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Share Name Share Symbol Market Type Share ISIN Share Description
Conduit Holdings Limited LSE:CRE London Ordinary Share BMG243851091 COM SHS USD0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 0.32% 467.00 202,488 16:35:22
Bid Price Offer Price High Price Low Price Open Price
465.50 469.50 468.50 462.00 463.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonlife Insurance 140.94 -31.06 -18.49 772
Last Trade Time Trade Type Trade Size Trade Price Currency
17:54:56 O 986 466.997 GBX

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Posted at 29/1/2023 08:20 by Conduit Daily Update
Conduit Holdings Limited is listed in the Nonlife Insurance sector of the London Stock Exchange with ticker CRE. The last closing price for Conduit was 465.50p.
Conduit Holdings Limited has a 4 week average price of 417p and a 12 week average price of 344p.
The 1 year high share price is 484.50p while the 1 year low share price is currently 299.50p.
There are currently 165,239,997 shares in issue and the average daily traded volume is 290,304 shares. The market capitalisation of Conduit Holdings Limited is £771,670,785.99.
Posted at 25/1/2023 09:43 by flagon
This morning ... Berenberg raises Conduit Holdings price target to 590 (570) pence - 'buy'
Posted at 25/4/2022 19:00 by pyemckay
CRE dont announce downgrades/upgrades themselves. They do it through their broker but it costs to see these notes.I get any changes to the forecasts delivered every morning to my inbox. The cost is worth getting updated forecasts. Profits for this year were forecast at $100m only 4 months ago. They have been downgraded 4 times now to $79m.
I still think its a decent business hence why I am still a shareholder.

cheers

Posted at 25/4/2022 10:30 by thetrotsky
Four profit downgrades? Where? In their February preliminary results they said:

"In our Trading Update on 19 January, we reported a strong start to 2022 with $268.2 million of estimated ultimate premiums written, an increase of 74% from 2021. Net rate increases (including the impact of claims inflation, changes in exposure and other relevant terms and conditions) in the 1 January portfolio were +5%. Pricing and terms and conditions continue to improve across our core classes which we expect this to continue throughout 2022. Management believes that Conduit Re remains on track to deliver on its five-year business plan."

I've not seen any subsequent annoucments from CRE to suggest any downgrades

Posted at 08/4/2022 23:09 by richardly
What? No postings for Conduit (CRE); someone's got to know something about this? And why it's not doing so well? In spite of those director buy's. To say the least. Any info or analysis would be more than welcome!
Posted at 14/9/2021 13:37 by pixtel
Anyone know why this has slipped below the IPO price? Bermuda corporate tax rate pressure maybe?
Posted at 27/1/2021 23:33 by riverman77
Yes, targeting a 5-6% dividend payout from this year. If they deliver 15% ROE, coupled with a rise in the price/book value, you could see a very decent return over next 2-3 years. Should also be largely uncorrelated to the wider market/economy which is another attraction.
Posted at 17/11/2016 08:10 by madengland_
Riv, more a long term comment.....take a look at Cre share price over the last dozen years or so. Yeah today ok, far from impressive but ok. Anyway I'm not in, I just watch the stick as a small hobby having had years of disappointment. I actually got in just after the reverse takeover so for a few years made good money. Anyway all the best
Posted at 20/6/2016 11:30 by rivaldo
New note from Edison:

Http://www.edisoninvestmentresearch.com/research/report/creston17/preview/

They go for:

this year : 12.1p EPS, 4.6p dividend
next year : 12.3p EPS, 4.8p dividend

They also have CRE with a £4.2m cash pile at this year end, moving up to £7m the next year end:

"Creston’s full year results exceeded the expectations that had been set in January, with constant currency like-for-like revenues and headline PBT flat on the prior year. The group is making good progress in leveraging its Unlimited group branding, with an increasing number of clients working with several group agencies. Good cash conversion has led to a higher year-end cash position – there is no debt, enabling a progressive dividend (up 5% year-on-year) on a yield well ahead of sector and market. The shares trade on an unjustifiably large discount to peers and market."

"Valuation: Substantial discount

When compared with agency peers, Creston’s shares are trading on a discount of over 50% on an annualised 2016 EV/EBITDA basis at 4.5x. A DCF under varying conservative assumptions on WACC and terminal growth rates also indicates a share price in a range of 120p to 130p. With a (comfortably covered) dividend, the yield is well in excess of market and sector levels. DBAY Advisors, represented on the board since February by Iain Ferguson (ex-Havas), has taken advantage of the lower price and increased its shareholding to 28.1%."

