Jarvis Securities Share Discussion Threads

[steelwatch] 14/3/2019 12:23

"The signs are that the business has adapted well to new regulation last year and with no new major directives seen in CY19E, should be well placed to benefit from its strong market position; while in the event of interest rate rises, it would be a significant beneficiary. New forecasts are in place for FY2020E. With Q1 DPS up 20%, the prospects for a strong FY DPS pay-out remain excellent and well aligned to the company’s long-standing commitment to rewarding shareholders. All in all, we see both the results and prospects as encouraging and continue to see upside for the shares"

WHI

[tenapen] 14/3/2019 11:15

:-)

Good to be wrong again.

[gsbmba99] 14/3/2019 10:05

Commentary from Jeremy Grime ( ): "This company is small and illiquid with a large family shareholder. However I have a huge respect for this tightly run business which consistently achieves above 50% ROE. It is going through some road bumps but if it can grow would be one of those highly rated platforms."

[gsbmba99] 14/3/2019 09:15

There's a WHI note out. No change to 19E forecast though sounds as if a little bit of upward pressure - "we are retaining our FY2019E forecasts unchanged for the present". Newly introduced 20E forecast: Rev - £10.6m, PBT - £4.8m, EPS - 35.2p and DPS - 26.8p. "Underlying net cash (excluding cash held for settlement purposes) is up on the year at £5.9m (+12%)." "We note the significant increase in the fee revenue line, from £1.5m to £2.2m (+50.2%), which we read as the fruits of proactive actions in ‘18A, and also the healthy (+7.2%) increase in interest on broking accounts." "The signs are that the business has adapted well to new regulation last year and with no new major directives seen in CY19E, should be well placed to benefit from its strong market position; while in the event of interest rate rises, it would be a significant beneficiary."

[nickk1] 14/3/2019 07:17

Excellent. Back on track with the benefits of increased client numbers, both private and commercial and the increase in commercial customer fees now flowing through.
Well done JIM

[tenapen] 14/3/2019 07:11

A first fall in profits for ..... !

Looking at the other companies in the sector who have reported, I guess it was to be expected in these tough times.

Regards.

[melton john] 13/3/2019 10:14

I haven't looked for a couple of days but drip shares in now.

[tenapen] 07/3/2019 07:31

Dh'o

Cheers John,

I'll get the hang of it one day !


:-)

[melton john] 07/3/2019 07:13

Divi day today tenapen.

[tenapen] 07/3/2019 06:29

Morning, Steelwatch.


Key Dates
Next Final Announcement a 14 March 2019

[steelwatch] 06/3/2019 21:49

D-Day tomorrow 🌞

[tenapen] 26/2/2019 22:15

All good points Maddox,

Jarvis has and will continue to be a long term hold for me. I take the drip and the odd small top up, and watch my holding grow.

Cheers.

[maddox] 26/2/2019 10:01

Hi tenapen,

Thanks good observation, there are a few other factors that I hope will have a bearing. I understand that they have put through a price increase in relation to the higher regulatory costs. There is a possibility that Mifid has encouraged a few more clients to outsource their service. Also, hopefully they benefited from Barclays travails during the year and picked up retail clients.

I have no substantiation to those points but not long to wait and see.

Regards Maddox

[tenapen] 25/2/2019 17:28

Hi Maddox,
Using the FT link below, we can see that trade volumes have been lower since the start of 2019. We have no information on how much of that trade volume Jarvis have taken or lost compared with previous years. We would expect the final results due on March 14th to tell us.

Regards.

[tenapen] 25/2/2019 17:17

Dh'o

Cheers steelwatch for keeping me right.
:-)

[maddox] 25/2/2019 15:44

Thanks, that's much later than previous years when it's been between the 16 and 20 of Feb.

What are your thoughts on the fy 2018 figs? The WH Ireland forecast are for:

Revenue £9.65m Pre-tax Profit £4.3m eps 31.8p and div 23.5p.

If the 'forth quarterly div' is in fact the dividend for Q4 - it was paid back in December giving a total for the year of 24.5p. This suggests that WH Ireland's figs are out of date and hopefully don't reflect the better second half?

Any thoughts?

Regards Maddox

[steelwatch] 25/2/2019 13:00

Hi ten, actual date is shown as 14 March:

[tenapen] 25/2/2019 12:50

If you press on the Jarvis securities link in the header and then find the 'financials' link and then 'key dates'. The finals are before the 12 march.

[maddox] 25/2/2019 11:51

The final results must be due very shortly - cannot find an announcement date anywhere?

[gsbmba99] 20/2/2019 18:55

The forward forecasts never seem to look particularly optimistic. But if you look backward, the CAGR on the dividend is 11.1% (5 years to 31.12.18 excl specials) and 13.3% (8 years to 31.12.18 excl specials). Some of that is an increase in the payout ratio but most of it is earnings growth into a significant headwind of reduced rates of interest income on customer deposits.

[maddox] 19/2/2019 17:20

Quarterly dividends are a very powerful way of communicating to the market. In those quiet periods between results you are never that far away from another dividend payment. Then if the quarterly dividend is moved up as it was in this case 20% well, to quote ledgendary ISA millionaire Lord John Lee "dividends tell you a story".

Regards Maddox

[tenapen] 15/2/2019 14:45

I did not manage to buy last weeks investors Chronicle, but we get a sence of whats inside with this taster !.



Jarvis Securities (JIM:490p), a financial services outsourcer and retail client stockbroker, could be on course for another bumper annual profit performance despite suffering a shortfall in the first half of 2018 when pre-tax profits slipped from £2.35m to £2.08m on flat revenues of £4.8m due to the costs (around £500,000) associated with implementing the new Markets in Financial Instruments Directive (Mifid II). Jarvis’ board subsequently restructured its commercial fee tariffs to take into account the additional costs it's incurring.


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[tenapen] 06/2/2019 16:31

Thanks Both, i will get the magazine this weekend and take a read.

Regards.

[gsbmba99] 06/2/2019 15:18

I'm not a subscriber but reading between the lines of the URL I think he's saying to pay attention to the movement in the dividend?