisition BEAR POINTS Value of company will decline over time - Increasing endowment mis-selling claims
23-03-2005 23.03.05 :+3.75, (123.5) an article in the Independent (Investment column) comments: the attraction of the closed life books is that they generate a consistant cash flow which provides the funds for its 10 per cent dividend. Chesnara has 25 per cent more capital than the regulatory requirement and would like to buy other small closed life books to buy to add to its existing one. If the right deal does not appear, management say they will return the cash to shareholders. Chesnara reckons 80 per cent of its life customers will disappear as policies mature within 10 years. However it is likely to be bought by one of the bigger closed life book groups in this consolidating sector well before this happens. The stock is hardly followed by analysts, which means there are no earnings forecasts for the current year. The shares trade on 30 times 2004 earnings which included an unexpectedly large provision for mortgage endowment mis-selling compensation. This is unlikely to be repeated. Buy, the paper says.

[chairman2] 07/4/2008 16:37

between 5p and 10p!!

[washbrook] 03/4/2008 19:44

03.04.08 :+3.5, (168) higher midmorning after "solid" full-year results prompted Panmure Gordon to reiterate its 'buy' rating and 190 pence target price, according to market sources. Chesnara reported a pretax profit of 6.4 million pounds on a European Embedded Value (EEV) basis, down from 30.6 million pounds the previous year. Pretax profit on an IFRS basis increased to 27.7 million pounds from 25.0 million in 2006. The company said it had no direct exposure to the credit crunch and is paying a final dividend of 9.85 pence per share, taking the total payout for the year to 15.1 pence, an increase of 15.3 percent. Panmure Gordon said Chesnara's results were solid and largely in line with its expectations on an IFRS basis. The broker said it expects further sizeable normal dividend distributions in the future, despite the shares currently yielding 9.2 percent. In other comment, Numis Securities said it is keeping its 'add' rating on Chesnara, saying the group is a "relatively safe port in a financials storm", adding that predictable cashflows are particularly attractive. Numis has a 183 pence target price on the company.

[owen999] 03/4/2008 13:20

Pre-tax profits rose to £27.7m from £25m. On an embedded value basis there was a fall from £30.6m to £6.4m though without one-offs the previous year profits were little changed at £12.1m against £12m.

Net assets at the year-end at the year-end were £187.3m (31 December 2006: £189.1m) with the group solvency ratio, post dividend at 312% (31 December 2006: 225%).

"Our recent experience of mortgage endowment mis-selling complaints has been generally positive," chairman Christopher Sporborg said, adding that the number of complaints has reduced significantly and an increasing proportion of those received are time-barred in line with FSA rules.

He added that the group made bids for two closed life businesses during 2007, neither of which was successful, and it is looking at other opportunities in financial services to fill in the gap as the life business winds down. If it fins nothing it will return capital to shareholders if nothing is found.

"A 22.4% increase in the final dividend reflects our confidence in the future as we continue to balance the opportunities we see in potential acquisitions against the needs of shareholders," chief executive Graham Kettleborough added.

[al101uk] 03/4/2008 11:10

The EEV side worried me and created a nice headline (Profits down 80%), until you read this:

On the European Embedded Value ("EEV") basis of reporting, the Group recognises
a pre-tax profit of £6.4m compared with £30.6m for 2006. Apart from the key
influences set out above, the pre-tax result has been reduced by economic
assumption changes just in excess of £4.0m. This adverse impact is almost
wholly offset by the favourable impact of related changes to the estimated
future liabilities for tax, which were further reduced by some £1.5m, being the
effect of the prospective reduction in the rate of Corporation Tax from 30% to
28%. As a result the net-of-tax EEV profit for the period is £12.1m compared
with £26.2m for 2006. The 2006 result included two non-replicating items of
note: a tax gain of £10.7m arising on the merger of the Group's life businesses
and the release of a reinsurer default reserve of £3.5m.

[owen999] 03/4/2008 08:06

A final dividend of 9.85p per share in respect of the year ended 31 December
2007 payable on 20 May 2008 to equity shareholders of the Parent Company
registered at the close of business 11 April 2008, the dividend record date, was
approved by the Directors after the balance sheet date. The resulting total
dividend of £10.3m has not been provided for in these financial statements and
there are no income tax consequences.
xd 9.4.08
------------------------final div up 22.4
IFRS BASIS increased by 11% to 27.7m(£25m)
eps up 32% 24.32p(18.41P)
EEV BASIS profits £6.4M (£30.6m )

[chairman2] 25/3/2008 22:41

soon

trying to bounce up
with the rest of the
UK life assurance sector

[bonzophil] 14/3/2008 11:03

Results are due out on 3rd April, I wonder if they will be announcing any return of capital as they havent managed to pull off any more purchases of closed life funds?