Chesnara Share Discussion Threads

[al101uk] 13/9/2022 12:05

fred177,

Interested in where you intend to find a new home for your money?

I already own Phoenix & L&G, so overweight this sector, but I want to maintain the yield... safely.

I won't be selling out completely, but reducing a little bit more for diversification wouldn't hurt.

[fred177] 13/9/2022 09:36

Sold out here this morning, all things considered the model seems to be changing to one of higher risk and felt that may be the case following Murray's appointment and the first Hardman interview. Amongst all the things that al101uk points out which i agree with, i also thought there was a bit of a disconnect between CEO and CFO, i may be completely off track here but in the first interview they share a camera and were together as a team, this time separate cameras locations and Murray very much dictating the flow. Not sure if Rimmington is fully on board with all of it- and hence decided to move on. GLA will keep watching

[cwa1] 12/9/2022 07:33

Robust cash generation in challenging markets

[al101uk] 09/9/2022 20:35

"Synergies"... isn't that a swear word when used as a reason to buy another business?

Tried to listen to the interview a couple of times, but keep getting interupted. I won't comment until I do, but I really don't like that last line in the previous post.

Nor the line "Looking to take the "very" off "very conservative""

I want the old Chesnara back :-(

I'd love to go for a coffee with Dave, I could learn so much!

[makinbuks] 09/9/2022 17:54

Very good interview. Everything points to a transformational deal in the offing. -----£100m immediately available
-£100m revolver and £50m accordion for bridging
-Looking to take the "very" off "very conservative"
-Would consider raising equity
-Would consider partnership acquisitions and consider themselves a good candidate for this as they don't compete directly with many of the other players
-traditional deals at discount to EV may not be available but they can easily see valuing at EV or a premium then delivering on synergies, real returns, risk release, etc

[cwa1] 08/9/2022 13:05

Hardman Talks on Chesnara...

[cassini] 07/9/2022 13:34

My mistake, that's tomorrow!

[cwa1] 07/9/2022 13:28

No, it didn't

[cassini] 07/9/2022 13:24

I think it went ex-div today, about 8.12p interim.

[bluemango] 02/9/2022 11:14

Looking at the chart, it's possible the trading range here might have moved up a notch or two. Not that I indulge in that myself, just sticking with it.

[mister md] 02/9/2022 10:24

nicely recovering after the initial wobble at interims ...

[unastubbs] 01/9/2022 04:17

The Times "Tempus" - BUY



I don't hold these, might be interested.

[bluemango] 31/8/2022 09:45

Interim dividend covered more than 1.5 times by cash generation.

[brucie5] 31/8/2022 09:19

Tick for that Mister. This is not one for those seeking stellar capital returns, but for reliable y-o-y dividend income, it does the business. And I don't miss a moment's sleep.

[mister md] 31/8/2022 08:56

Yes just holding in my long-term portfolio for the near 8% in annual dividends. 18 years of dividend growth not to be sniffed at.

[janhar] 31/8/2022 08:36

It's a safe haven in a stormy market with a good yield and should benefit from rising interest rates. It's just so illiquid that any small trade affects the price. Buy at 280p sell at 320p or just hold long term for the divi

[jimbox1] 31/8/2022 08:11

Management seems focused on M&A deals and has neglected the day to day requirement to make a profit from operations.

[jonnybig] 31/8/2022 07:36

Despite the drum beating in the summary I'm not convinced these results are all that great, and the share price might suffer after the recent rally. Hope I'm wrong!

[cwa1] 31/8/2022 07:28

Half year report out...



Some highlights:-

ACQUISITION MOMENTUM, CASH GENERATION AND STRONG SOLVENCY SUPPORT 3% GROWTH IN INTERIM DIVID

Chesnara reports its 2022 half year results. Key highlights are:

-- Completion of the Sanlam Life & Pensions and Robein Leven transactions
-- Proposed acquisition of Conservatrix's insurance portfolio in the Netherlands
-- Positive divisional commercial cash generation of GBP18.6m
-- Strong solvency of 195%, above usual 140-160% operating range
-- Economic value ("EcV") of GBP526.7m (351p per share)
-- 3% increase to the interim dividend to 8.12p per share
Commenting on the results, Steve Murray, Group CEO, said:

"The two acquisitions we completed in April and the recently announced acquisition of Conservatrix's insurance portfolio in July show we have real momentum behind our acquisition strategy. The wider business has performed robustly despite the high level of market volatility. We retain a strong and resilient solvency position with substantial cash balances at the holding company level, supporting our continued track record of growing our dividend. We remain optimistic about our ability to participate in future M&A and continue to be highly confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders."

[topvest] 19/8/2022 21:03

Only as an inflation and risk diversifier to top-up my defined benefit scheme. I have enough in shares and cash!

[fenners66] 19/8/2022 20:32

topvest - you are surely not considering buying an annuity ?

[wmb194] 19/8/2022 15:41

My guess this move is related to Phoenix's (PHNX) recent well-received results and the hope is CSN's results will be similarly good.

[topvest] 19/8/2022 13:36

Yes Aleman - agreed - 10 year gilts are up 0.33% in the week. The markets are starting to price in sticky inflation, but could be a long way to go. I am watching annuity rates as I have part of my early-retirment pension to crystallise. I am happy to defer at this stage and wait for the market to come to me!

On the death rates, there has been some coverage of death rates increasing because of the very hot weather, so possibly a very short-term effect.

Anyway, Chesnara is a nice investment. Very pleased to have doubled-up a few months ago. A long-term hold for me.