Lancashire Share Discussion Threads

[garycook] 20/2/2017 14:37

Hmmm.Would love to buy some again at 530p !!!

[speedsgh] 20/2/2017 14:12

Macquarie issues a broker note on Lancashire Holdings Ltd -

Macquarie today reaffirms its underperform investment rating on Lancashire Holdings Ltd (LON:LRE) and raised its price target to 530p (from 489p).

[garycook] 19/2/2017 12:31

Enjoyed reading Speeds article.LRE are very shareholder friendly.After first buying in Jan 2015,I have since trebled my holding which now owes me £4.64 a share,with dividends reinvested.So dividend income for 2016,worked out for me at a 15.4% yield.So personally it is a great core holding.Good to see LRE holding cash for maybe another purchase,or return part of it to shareholders in the payment for the Dec 2016 Special dividend.

[jrphoenixw2] 18/2/2017 14:41

The 10% figure still almost surprises me, but it reflects the risk you take when so much [hopefully] comes in Special divs.
I wonder to what extent the profit-taking was accentuated by the holiday weekend in the US [Monday=Presidents Day]. If at all. These seem rather nervy times, so profit-taking on a Friday appears par for the course these days.

ps. There were some useful insights given in Maloney's talk/analysis [thx Speeds for linking, I don't think I've seen such a transcript for past meetings and it was interesting]. What struck me is how they're strategically de-risking, and running heavy with cash. Either they find good use for it, or hopefully it'll be returned in due course.

[garycook] 18/2/2017 11:04

Phoenix,ADVFN Financials are now showing a rounded up figure of 73p for the yearly div,s,so you are spot on.Shame about the profit takers yesterday.But would have taken 719,before the results announcement.So up over 5% after results.Happy with all at LRE.Fair play to Minerve taking his profits.Just like to know the company he purchased with the proceeds of LRE.

[jrphoenixw2] 18/2/2017 03:15

The FX rate for the div will be set at noon on the R/D 24-Feb. On the previous div we watched the FX rate on the R/D to get a feel for the rate that would be applied:

In post 996^ I noted:
------------------------------------------
'Google suggests these two give live rates:

hxxp://www.forexlive.com/LiveQuotes
Might be interesting to compare these channels vs the actual applied. Perhaps give us a decent data source for future big divs...'
-------------------------------------------
and after the rate was eventually published it turned out these two sites were the closest of the several sources we looked at on 14th-Dec [R/D].
Of course it's a small div this time, so no big deal. But just wanted to mention it since after all the talk of trying to divine the rate on the R/D, the best source/s didn't get highlighted.

ps.And since I'm doing numbers this morning ...
The current, running or trailing yield = divs over the past year/current share price
If an estimate is included for the latest div it looks like this:
X/D Aug/16 = 3.807p
X/D Nov/16 = 60.404p
X/D Feb/17 = 8.058p [estimated, 10 cents at 1.241]
Total = 72.269p; Current share price = 719p; = Current Yield of 10.05%

[speedsgh] 17/2/2017 12:31

Worth a read if/when you have the time...

Lancashire Holdings' (LCSHF) CEO Alex Maloney on Q4 2016 Results: Earnings Call Transcript -

[jrphoenixw2] 17/2/2017 11:19

Sometimes I find myself digging back on these boards looking for deeper context around results and how the share price reacted. To that end maybe this [Evening Standard, yesterday] might yield some value in future...
--------------

'Insurer Lancashire Holdings notched up its best day on the stock market as shares surged on better-than-expected annual results.

The FTSE 250 company managed to blow analyst forecasts out of the water for the final three months of the year despite turbulence in the industry. It made a pre-tax profit in the final quarter of $51 million (£41 million), slightly higher than last year thanks to a strong underwriting performance.

UBS analysts had pencilled in a sharp fall, but admitted the result had come in about $20 million, or 64%, higher than they expected as Lancashire “side-stepped some of the larger losses in the market”. The $150 million annual profit was also about $20 million higher than Peel Hunt predicted.

Chief executive Alex Maloney warned that market conditions would remain “difficult for the foreseeable future”, but this did not put investors off, with the added fillip of a special dividend to keep them interested. [*JRP*>Presumably the one that should be due in Dec-17?]

The shares, which were initially floated on AIM in 2005 before Lancashire upgraded to a full listing, leapt 60p, or 9%, today to 740.5p — their biggest-ever one-day rise.

Lancashire was the mid-cap index’s best performer by some distance and its surge stood out on a day when stocks fell.
----------------------

[minerve] 16/2/2017 14:28

I've sold out. Could go higher but wanted to reinvest in another company today. Record high and no real sign of a re-rate is enough for me. Good luck.

