Novae Share Discussion Threads

[welsheagle] 14/9/2007 07:45

Novae Interim Results


Interim Results
Novae Group plc Results for the six months ended 30 June 2007 Highlights
* Operating profit excluding FX effect on non-monetary items £22.4
million (2006: £22.7 million) * Profit before tax £17.7 million, up 22% (2006: £14.5 million) * Investment income £19.6 million, up 53% (2006: £12.8 million) * Reserves releases £12.7 million (2006: reserve deterioration £1.6
million) * Net assets per share 34.8p, up 12% (2006: 31.1p) * Net tangible assets per share 33.9p, up 12% (2006: 30.0p) * £100 million inaugural sterling bond issue; banking facilities
extended * New UK facilities and international general liability teams * Exceptional provision usage £3.9 million, down 43% (2006: £6.9
million)
Matthew Fosh, Chief Executive, today said:"Novae has had a successful first half. Underwriting has been
profitable across all areas of the business. Our inaugural bond
issue was well received by investors. Usage of the exceptional
provision fell as older claims are settled. Although the competitive
environment is more challenging, we remain upbeat for the year as a
whole."

[welsheagle] 19/5/2007 19:31

From May's 'Company Refs', when price was 41.5p:-
a/ Prospective PE ratio of 11.1 (based on six broker forecasts, three recommending 'buy', two recommending ''hold', and one recommending 'overweight').
b/ Forecast growth in eps of 5%.
c/ One director buying recently.
d/ Net asset value of 32.8p per share.

[18bt] 03/5/2007 16:56

"Novae appoints specialist FI underwriter

Thursday 3rd May 2007: 10:58

Novae has hired a financial institutions underwriter for emerging markets and commercial crime in the UK regional market.

David Leaper, who joins Novae Syndicate 2007, brings over 30 years' experience gained in both the Lloyd's and London companies market, including senior underwriting positions at Chubb, Trenwick and Sorema.

Mr Leaper will predominantly write bankers blanket bond and electronic and computer crime covers for commercial banks. "

This is turning into a mini hiring spree.

[janeann] 24/4/2007 22:02

yes its well stick at 38-41 p range. but no fall back today depsite the market

[arja] 24/4/2007 10:21

going nowhere at present . Still in uptrend but mayber the party is over??!

[jancarl1] 11/4/2007 13:10

Gathering strength for the next break-out attempt. 50p next stop.

[janeann] 27/3/2007 12:00

some pretty sizeable trades today as well.

[jancarl1] 26/3/2007 17:21

I would certainly mean that those volumes we have seen for the past three trading days are scary. Is this still the new high pulling in new punters or are we seeing some stakebuilding here?

[qs9] 23/3/2007 10:46

Looks like 50p is the next target, very strong following results...have topped up for a potential 20%+ in the coming weeks

[jancarl1] 23/3/2007 08:27

I see we have a profit upgrade and a 3rd strong buy recommendation this morning. Interesting day ahead. Next stop 50p.

[jancarl1] 22/3/2007 20:15

Ideal candidate in terms of market cap and valuation. Add in excess cash. Only downside would be legacy business which has to be sold first. No big deal at book value anyway. Maybe a bit of extraordinary profit in it as well.

But what a nice attempt on the 40p today on more than 18 mio shares volume. Have not seen that for some time. Break-through tomorrow?

[harleymaxwell] 22/3/2007 15:14

anyone think this could be a candidate in the consolidation stakes at Lloyds

[jancarl1] 22/3/2007 14:18

Looks like a serious test of the 40p mark on the cards today.

[jancarl1] 21/3/2007 08:35

And they upgraded 2007 as well to 3.74 which equates to 11.3% post-tax ROE. As stated earlier 15% and 5p is more like it and still below industry standards. I can't see why they would upgrade to 45p without significantly improving the earnings FC. Anybody read the report?

[welsheagle] 20/3/2007 20:36

Sorry Wiganer, meant 45p.

[wiganer] 20/3/2007 20:17

Dp you really mean 145p?! Do you have a link?

[welsheagle] 20/3/2007 20:10

Last post should read 45p rather than 145p.

[welsheagle] 20/3/2007 20:09

ABN AMRO have reiterated their 'buy' recommendation, and increased their target price to 145p.

[welsheagle] 20/3/2007 20:09

ABN AMRO have reiterated their 'buy' recommendation, and increased their target price to 145p.

[jancarl1] 20/3/2007 09:09

That definitely looks like a serious break-out attempt to me.

[jimbob220] 19/3/2007 11:17

Agree.

It needs some shareholder pressure, as I understand they had a deal on the table last year but didn't take it.

[jancarl1] 19/3/2007 10:48

Attractiveness would be vastly improved once the legacy business is sold off.

[jimbob220] 19/3/2007 09:26

yes, small mention in Sunday Times re: monoline Bermuda outfits being flush with cash after benign 2006 / Florida issues taking premium out : looking maybe to Lloyd's players as targets for acquisitions - Nva mentioned with ?Hardy? I think.

Any thoughts re: Nva's attractiveness as a target?

[bigbobjoylove] 18/3/2007 08:45

tipped a couple of times, should see breakout and 40p+ this week.