Share Name Share Symbol Market Type Share ISIN Share Description
Just Group Plc LSE:JUST London Ordinary Share GB00BCRX1J15 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  3.10 2.95% 108.10 4,265,005 16:35:10
Bid Price Offer Price High Price Low Price Open Price
108.30 108.50 109.60 104.80 105.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 4,645.20 236.70 16.06 6.7 1,123
Last Trade Time Trade Type Trade Size Trade Price Currency
17:29:45 O 30,761 108.10 GBX

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10/4/202121:57JUST retirement new thread1,467
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Just Daily Update: Just Group Plc is listed in the Life Insurance sector of the London Stock Exchange with ticker JUST. The last closing price for Just was 105p.
Just Group Plc has a 4 week average price of 89.50p and a 12 week average price of 72.20p.
The 1 year high share price is 109.60p while the 1 year low share price is currently 40.80p.
There are currently 1,039,081,664 shares in issue and the average daily traded volume is 1,354,539 shares. The market capitalisation of Just Group Plc is £1,123,247,278.78.
alex4141: Overall impressive results given the current "climate". Just has achieved the profit growth and reached its capital self-sufficiency goal a year earlier than planned. Finally, we have passed £1 mark in the share price but a long way to go.
18bt: Getting into the detail: - The reserve release disclosures are interest. Broadly it backs their business model that ERMs are a very good hedge for annuities. But some net longevity release. - The adjusted earnings per share seemed to beat market forecasts (18.8p) whereas operating profit didn't. "Non-recurring and project expenditure was £12.7m (2019: £8.3m) and includes preparations for the new insurance accounting standard, IFRS 17, the costs associated with Green Tier 2 bond/concurrent Tier 3 tender, preparations for an internal model change to incorporate the recent regulatory changes and to move PLACL from standard formula to a Group internal model, and a number of smaller project costs." So adjusted PBT looks to be quite a big beat at £250m. - "We have taken a prudent view to reduce the long term property growth assumption by 50 basis points to 3.3% from 3.8% previously. In updating these assumptions, the Board took into consideration future macro-economic uncertainties including the effect of COVID-19 and Brexit on the UK property market. The strengthening of these assumptions has given rise to a £166m loss, which is the combination of the change in lifetime mortgage asset values and the increase to the value of insurance liabilities from the resulting reduction to the valuation interest rate." That looks quite a big cut in a long term assumption, but then - "Furthermore, in December 2020, the Group sold a portfolio of lifetime mortgages with accumulated value of £540m. These LTMs were sold at a gain to the IFRS fair value, but, we have foregone the difference in investment yield with the replacement bonds, and hence incurred a £136m pre-tax loss. Over time a proportion is planned to be allocated to new illiquid assets reducing this initial impact.
whatja: It is rare that regulatory reviews of capital regimes require less capital, but the SII review may be one that changes how capital can be deployed. Whether green infrastructure will be given a privileged status is one area that will be of interest, matching adjustment may be an area that can be simplified and some better rules found. As 18BT notes the discount rate is increasing but likely to be offset by losses on mark to market or model corporate debt. Just has published quite detailed analysis of its debt assets which like many have experienced downgrades but low default rates which perhaps matters more in the real world. Credit losses are the canary in the coal mine for insurers of all descriptions. If the govt manages to stave off mass defaults then Just and others will improve their share price.
camerongd53: The Investors Chronicle featured Just Group in it its Jan 28 issue as a Medium term Medium risk Value buy @78.8p. I agree with their views especially that the company business model is complex. I was both surprised and disappointed that the price did not rise on this tip initially, possibly mainly due to the complexity issues. The share price has recently risen by near 10% an long may it continue to rise as I am sitting on a large loss. Investors may be taking their time to digest the tip
rikreschem: (Sharecast News) - Broker Peel Hunt initiated coverage of Just Group on Monday with a 'buy' rating and 120p price target. "Just is at the tail end of repairing a strained capital structure," Peel said. "The process is now helping rebuild new business sales, which underpin future cash flow." Meanwhile, it noted the share price has fallen well below the intrinsic value of the company's in-force annuity book. "Whilst the cash is still trapped, hence for now no dividends, the company trades at 0.4x SII Tier I NAV, well below the 0.7-0.8x of listed closed-book Life insurers. We believe this is an opportune moment to buy into a depressed valuation." At 0955 GMT, the shares were up 5.6% at 84.10p
18bt: Peel Hunt have just initiated coverage with a Buy TP120p, which probably accounts for the share price increase. But don't have access to the thesis.
alex4141: Insightful piece on unjust valuations of JUST: hTTps:// FYI: "Earlier this month, RBC hosted a call with Just chief financial officer Andy Parsons, in which he was asked why the company had not yet been bought. “We are open to conversations from interested parties and conversations have happened,” Mr Parsons reportedly said. “All we can do is to focus on ourselves – making our business better will increase the appeal to others.” RBC took this to mean that interested parties will need to bid closer to 200p for a sale to be considered, although a Just spokesperson declined to expand beyond chief executive David Richardson’s comments that 2021 had started “with increased confidence”.
18bt: Deutsche have raised JUST share price target to 84 from 80p. Still a hold. Every little helps.
hollcat: 18BT - I agree this is very positive for Just, especially the sale of a mature book of LTMs. I agree the true value is dependant on the price they were sold for, and we await this detail, but this lends further credence to Just's argument with the Regulator to value these assets at a mark to market valuation rather than an incredibly penal mark to model. Furthermore this should allow Just to hold less capital in future arguing that they do not need to hold capital as if the LTMs were an illiquid option valued at risk free (CP16/18 or something like that). The Regulators view of LTMs is non-sensical given the large market of transacting LTMs - thousands are sold every day, and this transaction shows there is a bulk secondary market. I expect that when the market realises the significance of this we could easily be pushing at the 150-160 RBC target. I am buying more !
rapier686: I'm having trouble understanding why the share price is as it is, at a tiny fraction of net assets and a minuscule adjusted P/E ratio (never mind IFRS). The potential reasons I see are: a) Concern over recession induced credit losses (downgrades/defaults) b) Concern about the IFRS effect of interest rates possibly increasing again c) Concern about possible NNEG impact of future house price falls To my eyes, none of these come near an explanation for the share price, but perhaps I've missed an important concern or I should be a lot more worried about one of the above than I am. Clearly the market as a whole isn't piling in to a perceived bargain here - so what do we think is putting people off?
Just share price data is direct from the London Stock Exchange
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