Share Name Share Symbol Market Type Share ISIN Share Description
Pennon Group Plc LSE:PNN London Ordinary Share GB00B18V8630 ORD 40.7P
  Price Change % Change Share Price Shares Traded Last Trade
  -3.60 -0.37% 969.80 367,630 09:10:41
Bid Price Offer Price High Price Low Price Open Price
969.00 970.00 977.00 959.40 977.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 1,389.90 301.50 47.70 20.3 4,091
Last Trade Time Trade Type Trade Size Trade Price Currency
09:10:41 O 10 969.00 GBX

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Date Time Title Posts
27/11/202009:05Pennon into orbit ?1,103
28/9/201907:45Pennon - South West Water & Viridor Waste137

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Pennon (PNN) Top Chat Posts

Pennon Daily Update: Pennon Group Plc is listed in the Gas Water & Utilities sector of the London Stock Exchange with ticker PNN. The last closing price for Pennon was 973.40p.
Pennon Group Plc has a 4 week average price of 955.40p and a 12 week average price of 955.40p.
The 1 year high share price is 1,210.50p while the 1 year low share price is currently 886p.
There are currently 421,875,892 shares in issue and the average daily traded volume is 1,449,562 shares. The market capitalisation of Pennon Group Plc is £4,082,914,882.78.
pierre oreilly: Anyone have any views on the most likely target for pnn? The most investable water co ATM? Tia for any ideas. If there is a t/o in the sector, all in the sector benefit, so looks ripe for investment to me.
pierre oreilly: Dart, yeah exactly. All the time the price is a balance between bulls and bears, buyers and sellers. I hope pnn comes good for you. I'll sit on the sidelines and see how things pan out.
pierre oreilly: Well 1b of the £3.5b already gone, into areas which don't benefit shareholders much (like the pension and debt repayment). Not saying it shouldn't go there, but the cash return some were expecting back in the day will never happen. Selling viridor is a strategic disaster imv, they've sold a hell of a lot of profit, and the cash raised seems to keeping well away from shareholders. I really hate it when the company implies they've done great things for shareholders, and yet they simply sit on £2.5b of shareholders cash. I sold when i did a cursory analysis of the ex-everything and didn't like what i saw once the viridor profit vanished. Was thinking of buying back in at around 1050, but fortunately read on here anout the ftse demotion likelihood (which is probably why shareholders aren't going to get their mits on their own money - in the hope of not getting demoted. 2% divi. omg, people invest in water cos for the divi!. Agree, director egos are ruining pnn for shareholders. I won't be buying back here.
dartboard1: I agree with the sentiments above, return of capital would be in the best interests of shareholders. But it looks like a disastrous capital allocation decision is already priced in. If they returned the full net disposal proceeds of 2.8b, PNN would trade at a market cap / EBITDA of 3.6. Severn Trent currently at 6.3. So there is potential to overpay for a new business and still come within peer comparisons
essentialinvestor: Yes, however the market can only value the current business atm and very roughly ascribe a value for the cash optionality. As another poster mentioned and it's the same point I've made previously, there is a danger than PNN get screwed on any acquisition price. This is a new CEO, there are arguably major risks here imv. The market is belatedly waking up to those, that how I see it.
rogsim: The problem for PNN is that any possible takeover target knows the size of their "pot". It appears that the search is confined to water companies, or similar, and all Boards of companies in the sector will be on their guard as a result. It will need hard bargaining and there is the prospect of over-paying: I hope that PNN's advisors are on the ball. Giving a cash dividend, while attractive to some investors, would now be a sign of weakness.
dartboard1: Pennon looking now at Southern Water. Who are bigger, in turnover than PNN, but Southern look like they have a lot of debt, not a huge amount of free cash flow ... and a lot of capex to spend in next 5 years... Think I'd rather the special divi, and carry on with what is a great remaining business ...
gateside: So with the surplus cash being returned to shareholders, I assume then PNN will be demoted to the FTSE250?Wonder what effect that will have on the share price?
pierre oreilly: Rim, just some thoughts using your numbers (which agree roughly with my views too) You say divi to be il 2.5-3.0%, so say 2.75%, fair enough. We know the post-everything pnn divi will be about 21.11p, meaning a share price (@2.75%) of £7.68p when all done and dusted, agree with that. You expect £1-1.5bn (say 1.25bn) of the virid proceeds to be returned to shareholders (as a special divi - no evidence of that yet but still). So that means you expect a special of £2.97 per share. So the total value you expect is £2.97 cash divi plus a pnn share price post return of £7.68, being £10.64. I suppose being generous, we could add on the upcoming divi of 30.11p making a grand total expected exall value of £10.94. That is a little better than i thought, and think, but it seem there's nothing left in the current price (let alone being risk free under £11!). All fair enough and reasonable, except the risk of something not going as you envisage. I came out with a value a couple of quid less than using your assumptions. I don't like the very high implied p/e pnn will be sitting on post everything @7.68 (something like mid 20s) and to me the very high risk of the cash back not being cash in the hand. The risk of the cash into the pension pot being greater than you expect is large imv. All in all, the pnn price atm pretty much reflects the ex all value, if a little optimistically, imv. Very interesting the security of pnn should the market as a whole tank. This would be a better place than most to avoid the worst of that.
pierre oreilly: Thank mr, after i posted the above it made me think of the state pennon is in. About 10 minutes after my post, i sold the lot. It just looks pretty poor to me. The divi will be halved, and eventually the share price will be once the distribution of the cash from viridor has taken place. Now the way i see it, if it all was returned as cash, then that plus the halving of the share price and divi would be a good thing for shareholders. But what concerns me is that the cash will largely disappear into the pension fund, which won't help shareholders at all. The extra to go into developing the business in an unspecified manner can just effectively disappear too. Only part will be returned to holders - it's not known how much, and in what way. Often these days, a cash return doesn't actually mean cash in shareholders hands - a share buyback for example. That has long term benefits, but not short term. I also didn't like the reporting of the divi being increased by quite a chunk, when we know after this one, it will be halved, so just seems like pr to me. I've held for two years, and intended to hold longer, but it doesn't look great for shareholders to me. (I'm not looking to 'get back in' cheaper, these are genuine views which, of course, could be proved completely wrong). I have no idea yet where i'll put the cash raised.
Pennon share price data is direct from the London Stock Exchange
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