Jarvis Securities Share Discussion Threads

[montyhedge] 24/7/2017 15:14

I reckon special div could be on the cards.

[gsbmba99] 24/7/2017 15:10

Current forecast is 22p and they've paid 10.25p so far meaning 11.75p remains to be paid. I'm guessing 6p followed by 5.75p. Jombaston pointed out cash on the balance sheet. I was curious to know what the cash balance looked like last time they declared a special dividend in Jun 15. I couldn't find the same number Jombaston quoted in the 1H15 announcement so I took net current assets (CA-CL) excluding investments held for trading and got £4.3m as at 30 Jun 15 and £4.7m as at 30 Jun 17. Of course cash required for regulatory purposes may have increased in the intervening period, but we're above the level where they last declared a special.

[melton john] 24/7/2017 14:35

I don't have time to work it out but their practice was to pay out 2/3 of profits so it should be possible to calculate the minimum. They have said recently that they will pay at least 2/3 (possibly more) as still accumulating cash with no immediate plans for investing.

From last end of year results.

"We have adhered to our stated policy of distributing 2/3rds of profit after tax but cash reserves in the business continue to build up. Going forward therefore the Board may flex this policy such that we pay out at least 2/3rds of profits as dividends, further announcements will be made as appropriate."

[montyhedge] 24/7/2017 13:47

Big increase in divi?

[montyhedge] 24/7/2017 07:57

Wonder what divi will be?

[melton john] 23/7/2017 15:38

I've just checked on the Jarvis Securities website for divi dates :

Latest Announcement Date:--------10 August 2017
Ex Date:-------------------------17 August 2017
Record Date:---------------------18 August 2017
Last Date for DRIP Elections:----24 August 2017, 3:00pm
Payment Date:--------------------7 September 2017

[tenapen] 22/7/2017 20:11

martin, I'll give you a clue ....JARVIS


:-)

Added Sunday,
It is always a good plan to buy your trade twice when you want to deal at 8am. One with a broker you do not like and at the exact same time manualy. Ill have to try it sometime !. One snag that i can see ... What happens if both trades go through ?. Mmmmmm

[martinthebrave] 22/7/2017 09:40

Miked500 who was the broker?

[nickk1] 20/7/2017 17:02

gsbmba99 Raised their target price from 550 to 575

[gsbmba99] 20/7/2017 13:56

NickK1, do you know if WHI have amended their estimates?

[nickk1] 20/7/2017 12:58

WHI revised target price now 575. Plenty of upside.with a buy recommendation

[steelwatch] 20/7/2017 12:25

FT dividend forecast for 2018 looks promising:

[montyhedge] 20/7/2017 11:08

A special would be nice, plenty of cash.

[jombaston] 20/7/2017 11:00

If you exclude cash held for settlement, JIM have £4.56m, which is over 41p a share.

So more than a year's earnings in cash. So they could easily pay out the whole of this year's earnings if they wanted to.

I have been assuming 22p in divs it seems that either this could be higher or we could be looking at a special.

[montyhedge] 20/7/2017 09:31

These are heading over 500p coming months.

[shanklin] 20/7/2017 08:19

Thank you gsbmba99

[gsbmba99] 20/7/2017 08:05

I took the 31.8p estimate from Digital Look. Personally, I think it would be unwise to extrapolate the 1H17 growth rates across the entire year because 2H16 was already pretty strong whereas 1H16 was relatively weak. 2H16 was +10% at the revenue level on 1H16. We've already seen that Jan-Apr 17 was +25% on the prior year and the inclusion of May and Jun has dropped YoY growth to 20% suggesting May and Jun 16 were pretty healthy. The wildcard would be a substantial uplift in interest income.

[shanklin] 20/7/2017 07:45

According to Stockopedia, 31.8p is the forecast for FY18. I am guessing Stockopedia have that wrong, as is often the case with WHI forecasts?

Is there any justification for extrapolating a 22% revenue increase across the whole of FY18 in which case EPS, with a corresponding 37.5% increase, would be circa 36p?

Hopefully we will get another dividend soon. Last year one was announced on 05-Jul.

[gsbmba99] 20/7/2017 07:33

Based on 1H results, JIM need to hit revenue of £4.4m, EBIT of £2.05m and diluted EPS of 14.5 in 2H17 to hit the WH Ireland FY17 forecasts of £9.2m, £4.4m and 31.8p. That would represent flat revenue, +6% EBIT and +3% EPS relative to 2H16. That seems reasonable. Cash under administration grew 16.1% and stands at £211.5m according to my calcs. 5 year CAGR (to 30 Jun 17) of cash under administration is an extremely healthy 24%. They appear to have dropped growth in client numbers (annualised) as a KPI. Not much in the way of outlook other than to say they'll have an inward focus in 2H17 preparing for MIFID. Will have to watch SHRE and HL. for cues. They've again reiterated the potential benefit of a rise in interest rates, the benefit of which is 16% larger than this time last year owing to growth in cash.

[nickk1] 20/7/2017 07:17

Based on these excellent results I am expecting another rise in the dividend yield and a continuing upward trend in the share price.
Brilliant company and management..
Well done JIM

[montyhedge] 20/7/2017 07:16

Another record set of figures.

[gsbmba99] 18/7/2017 10:55

HL negotiated separate share classes for a range of funds with OCF savings of about 0.1% but then captured all of this saving through the asset based fee. Some platforms use Cofunds who, by virtue of pooling purchases across multiple online providers, typically have access to institutional share classes that offer lower management charges. Halifax, for instance, does this but doesn't publicise it at all. If you want to buy JOHCM UK Equity Income they offer you A class shares (OCF - 0.81%) even though they also have access to Y class (OCF - 0.68%) but you have to ask. Anyone with large holdings in funds through Fidelity or HL who doesn't trade those funds frequently is likely better off through a platform offering a la carte pricing especially one that distributes via Cofunds and offers access to institutional class fund shares.

[gsbmba99] 18/7/2017 10:42

I suspect that the real target here is platforms for funds as opposed to share trading though, obviously, both can be done online. I had understood online trading, generally, was included in the scope. After RDR, you had two competing charging models, buffet and a la carte. HL and Fidelity are buffet. You pay somewhere between 0.25-0.45% per annum on invested assets in funds but you don't pay per trade costs. The a la carte model (Halifax, amongst others) charges per fund trade but otherwise no annual charge for holding funds. Against a backdrop of ISF.L (iShares FTSE 100) having a total annual OCF of 0.07%, the HL and Fidelity charges for record keeping and custody (a small subset of ISF's 0.07% annual charge) look obscenely high. The net benefit of RDR to HL and Fidelity customers was extremely low since HL and Fidelity inserted new charges for the kickbacks previously paid by the asset management companies.