Chesnara Share Discussion Threads

[pyemckay] 26/4/2016 17:39

I feel further weakness may be ahead. Earnings downgrades from what i have read. The 2016 broker concencus now for only 22.4p eps. A 10% decline in EPS from last week concensus. source - digital look broker concencus

[proactivest] 26/4/2016 15:26

Video interview with John Deane



John Deane, chief executive at life and pensions group Chesnara (LON:CSN) tells Proactive Investors that 2015 was another year of solid delivery on the group's core strategic objectives.

Deane says the acquisition of the Waard Group in the Netherlands made a significant contribution to the company's cashflow last year and that the company will continue to grow through acquisitions.

He describes market conditions in the UK as "nervous" due to the impending EU referendum but says the group still targets 10-15% market share in each of its key market.

[petethehippy] 21/4/2016 17:43

Seems like a good defensive stock. Where's the growth or acquisition story? Interested in any opinions.

[richard98765] 31/3/2016 18:35

I was lucky to buy in at 297 last week. Shame it was only a small starter stake. Good results I don't think we'll see under 300 with the strong divi on the cards

[sogoesit] 31/3/2016 08:25

Buy, Hold, Fold?
Accumulated at 308 on 29/03... looked too cheap then and yield above my 6% threshold.
A core holding, with PHNX.
Hoping all gets resolved regulatory wise, of course.

I note that they see "Value enhancing opportunities in UK and Netherlands continue..."
So, with the (mild?) regulatory overhang they are not sitting idly by.

[ramridge] 31/3/2016 07:54

Yes, these are great figures and I would be topping up, were it not for the pending FCA investigation.
Trying to guesstimate the likely impact is very difficult. At worst it could be as bad as the PPI equivalent in terms of restitution and fines, and at best a slap on the wrist and a negligible fine.
Having worked in the industry for over 40 years, I guess even management do not know how bad it is or could be, until the initial investigation is completed.

So place your bets depending on your risk appetite.

[cwa1] 31/3/2016 07:51

I think I'll vote for hold, if that's any help!

[jonwig] 31/3/2016 07:22

Results look healthy with EEV of £455.2m, or 360p/sh.
(Need to look further, obviously.)

Dividend 12.33p (xd 07/04, pay 23/05) giving total of 18.94p, yield 6.2% at 306p.

Would be too cheap but for:

Regarding the UK operations, I note our announcement made on 3 March 2016 regarding the FCA's investigation into whether disclosure of paid up and early transfer charges to the customers of Countrywide Assured and other providers was adequate to enable those customers to make informed decisions. We will of course co-operate fully with the FCA in its investigation. We also note that no conclusion has yet been reached as to whether there have been any breaches of regulatory requirements within CA.

It's obvious they can't say more than the bare facts at this stage.

Buy, Hold, Fold? Hold for me.

[richard98765] 23/3/2016 13:59

Thanks both. Chesnara replied confirming all shall be revealed on the 31st March following board approval this week.

[hieronymous1] 23/3/2016 13:19

The Preliminary Results are on the 29th March so the dividend amount will be announced then.

The web site announcement is useless being in the format of an Outlook Calendar event. I don''t know anyone that uses Outlook for their email. Maybe it is a corporate thing. We all have PDF readers and some sort of WORD compatible document reader.

[gostevie63] 23/3/2016 13:12

Hi Richard,

Final results due 31st March 2016. It will be revealed then.

Steve

[richard98765] 23/3/2016 12:43

Website has ex div on 7th April 2016 but I can't see anywhere the value being paid. Any ideas? I have emailed them aswell waiting for reply

[cwa1] 11/3/2016 10:11

Thanks for that jonwig. Nice to see them back to the levels I laughably paid for them and was quite happy at the time!!

[jonwig] 11/3/2016 06:43

Reason for the bounce? From IC:

Shares in Chesnara were the worst affected, falling 5 per cent on the day of the FCA announcement. However, Panmure Gordon insurance analyst Barrie Cornes reckons it is unlikely the investigation will have any material impact on the business and remains favourable on the shares, which he forecasts will yield 5.8 per cent this year.

IC reiterates Buy.

[cwa1] 09/3/2016 11:42

Moderate improvement today. Based on anything concrete, or just a dead cat bounce?

[jonwig] 09/3/2016 08:35

Keith you misunderstand, it's about exit penalties not lifelong commissions.

[keith95] 08/3/2016 21:18

I remember going to a recruitment drive for financial advisers in the 1980's and the selling point for the job was the fact that 110% of the first year pension payment was commission for the sales person ... needless to say I sold my own endowment policy as soon as I heard this and have refused to have anything to do with financial advisers ever since ....

.... but one should be able to work out the number of legacy pensioners and therefore the likely fine working on the principal of £1000 per person minimum.

With a couple of hundred thousand pensioners ... for example .. that would amount to a lot of money to be payed back ....


... and quite frankly, it should be .. many would not have known the commission given to the salesperson ... and not realized that they themselves would be paying for that commission at the end of the term .... as I didn't until this w/e.


Day trading share for me only.

[ramridge] 04/3/2016 14:14

The worst case scenario for CSN is they incur disciplinary actions in the form of fines, and they have to compensate past policyholders for any losses.

Putting this in £££; is very difficult as FCA fines have escalated due to political pressure, and political correctness and the compensation process tends to take several years, depending on the number of people affected.

However, the best scenario is that the FCA finds any breach to be minor and CSN gets only a slap on the wrist.

The share price has already fallen 16% since yesterday as I write. My personal feel is that anything lower than a 20% drop is overdone and will be a buying opportunity

All IMHO and please DYOR

[siboat] 04/3/2016 14:00

Nearly sold two days ago when they hit 330 again. Stock markets were on the rise but these were very flat.Bad sign! Next day the news hits and my stop loss gets hit straight away. Out at 308. I actually raised my stop the day before as well to 310 support . should have just sold, always trust your gut instinct!!!

[jonwig] 04/3/2016 07:26

A bit more detail here:



It seems Countrywide may not be the worst offender.

[solarno lopez] 03/3/2016 12:39

lets hope it does not turn into one of those bank style investigation such as PPI mis-selling

[cwa1] 03/3/2016 10:40

Well, I managed to pick up the rest of the holding I wanted on the order book this morning at the price I wanted, just not sure whether I want it or not now after that announcement! Oh well, fingers crossed it turns out to be something minor or only requiring a light slap on the wrist if anything found that contravenes regulations.

[jonwig] 03/3/2016 08:58

webclick - this review:



Countrywide is one of the six firms named by the FCA as having potential shortcomings in its transparency towards customers. just what will happen I don't know - nor do CSN, I suspect!

[topvest] 03/3/2016 08:57

It says 6/11 companies investigated industry wide have this issue. Industry wide then, but Countrywide in the 6 possible offenders. 2 of the 6 had another issue as well, but not Countrywide.