Close Brothers Share Discussion Threads

[cyberbub] 04/3/2024 16:39

Nice recovery intraday, despite the well-below-spread UT.

[123trev] 04/3/2024 11:32

The company seem to be getting in bed with the government if I read that right the other day that Winterflood are selling those new type of gilts to the public on their behalf.

[j2m] 04/3/2024 09:32

Thanks cyber.

[cyberbub] 04/3/2024 09:20

Divi has been cancelled for this year due to the concern over the car finance claims, see last RNS.

[j2m] 04/3/2024 08:42

Does anyone know when next divi announcement is and when it goes XD?

[cyberbub] 03/3/2024 22:07

Above 10% they get a seat on the board, I believe?

[blueclyde] 03/3/2024 19:10

Re my below post I am just trying to research all my positions for next week and the following article appears with todays date but appears to be old incase anyone is wondering.https://bnnbreaking.com/finance-nav/close-brothers-ceo-prebensen-steps-down-after-decade-of-leadership-ensures-smooth-transition

[blueclyde] 03/3/2024 19:06

Maybe get an RNS tomorrow morning with further information and CEO succession plans ect. Who knows.

[jonnybig] 03/3/2024 18:35

Abdn seem to invest in low income shares with significant capital upside potential hence why they have a very strong balance sheet which doesn't convert into income until they hit a significant investment sale. They're heavy in the emerging markets.

[blueclyde] 03/3/2024 18:21

True but the flip side is due to their large position Aberdeen probably got a face to face meeting and will get a lot more information that someone trading a few thousand shares here.

[riverman77] 03/3/2024 17:39

Aberdeen actually have some decent funds and fund managers (even though they're a poor company) so do take some comfort from their decision to add.

[suetballs] 03/3/2024 16:31

As a shareholder in abdn I wouldn’t be singing their praises too much.
I also hold cbg.
Suet

[blueclyde] 03/3/2024 15:30

I am sure the likes of Aberdeen that now own 10% of the company would also have done their own assessments.

[cyberbub] 03/3/2024 12:47

If the hit to CBG turns out to be 'only' £200m as suggested by RBC then the bulk of it will be covered by just one year's profits (divi withheld). Mr Market will react accordingly IMO.

[123trev] 03/3/2024 11:44

I’m closely watching what happens here just making guesses it’s the uncertainty surrounding the outcomes of the FSA investigation and future costs that will hold this back maybe and so the P/E is unknown. Also the possibility of a capital raise if things get bad and I still don’t truly understand that debacle and how it could have happened which poses questions on future management decisions which never before really have been in question.

[blueclyde] 03/3/2024 11:23

Previous RNS stats that they forecast £112 million AOP for the last six months. Double that for the year £225 million. Current market cap at 380p £575 million. NAV per share is currently over 900p a share. Who knows what the market will do short term but there is huge value here over the longer term, or maybe someone steps forward and bids with it being do far below even the NAV.

[123trev] 03/3/2024 10:50

I bought in here at £2.86 but sold rather early but a healthy profit in such a short space of time just couldn’t be ignored. I took the view when buying that the low would be around the level it got to because the big players would want two years of dividends built in as insurance. Very interested to see where this finds a level my thoughts are at the current P/E it might be done for now and begin trading sideways.
I’m sure this this stock has always traded Around a 6-7 P/E and fell initially after the write downs fiasco and the reduced profit the FSA investigation and its possible implications could be two years of no dividends in a middle of the road scenario.

[blueclyde] 03/3/2024 10:16

If Poopit is correct with the worst case scenario then this is going straight back to £9 a share and beyond very quickly. Even in that unlikely scenario they would still be above minimum regulatory requirements for the year as they keep throwing off more cash each year. Probably why this share will surge again next week as the biggest holders add to their positions as this is storm in a teacup stuff.From last RNS:Without their application, the CET1 and Total capital ratios would be 12.4% and 16.2%, respectively. The applicable minimum CET1 and Total capital ratio regulatory requirements, excluding any applicable PRA buffer, were 9.5% and 13.4% respectively at 31 December 2023

[karv1] 03/3/2024 09:24

That an old article 270 points would still leave them above legal requirements.
That 10% rise must of been painful to some.
Does anyone know if there are any institutions still holding any short positions?
When I look online I am never sure if they are still active as they seem out of date.

[popit] 03/3/2024 05:04

From the FT

“Close Brothers face a very large hit, with JPMorgan estimating that Close Brothers will suffer a 270 basis point erosion of its common equity tier 1, a measure of financial resilience, compared with just 110 basis points for Lloyds”

Close Brothers will therefore be facing a far worse hit than even Lloyds, and a highly dilutive rights issue for CBG seems likely

[blueclyde] 01/3/2024 17:02

Exactly my thoughts. The folks that pick pennies in front of a steam roller took their profits then institutional money took their shares. Maybe see another holdings RNS sometime next week.

[cyberbub] 01/3/2024 16:22

Very strong into the close on a Friday - I had expected a bit of late weakness from weekly traders - you can see it after 1400 but it was quickly bought up. Further climb next week hopefully? Have a nice weekend all.

[dplewis1] 01/3/2024 13:32

Nice. Should have bought more when it traded with a 2 handle

[blueclyde] 01/3/2024 12:28

Algo is back scooping up the shares.

[cyberbub] 01/3/2024 10:23

Let's see if we can close above the 360p recent resistance... It's a Friday so might be hard... I still think 450p before results is feasible if there is no bad news...