ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

CSN Chesnara Plc

249.50
0.50 (0.20%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Chesnara Plc LSE:CSN London Ordinary Share GB00B00FPT80 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 0.20% 249.50 249.00 250.00 251.50 248.00 250.00 86,909 16:35:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Life Insurance 488.8M 18.7M 0.1239 20.10 375.88M
Chesnara Plc is listed in the Life Insurance sector of the London Stock Exchange with ticker CSN. The last closing price for Chesnara was 249p. Over the last year, Chesnara shares have traded in a share price range of 246.00p to 289.50p.

Chesnara currently has 150,954,119 shares in issue. The market capitalisation of Chesnara is £375.88 million. Chesnara has a price to earnings ratio (PE ratio) of 20.10.

Chesnara Share Discussion Threads

Showing 2176 to 2200 of 2625 messages
Chat Pages: Latest  93  92  91  90  89  88  87  86  85  84  83  82  Older
DateSubjectAuthorDiscuss
03/2/2022
13:09
Read the board so, Do I sell or what? Used CSN to replace an low interest ISA
petewy
03/2/2022
09:56
GEC was one do the very very few AAA rated companies Always citied as the example that anything can go bust
williamcooper104
03/2/2022
09:53
Yep - way to think of it is if you're senior debt is say £90 and your junior is £10 then your junior debt is actually leveraged at 10 to 1 when things go wrong Eg if the whole debt stack is £100 and recovery falls 10 percent from £100 to £90 then you've lost 100 percent of your loan Whereas if you had a whole loan of £100 then you would have just taken a 10 percent loss Hence why need much higher returns for junior debt A BBB- rating/350bps is pretty or actually very good
williamcooper104
03/2/2022
09:49
I don't currently; I sold, though not because I was concerned about CSNs balance sheet but more because I thought there was better growth with LGEN/PHNX and got board waited for someone to take over CSN
williamcooper104
03/2/2022
09:45
Boystown - yes, I was a contributor to TMF in a small way. It was an excellent forum but of course it made no money for the US owners!

Insurance company accounts re a speciality area, and not easy to understand. (I don't pretend to more than the basics, so I'll stick to the IFRS balance sheet.) At the last point, CSN's borrowings were £50m out of net assets of £470m (the MCap is £440m). So debt:equity was 11%. The new bond could raise that to 53%. (Other things being equal.)

If there is a substantial fall in both equity and bond markets, financial strain would increase, and a larger surplus would be warranted. (Policy holders are obviously senior to creditors and share holders.) At least they won't sit on their £200m cash, they'll deploy it very quickly, so we'll see more clearly what their strategy is.

Remember GEC under Lord Weinstock? One of the safest and most consistently profitable companies in the world. When he retired, the new owners went dotcom crazy. The shares fell from a high of 1250p to 4p in 2002.

None of that is a prediction, and I'll likely stick around to see what their plan is.
Anyway, make up your own mind and don't listen to me!

jonwig
03/2/2022
09:31
Don't currently hold but have been taking a closer look and will probably buy some. Looks a good solid income stock which should hold up pretty well if markets remain choppy. Also hold PHNX which has a similar risk profile, although not quite a cheap as CSN.
riverman77
03/2/2022
09:16
I suggest they get Andy Murray to provide the commentary with the next results presentation; that should make it sound reassuringly boring enough again?
bluemango
03/2/2022
09:14
Well the market seems comfortable with all this, highest level since end November and a nice little uptrend.
bluemango
03/2/2022
09:12
4.75% seems to cheap for subordinated debt when you look at other financial subordinated debt such as legacy building society pibs or perpetual preference shares.
my retirement fund
03/2/2022
09:01
jonwig - thanks for your views - even though they're worrying. And sorry for not including you in my shortlist of people who know what they're talking about here. I remember you from TMF days I think?
boystown
03/2/2022
08:48
...Yes. I remember when they used to have a very boring, plain and simple annual report & accounts document. Very reassuring! That changed a few years ago now.
pvb
03/2/2022
08:31
riverman - a senior bond would be subordinate to Solvency 2 capital falls. The latest S2 surplus was 142%. A run-off book tends to increase surplus, open business is more sensitive to downsides.

