Just Share Discussion Threads

[mount teide] 18/7/2017 08:09

Yes, happy with that - particularly the strong margin growth.


'H117 margins are expected to have exceeded 7.0%. We remain comfortable with full year expectations, albeit with more moderate volume growth and higher margins than previously expected.

[qs99] 18/7/2017 07:27

Decent update IMO, but will probably not move the SP! Cynic that I am

[bean02] 14/7/2017 23:22

Is this share anything to do with a company I bought in the late 90s who were also called just group. But I think they were involved in tv/a sort of teletubbies spin off?

[fez77] 09/7/2017 13:48

JUST got to be patient!

[18bt] 06/7/2017 09:03

The rise in 15 year gilt yields should make annuities more attractive again and lead to increased sales. Should also be accounting profits (not economic) from discounting liabilities at a higher rate.

[mount teide] 05/7/2017 16:38

According to Euroclear's monthly stock loan data report - the total short position continued to reduce in June to 2.86%, down from 3.16% in May and, 3.55% at the end of April.

Odey's 1.49% is unchanged and remains the only disclosable position.

The non disclosable positions have reduced from 2.06% to 1.37% during the last two months.

[fez77] 03/7/2017 10:08

COMPLETION OF A GBP200M FIVE YEAR REVOLVING CREDIT FACILITY
Just Group announces that it has signed an agreement for a Revolving Credit Facility of GBP200 million, subject to an interest charge of LIBOR plus 150-300b.p. The facility has been made available by a group of three banks (ABN Amro, Barclays, and Natwest Markets) and provides a flexible liquidity source to the Group for the next five years.

Simon Thomas, Just Group's CFO, said: "I am pleased that we have replaced our previous senior term loan with a Revolving Credit Facility, which is both larger and some 100b.p better priced. This reflects Just's strong balance sheet and the progress we have made over the last year."

[fez77] 30/6/2017 20:11

Up to 130 and back down to 126! Still confident however in the long term.

[qs99] 30/6/2017 13:04

well I just wish they would try and find instis to off load those in lock-ins....not easy I appreciate, but once gone, ....

[qs99] 30/6/2017 13:04

trying hard again...

[fez77] 27/6/2017 15:09

QS and MT - the 90 day lock-in period ended on or around 26 June. Any views on future movements? Is Odey still shorting till the pips squeak?

[fez77] 23/6/2017 09:25

Following the Pole Star today!!!! Rubbing my eyes with disbelief!

[qs99] 22/6/2017 20:23

haha twas heading North yesterday! honest guv....

[fez77] 22/6/2017 20:23

Get your compass out!

[qs99] 21/6/2017 15:52

what a frustrating share! but heading North again

[carcosa] 19/6/2017 07:46

And true cost to him of around 83p depending on the award structure? (free bonus shares plus tax advantages)

[mount teide] 19/6/2017 07:27

CEO elects to buy circa 15,000 shares under the 2014 share save scheme at £1.19p.

[fez77] 16/6/2017 13:53

Or maybe Odey can just look in a mirror..........

[qs99] 16/6/2017 10:38

wish someone would come and put us out of our misery! intrinsic value per many brokers is materially NOrth of £2 yet we languish at £1.20-30 and cannot move from there.....or perhaps management can buy it for £1.60+?!! DYOR

[fez77] 15/6/2017 13:18

Thanks. We just have to ride the wave!

[mount teide] 15/6/2017 10:10

Unfortunately, the uncertainty generated by private equity placing 9% at 130p with a 90 day lock-in against further disposals, has given Odey who are short 1.5% at an estimated 130p average price, the opportunity to play around with the share price almost at will, until PE's intentions for the remainder of their huge holding becomes clear.

[fez77] 14/6/2017 20:30

Shouldn't have opened my mouth! It seems determined to linger around 130 for the present time.

[fez77] 13/6/2017 13:42

Thanks MT. A circa 185p takeover would be very nice and may happen eventually although there will be a lot more machinations first!

FT is saying "As of Jun 09, 2017, the consensus forecast amongst 9 polled investment analysts covering Just Group PLC advises that the company will outperform the market."

And also:- "The 7 analysts offering 12 month price targets for Just Group PLC have a median target of 168.00, with a high estimate of 220.00 and a low estimate of 135.00. The median estimate represents a 28.74% increase from the last price of 130.50.:

With a high estimate of 220 and a median target of 168, your 185 does not seem unrealisable. Modest rise today (so far) and therefore going in the right direction!

[mount teide] 12/6/2017 12:39

Was the 9% placing by private equity at 130p a ruse to flush out a circa 185p takeover offer for the company, to enable an exit in full, without breaking their agreement with the company?

Following the placing, they hold circa 39% - the 90 day lock-in period ends around 26 June but, their agreement with Just prevents a push for a sale of the company.

PE would have expected the 9% placing to likely lead to an extended period of further share price weakness, at least until the market became aware of their intentions for the remaining 39% following expiry of the lock-in period. Creating a self serving window of opportunity for an offer for the business, at a price giving PE a decent premium for their 39% and, offering any buyer plenty of upside to the current and growing embedded value.


Numis said recently:

‘We believe the current share price discount to embedded value is difficult to justify’

‘The business should be worth more now than it was a year or 18 months ago, reflecting the merger, the cost synergies achieved, the growth in assets under management, the higher margins achieved, the growth in the embedded value, and the growing earnings per share profile.’