Chesnara Share Discussion Threads

[sogoesit] 30/8/2018 09:18

They see themselves as "cash rich" enough for further acquisitions:

Chairman states:
"During the period we finalised arrangements to form a broader debt syndicate and this, together with increases in solvency surplus, means we are in a strong position to fund future acquisitions where they meet our assessment criteria."

and

"We now have sufficient scale and presence in both the UK and the Netherlands to continue our focus on acquisition activity in those territories in a disciplined manner. We also remain open minded about new territories but the benefits would need to outweigh the inherent challenge of adding another regulatory environment into our business model. Our balance sheet has further capacity for debt and having completed a debt syndication process, we are in a strong position to take advantage of the balance sheet capacity. We have significant levels of surplus capital and recent experience suggests we retain shareholder support for further equity for the right deal. This together with operational capacity means we remain well positioned to act should an opportunity arise that meets our stringent price and risk profile criteria."

When/where/how/what/who remains to be seen....

[speedsgh] 30/8/2018 08:40

Agreed, and it will no doubt dive along with the rest of the market when a long overdue material correction does eventually arrive. I have always found CEO purchases (both Graham Kettleborough & John Deane) a good buy indicator with CSN. They have generally tended to time their purchases rather well.

[jonwig] 30/8/2018 08:30

speeds - it does dive from time to time (last June, say). I'd add a few if that happens.

[speedsgh] 30/8/2018 08:20

3% increase in interim dividend offset by 3% fall in EcV means that the share price will probably at best trade sideways for the foreseeable future excepting the emergence of any unscheduled acquisition news. That is of course applying logic to the situation which in the case of the stock market is often a pointless exercise!

[speedsgh] 30/8/2018 08:15

FWIW my impression was 'nothing really bad, nothing really good'. Results adversely affected this time round by FX movements. Another small 3% tick up in the interim dividend most welcome which is of course the majority will be invested here. The word 'dividend' features 99x in the rns.

Scildon still a work on progress:

"Scildon's new business operation is not generating sufficient profit although positive volume trends and the recent launch of a new mortgage term product should begin to address this issue".

"We have made good progress with the [Scildon] post-acquisition development programme".

"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."

"We have made good progress with the Scildon development programme and I am pleased to report a 29% increase in the sales of Term contracts compared to the first half of 2017. There is more to do and time is required but I am encouraged by the improvements during the year."

[joe say] 30/8/2018 08:07

Agreed - its around about the 91st time the word 'dividend' is used in the announcement out of 98 mentions

Muppets imo

What do they think shareholders want?

[jonwig] 30/8/2018 07:57

H1 results:



As usual, they make you hunt for the dividend dates: xd 6 Sept, pay 12 Oct. Rate 7.21p.

I gave up on trying to get a pattern: too many exceptionals working in both directions. Weakness of Swedish krona a bit of a downer.

Ec Value 468p after the forex downgrade. 17% discount.

[speedsgh] 29/8/2018 12:44

Correct.

"Chesnara plc, the life assurance group, will be reporting results for the half year ended 30 June 2018 on Thursday, 30 August 2018.

A presentation for analysts will be held at 09:30, on 30 August 2018 at the offices of Panmure Gordon, One New Change, London EC4M 9AF."

[eggbaconandbubble] 29/8/2018 12:31

interims tomorrow. Am I right?

[jonwig] 31/7/2018 12:07

@ Sogoesit - I suggested 10% back in April (#1431). They'll be reporting end-August.

[sogoesit] 30/7/2018 13:46

Putting its head above the parapet...

What's a better discount to 496:
15% > 421
10% > 446?

[deadly] 27/7/2018 16:06

Thanks for that, was wondering why the spike.

[jonwig] 26/7/2018 19:53

Quiet lately, but we're one of IC's tips of the week. Conclusion:

At 146 per cent, the group’s Solvency II ratio – of funds held over the regulatory minimum – is below that of its closest peer, Phoenix (PHNX). However, it is comfortable enough to allow the group to continue making acquisitions.

Analysts at Panmure Gordon are forecasting an economic value – which includes future profit expectations from long-term policies – of 496p a share at December 2018. That followed a 3 per cent upgrade to forecasts after a strong 2017 performance. That leaves the shares trading at 0.8 times forecast economic value.

Given management’s solid track record of raising the dividend – with Panmure Gordon forecasting a dividend of 20.7p a share this year, equivalent to a 5.4 per cent yield at the current share price – we think this discount is unwarranted. Buy.

Last IC View: Buy, 384.5p, 4 Apr 2018

[sogoesit] 03/7/2018 15:11

It is liable to spikes... also some folks may have, mistakenly, pushed the sell button because PHNX apparent share price dived a few days ago.

[solarno lopez] 02/7/2018 08:19

I am still trying to work out the bottom of the fall following PatDavey's mention of the long term chart and its interesting but very clear cycle

[spittingbarrel] 29/6/2018 09:58

I don't know what happened yesterday, but I tried to buy this morning and all I got was 807 shares at 3.645 and the price just ran away from me.

[speedsgh] 28/6/2018 15:55

Last open market buy by a director was John Deane (CEO) on 24/11/17 at 349.67p.

Prior to that was Graham Kettleborough (former CEO) on 28/3/14 at 301.50p

CSN directors don't do rushing in...

[eggbaconandbubble] 28/6/2018 15:26

They're not rushing in to buy at the mo!

[speedsgh] 28/6/2018 13:16

Director buys have historically been a good buy indicator with CSN. Directors don't buy often but when they do, they have tended to be well-timed with the trend changing soon after.

[solarno lopez] 28/6/2018 12:48

hahaha thanks Pat

Just being trying to draw lines on the graph to find the bottom of the current trough

[patdavey] 28/6/2018 12:47

You might like to think that, but I couldn't possibly comment ;o)

[solarno lopez] 28/6/2018 10:35

in that case I should be a buyer