142% is OK, not brilliant. I seem to remember the recent presentation hinting at open book activity.

I've held CSN for several years, and have always been encouraged by the "most boring company ever" story. Recent events don't suggest selling, but I'm more wary.

jonwig
03/2/2022
08:17
riverman77 / Williamcooper104 - do you both hold? It would make me feel a lot more comfortable if the answer is 'yes'! :-)
boystown
03/2/2022
07:43
A typical corporate bond would give strong claim on a company's assets so very safe. Holders of a subordinated bond such as this could be wiped out if capital ratios fall below a certain level. So much riskier and hence the higher yield.
riverman77
03/2/2022
07:25
That's a crucial point - agreed
williamcooper104
03/2/2022
07:24
Credit spread as in the 10 year gilt is about 1.20 percent - so CSN are paying about 3.5 percentage points (or 350bps) over that A highly rated company with an A rating might may 60-120 over, a sold investment grade company but not as highly rated, say BBB might pay 150-200
williamcooper104
03/2/2022
07:19
It is a subordinated issue (tier 2 capital), so that is not expensive.
riverman77
03/2/2022
07:09
Boystown - the more risky (ie. low grade) the bond, the higher the interest rate coupon they have to offer. William says 4.75% is very high. I think I'd agree with that.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

CASSINI - no, "chsnr".

jonwig
03/2/2022
00:03
Next they'll change their name to 'Chsnr'...
cassini
02/2/2022
23:32
Recently:

1. Changed CEO to someone who is obviously more ambitious.
2. Hired a Head Of Strategy from Pheonix
3. Talked of making purchases based on "synergies"
4. Rasied funds via a bond placing

Chesnara are boring no more.

al101uk
02/2/2022
22:53
but the coupon with a credit spread of c350bps looks more sub-investment grade

I have absolutely no idea what this means, but it sounds even more worrying! But yield, ptbv and p/e all look great. Even the chart looks suitably boring for those of us seeking yield.

boystown
02/2/2022
22:36
Indeed BBB- is the lowest investment grade debt but the coupon with a credit spread of c350bps looks more sub-investment grade
williamcooper104
02/2/2022
20:54
Thanks jonwig; that's worrying - I thought CSN were a solidly boring outfit with a reasonably safe yield? But valuing life insurers for the uninitiated isn't easy.
boystown
02/2/2022
20:26
Boystown - I think an EU listing makes it easier for CSN to pass EU regulatory tests for its EU business (Solvency2, which the UK may simplify). It may see NL as the preferred place to acquire and consolidate businesses.

A bigger fact is that BBB- is, I believe, the lowest investment grade rating. That might not be so encouraging!

jonwig
02/2/2022
17:18
Chesnara PLC (LSE:CSN) has announced the pricing of its £200mln inaugural debt capital markets issue.

Proceeds from the funding are earmarked for general corporate purposes including investments and acquisitions, the company said in a statement.

The debt instruments are BBB- rated by Fitch, have a 10.5 year maturity and carry a coupon of 4.75%.

"We are delighted with the level of investor interest in Chesnara's first notes issuance,” said chief executive Steve Murray.

“The financing will be utilised primarily to provide financial flexibility and accelerate our growth strategy including the delivery of value from future acquisitions, while also underpinning, and diversifying our group's capital structure.

"The notes represent an important milestone for Chesnara in enhancing our group's financing capabilities which will leave Chesnara well positioned to pursue further growth opportunities."

dosser50
Chat Pages: Latest  93  92  91  90  89  88  87  86  85  84  83  82  Older

Your Recent History

Delayed Upgrade Clock