Posted at 18/4/2016 10:21 by rivaldo
New note from Edison - they go for 12.4p EPS this year, with a 4.4p dividend.

Good to see CRE back in a £1m net cash position too:

Http://www.edisoninvestmentresearch.com/research/report/creston16/preview/

Extracts:

"Strong cash performance

Creston’s brief year-end trading update indicates that FY16 revenue and
earnings figures will be in line with indications given in January and our
expectations. However, the cash performance is significantly better than
we had anticipated at over £1m. FY17 should benefit from more focused
recent attention to overhead management after the less consistent trading
in H216, with no trading improvement currently factored in. The valuation
remains at a significant discount to other smaller marketing agencies and
the shares carry a premium yield on a well-covered dividend."

"Valuation: Significant discount

The combination of a lower share price and the better cash position means that
Creston’s EV has reduced since our last note in January, increasing the discount to the agency sector on which the shares trade. Its valuation now stands at 5.6x CY15 EV/EBITDA, a 34% discount to the marketing services sector; a 32% discount a year further out. DBAY Advisors, represented on the board since February by Iain Ferguson (ex-Havas), has taken advantage of the lower price and increased its shareholding to 28.0%."

Posted at 18/6/2015 06:25 by rivaldo
Interesting article about CRE and their new acquisition:

Http://www.thedrum.com/opinion/2015/06/17/crestons-18-feet-rising-investment-and-medium-sized-growth-problem-marcomms

"'New biz' pitches are of course an essential part of agency life, but are becoming increasingly time-consuming for the bigger accounts, and can be costly if the pitch isn’t successful, which could be a problem for a medium-sized group like Creston. But pitching for a big new account is difficult if you haven’t got the scale, and you can’t get the scale without either significant new biz wins, or costly acquisitions… it’s a classic vicious circle.

One way round this, however, is to buy a stake in another company rather than the whole thing outright – this not only creates scale without excessive leverage, but also buys new clients, expertise and influence, and of course you can always up your stake later. And this is exactly what Creston did last week.

Creston shelled out £1m (of which 50 per cent will be invested in the business) for a 27 per cent minority stake in highly-rated London creative agency 18 Feet & Rising, which has the likes of Skoda, Allianz, Nando’s and House of Fraser on its books. Not only does the deal give Creston more scale, and access to that enviable client book, it also allows all its agencies to make use of 18 Feet’s much-awarded creative team, and its expertise in above-the-line advertising (something the group hasn’t had since it disposed of DLKW five years ago).

And, backed by Creston’s resources, 18 Feet can continue the remarkable growth it has shown since it was set up in 2010 without having to borrow. Late last year the agency lost one of its biggest accounts, Nationwide, to VCCP, so it would have spent the past few months casting for something to replace the lost income; although it should be said that the business looks in pretty good shape: for the financial year ended 31 December 2014, 18 Feet & Rising grew revenue by 24 per cent to £2.7m.

The deal is being marketed as a partnership (Creston is very fond of partnerships – in the last month or so it has announced tie-ups with trends consultancy the Future Foundation; US digital healthcare specialist Propeller; and The Digital Consultancy, the last of which will see the two companies collaborating on pitching opportunities), so 18 Feet will be rebranded as 18 Feet & Rising Unlimited when it is pitching with Creston, or when it is working on shared business like Allianz.

Whilst Creston only holds a minority stake, the fact that it has more than 25 per cent will allow it to block special resolutions – things that govern changes to shareholding, sale, additional investment, etc (unless there has been a specific agreement to the contrary), so effectively Creston does have a degree of ultimate control over certain decisions, which may be uncomfortable for the majority shareholders.

However, this situation can work well for both parties; whilst Creston (may) have effectively locked in 18 Feet as part of the Creston Group as there will be a very limited market for the remaining 73 per cent given the founders may not be able to offer control to another buyer, on the other hand 18 Feet will continue to ‘feel’ like an independent, but have the comfort of a strategic investor whose interests are aligned as equity owners (unlike banks, who are only interested in getting their money back).

Everyone’s a winner? Without knowing the nitty-gritty of the deal we can’t say for sure, but it certainly looks as though both parties will benefit operationally and financially and I would like to think careful planning around this deal has meant both sides’ interests are aligned. "

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