[jrphoenixw2] 16/2/2017 14:11

The stock it up intra-day c9% on [IMO] pretty dull results; so what's going on, the headline-free silence seems at odds with the stocks response? Going to be interesting to see if any new notifiable major interests come in in the next few days.

It's re-taken 750 :)

[garycook] 16/2/2017 09:29

Martin,Yes you are correct the dividend payments have been excellent,but can change yoy,on profits.

[garycook] 16/2/2017 08:43

Martin,That was last year,s 2016 dividends has Speeds correctly quoted.

[jrphoenixw2] 16/2/2017 08:43

@11-Percent above
----------------------
Not XD yet. I make the key-dates as follows:
XD 23/2
RD 24/2
PD 22/3
FX rate noon on the RD.
10 cents a/o now @ 1.249 = 8.01p

[FWIW At the time of writing LRE is the highest riser in the FTSE-250 this morning +c8.1%]

[speedsgh] 16/2/2017 08:42

Interesting to note that this year's full dividend of $0.90 (c72p) will be almost as much in sterling terms as last year's $1.10 (73.5p) due to the fall in sterling vs dollar.

[jrphoenixw2] 16/2/2017 08:37

@737.5 +57 at 8.35hrs
+8.4% in c1/2hr.
And there was me thinking the results were pretty bland...

[speedsgh] 16/2/2017 08:37

A potted dividend history for those of a longer term disposition...

TOTAL FY 2016 - USD 0.90 (??.????p)
final (Mar 17) - USD 0.10/?.????p
special (Dec 16) - USD 0.75/60.4035p
interim (Aug 16) - USD 0.05/3.7997p
---------------------------------
TOTAL FY 2015 - USD 1.10 (73.5392p)
final (Mar 16) - USD 0.10/7.1608p
special (Dec 15) - USD 0.95/63.1292p
interim (Sep 15) - USD 0.05/3.2492p
---------------------------------
TOTAL FY 2014 - USD 1.85 (120.02p)
special (Apr 15) - USD 0.50/33.8333p
final (Apr 15) - USD 0.10/6.7666p
special (Dec 14) - USD 1.20/76.4112p
interim (Sep 14) - USD 0.05/3.0135p
---------------------------------
TOTAL FY 2013 - USD 0.80 (48.91p)
special (Apr 14) - USD 0.20/12.1133p
final (Apr 14) - USD 0.10/6.0566p
special (Dec 13) - USD 0.45/27.54p
interim (Sep 13) - USD 0.05/3.20p
---------------------------------
TOTAL FY 2012 - USD 2.10 (134.84p)
special (Apr 13) - USD 1.05/69.05p
final (Apr 13) - USD 0.10/6.58p
special (Dec 12) - USD 0.90/56.05p
interim (Sep 12) - USD 0.05/3.16p
---------------------------------
TOTAL FY 2011 - USD 0.95 (61.06p)
final (Apr 12) - USD 0.10/6.35p
special (Dec 11) - USD 0.80/51.65p
interim (Sep 11) - USD 0.05/3.06p
---------------------------------
TOTAL FY 2010 - USD 1.55 (97.96p)
final (Apr 11) - USD 0.10/6.16p
special (Jan 11) - USD 1.40/88.56p
interim (Sep 10) - USD 0.05/3.24p
---------------------------------
TOTAL FY 2009 - USD 1.40 (85.36p)
final (Apr 10) - USD 0.10/6.66p
special (Jan 10) - USD 1.25/75.62p
interim (Oct 09) - USD 0.05/3.08p
---------------------------------
TOTAL FY 2008 - NO DIVIDENDS PAID
---------------------------------
TOTAL FY 2007 - USD 1.10 (56.22p)
special (Jan 08) - USD 1.10/56.22p

[speedsgh] 16/2/2017 08:31

MMD - Those dividends are historical. On the assumption that the market is forward-looking, it is not the $0.10 final dividend that is driving the price forwards this morning. Either results are better than forecast or there is some other factor in there that I haven't identified yet. Will be interesting to see what comes out of the conference call.

[mister md] 16/2/2017 08:24

I guess this is the part you like the most, Garycook:

Dividends

The Lancashire Board declared the following dividends during 2016:

-- A final dividend relating to 2015 of $0.10 per common share;
-- An interim dividend of $0.05 per common share; and
-- A special dividend of $0.75 per common share.


I make it $0.9 = 72p approx = 10% yield approx at current shareprice levels...

[11_percent] 16/2/2017 08:23

7% up, and we are ex divi.

[garycook] 16/2/2017 08:10

Must have been better than expected,and the market like it.BEZ was the same.

[this_is_me] 16/2/2017 08:10

Nice jump this morning after the RNS.