Chesnara Share Discussion Threads

[speedsgh] 26/8/2021 07:29

- Interim dividend raised 3% to 7.88p (payable 22/10, XD 9/9)
- Dividend growth strategy unchanged
- Closing economic value 419p
- Continue to seek acquisitions ("we are increasingly optimistic that good opportunities are available for us")

Still treading water. Reassuringly boring, as it should be.

Half-year Report -

[bluemango] 25/8/2021 11:16

Still creeping up in approach to tomorrow's interim results.

One buy this morning was a cool 30 grands' worth.

[makinbuks] 23/8/2021 16:47

Treading water is right, awaiting new management direction

[speedsgh] 23/8/2021 13:05

@bluemango - Thanks for pointing out the LGEN error in my above post. Now corrected. I note that the LGEN's interim dividend of 5.18p (due to be paid next month) is an increase of 5% on the previous year. So I would expect dividend growth to resume over the full FY21 payment, albeit possibly at a slightly lower rate than the 7% annual increase of recent years. However I still expect the growth to be higher than at CSN. When it comes to dividend growth CSN might be viewed as a tortoise (which is fine by me). LGEN is by no means a hare, but slightly more spritely than a tortoise :-)

Without wanting to jinx them, I do not lose any sleep over my holdings in CSN, LGEN or PHNX. All good quality companies in their own right, although I am least clear how CSN intends to carry on growing. Feels like they are treading water at present.

[deadly] 21/8/2021 10:56

would be interesting to see PHNX's div growth corrected for share issues; would be much more impressive.

[luderitz] 21/8/2021 09:10

So in summary both would look to be excellent payers as well as being relatively safe investments.

[bluemango] 20/8/2021 22:40

There's a mistake in the LGEN dividend growth figures above, which when corrected demonstrates my earlier point.

Yes, previous years dividend growth is relatively impressive, but total LGEN FY 2020 dividend growth was not 7%; it was zero.

[speedsgh] 20/8/2021 22:20

Whilst dividend growth at PHNX has been stymied by adjustments on account of some large fundraisings in recent years, the LGEN dividend has grown considerably quicker than CSN's.

PHNX
TOTAL FY 2020 - 47.50p
TOTAL FY 2019 - 46.80p
TOTAL FY 2018 - 46.00p
TOTAL FY 2017 - 50.20p
TOTAL FY 2016 - 50.60p
TOTAL FY 2015 - 53.40p
TOTAL FY 2014 - 53.40p
TOTAL FY 2013 - 53.40p
TOTAL FY 2012 - 47.70p
TOTAL FY 2011 - 42.00p
TOTAL FY 2010 - 21.00p

LGEN
TOTAL FY 2020 - 17.57p (+0%)
TOTAL FY 2019 - 17.57p (+7%)
TOTAL FY 2018 - 16.42p (+7%)
TOTAL FY 2017 - 15.35p (+7%)
TOTAL FY 2016 - 14.35p (+7%)
TOTAL FY 2015 - 13.40p (+19%)
TOTAL FY 2014 - 11.25p (+21%)
TOTAL FY 2013 - 9.30p (+22%)
TOTAL FY 2012 - 7.65p (+20%)
TOTAL FY 2011 - 6.40p (+34%)
TOTAL FY 2010 - 4.75p (+24%)

CSN
TOTAL FY 2020 - 21.94p (+3.0%)
TOTAL FY 2019 - 21.30p (+3.0%)
TOTAL FY 2018 - 20.67p (+3.0%)
TOTAL FY 2017 - 20.07p (+3.0%)
TOTAL FY 2016 - 19.49p (+2.9%)
TOTAL FY 2015 - 18.94p (+2.9%)
TOTAL FY 2014 - 18.40p (+2.9%)
TOTAL FY 2013 - 17.88p (+3.1%)
TOTAL FY 2012 - 17.35p (+3.0%)
TOTAL FY 2011 - 16.85p (+2.7%)
TOTAL FY 2010 - 16.40p (+2.8%)

Disclosure: I have sizeable holdings in all three.

EDIT - LGEN FY20 dividend growth figure corrected to 0%

[williamcooper104] 20/8/2021 21:12

I did say that the most bullish thing for CSN was me selling ;)

[williamcooper104] 20/8/2021 21:02

PHNX has the Swiss re stock overhang LGEN always sells off heavily with the ftse But yes, CSN, the weakest (IMO) of the three has had the best week (though of course it's the most bite sized acquisition target)

[bluemango] 20/8/2021 19:38

Perhaps because Chesnara has a better recent record for dividend growth?

[deadly] 20/8/2021 19:07

This week PHNX and LGEN have tanked despite their recent good results but CSN has risen for some strange reason.

[bluemango] 20/8/2021 16:39

Looking perky again.

Interims on Thursday.

[williamcooper104] 13/8/2021 11:12

I threw in the towel too LGEN and PHNX have clear and well executed strategies (and more liquid/marginable stock) My rationale for holding CSN was picking up a yield while waiting for someone to buy it - so now I've sold expect to see a bid :)

[maddox] 12/8/2021 19:28

Well too late for me - I'm out. There is clearly value in this business and I've usually got the patience to see it reflected in the share price, but I can't see it happening anytime soon.

I hope that I'm wrong, so good luck to all CSN holders.

Regards Maddox

[thamestrader] 12/8/2021 14:39

Yes, I agree, the Aviva factor

[makinbuks] 12/8/2021 14:19

Strong buying reading across from Aviva and other life assurers reporting recently

[bluemango] 12/8/2021 13:29

The Company have a good record, going back at least to 2016, of steady and consistent annual increases in dividend.

[bluemango] 12/8/2021 13:21

Unusual buying interest today?

Interims in a fortnight, on 26th August.

[luderitz] 26/7/2021 17:50

A load? please explain.

[igoe104] 26/7/2021 15:14

Purchase a position here. Good solid company for my portfolio with a fantastic yield..

[jonwig] 10/7/2021 15:20

The UT at the end of the day distorts the picture, as it determines the closing price. I'd guess Monday's open should be 265-plus.

I hold two of the current PI attacks, JLG and DIGS. I should have held MRW: I used to, but hey-ho! In all of these, there was no pre-warning. So who knows? If someone with cash sees CSN as a worthwhile target, they'll go for it.

[thamestrader] 10/7/2021 15:03

There's something a bit 'fake' about the quoted prices here. The opening/closing prices and the daily gain/loss simply don't add up.

Looking at the intraday graph, you could be forgiven for thinking it dropped 15p on Friday. Clearly it has not. Even allowing for the wide spread at the start/end of the day, the quoted prices here are strange. The 'mid' price charts a more realistic course than the 'curr' price, but the latter is used to calculate the daily change figure and generate the graphs.

[williamcooper104] 09/7/2021 20:32

It's certainly strange given LGEN and PHNX bounced today and no reason why CSN shouldn't have Doesn't appear to be any newsflow

[fenners66] 09/7/2021 19:30

A discussion on another board suggested that if anyone wanted to bid for a company the best route would be to drive the price down first.
I had a look at the recent trades and as today the volume here is very light but the share price has still moved.

Could it possibly be that the shares are being sold off in the hope to set up a lower bid.
Seems to me there is a reasonable business available here with a strong yield and we have already suggested that others may be interested.