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PGH Personal Group Holdings Plc

165.00
1.00 (0.61%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Personal Group Holdings Plc LSE:PGH London Ordinary Share GB0002760279 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 0.61% 165.00 160.00 170.00 165.00 162.50 164.00 37,333 15:03:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Insurance Carriers, Nec 86.66M -7.25M -0.2322 -7.11 51.53M
Personal Group Holdings Plc is listed in the Insurance Carriers sector of the London Stock Exchange with ticker PGH. The last closing price for Personal was 164p. Over the last year, Personal shares have traded in a share price range of 146.00p to 217.00p.

Personal currently has 31,230,807 shares in issue. The market capitalisation of Personal is £51.53 million. Personal has a price to earnings ratio (PE ratio) of -7.11.

Personal Share Discussion Threads

Showing 326 to 349 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
DateSubjectAuthorDiscuss
15/3/2024
10:40
Results next Tuesday. InvestorMeetCompany presentation on Friday at 1pm

Eric

pireric
01/3/2024
14:08
I wonder if Paula will decide to jettison Let's Connect into the long grass as part of her initial review.

If we look at the first half, it made £3.56m of revenue, but a £0.287m EBITDA loss, which offset about 10% of the group adjusted EBITDA in the first half. It does have a seasonal H2 weighting, but I'm not sure it would have even made break-even in 2023. So may be some profit benefits to shuttering it and stripping back that cost

I'm convinced the equity here is far too cheap.

Eric

pireric
01/3/2024
13:47
Lol it’s only where it was yesterday very undervalued share not a lot of stock floating about
linton5
01/3/2024
09:50
Welcome jump in share price today.


Just for the record, in its recent 25/1/24 Company Flash Update house broker Cavendish gave a Target price of 240p for PG.

That's pointing to approx. 50% upside from today's price.


Personal's burgeoning insurance business is not to be underestimated.


ALL IMO. DYOR.
QP

quepassa
27/2/2024
10:13
On my watchlist Pgh good update but gets cheaper mmm nice divi also
brianblu
26/2/2024
15:09
I’ve noticed all trades are not noted and also some 5hat are is buys 👹
linton5
19/2/2024
18:55
big buys

19-Feb-24 11:34:30 171.00 45,000 Buy 167.00 175.00 £76.95k
19-Feb-24 11:13:35 171.00 51,420 Buy 167.00 175.00 £87.93k

aublune
13/2/2024
11:49
I am picking up some
aublune
10/2/2024
12:25
Fully agree.

See my recent posts as well.

quepassa
10/2/2024
11:45
Here were my starting thoughts, PGH:

164.5p mid-price
£51.4m market cap, £20.1m net cash
£30.3m enterprise value

- £49m of revenue excluding voucher pass-through revenue
- Between 2013 and 2022, traded on an average forward P/E of around 17x. Currently down to only 10.3x P/E. The only time it has ever been below 10x was during the GFC, and then momentarily at the lows last year

- On an ex-cash basis, down to just 6.1x P/E

- EPS still in recovery mode, but should be on a strong forward growth path now. 14.3p forecast for last year, 16.0p forecast for this year (suspect it could/should be higher). 2019 EPS was 28.4p so still a long way short of pre-COVID levels (taking time for new written premium benefits to filter through against the investment put in). No change to the share count.

- Founder Christopher Johnston at a 36% holding remains a large aligned shareholder. Probably leads to M&A at the relevant point in time in the future/not too distant future. I make it that he is getting on towards being 80.

- CEO strategy review comes at a time when the business is showing good underlying momentum, and will probably be focused on driving profitability increases on the insurance side, potentially better monetising voucher pass through, and putting more focus on how to increasingly quickly scale the employee benefits platform opportunity.

- Underlying revenue growth (Excluding vouchers) impacted in 2023 by Let's Connect -£6m, but this headwind drops back from 2024 so the underlying business should now start accelerating.

- "Recurring revenue" > 75% of the group revenue mix

Affordable Insurance business

- Personal Group's bedrock and has been pretty consistent over time

- Post sales force investment, now hitting new annualised premium signed records; £11.8m in FY23, up materially from £9.5m in 2022 and rebounding well from £3.7m in 2021, £2.4m in 2020. Comfortably above 2 years in a row vs. the £9.0m of 2019.

- Claims rates c. 27% above pre-COVID levels of 23-24%, but not something expected to revert soon. And frankly not a huge issue.

Employee Benefits platform business

- High quality platform revenue, through direct and indirect channel (Sage). Sage's own growth has really picked up in recent years. Surely possible that they look at the employee benefits platform they are currently whitelabelling and consider taking it out at some point in the future.

- Increased to 12% or so revenue share of the group excluding voucher sales passthrough.

- What value do you put on these software benefits platforms which are still growing >20% p.a. (may become mid/high teens %) with total ARR of £6.1m? And where the Benefits platform makes 60% EBITDA margins (minus intercompany)? You could easily argue 5-7x trailing ARR, which would be equal to or more than the enterprise value of the company itself

- Cavendish flag that the Sage Employee Benefits penetration of Sage's own customer base is still less than 1%.

- Hapi 2.0 and Sage Employee Benefits 2.0 look like they are available now for general adoption. Probably some migration to be worked through, but you can e.g. see their app store availability already:

Valuation

- On the more simplistic lens, with all the momentum in the business, and with the business quality actually improving, why couldn't this get back to say 14-15x P/E compared to the 10.3x it is at today? 14x would be 36% upside and would imply an ex-cash P/E of still <10x. It would be 224p, and you'd receive a 7% dividend return too, so we're talking 43% total returns.

- Dividend yield is 7.1% at these levels, so paid to wait, and that's fully covered by earnings. Low capex, low working capital business model

- This is a business that is capable without any growth of generating £6m+ of free cash per annum, so on an enterprise value basis, it's generating a 20% free cash flow yield which is extremely high.

- NED bought £24k in mid January, £10k in December

- If you wanted to be creatively bullish, you'd put the employee benefits platform business on a chunky ARR multiple, the rest of the business on a normal multiple, and then value the cash bridge separately. I won't do that, but you can easily get very very materially higher than £51m.

Outlook
- "Trading in the first few weeks of 2024 has been positive, reinforcing confidence in ongoing delivery moving forward."
- "Confidence across the Company is high for 2024 and the Group is well-placed to deliver ongoing growth acceleration."

Eric

pireric
09/2/2024
15:13
Largely overlooked Lots to like Growing earnings a nice cash pile and juicy dividend I would like 6 like this. Also like ALU and Cake
basem1
09/2/2024
14:43
Very interesting here I think. Been kicking the can and building a position over recent sessions. Might flesh out some of those points over the coming days

Eric

pireric
25/1/2024
12:14
more than a third of £58m market cap is in cash.

Cash £20m
Mkt Cap £58m

quepassa
25/1/2024
09:27
You should almost certainly be able to buy inside the public spread.

The public spread is currently 177-185 but the last trade was done at 183.44.

So the market is likely nearer 178.5-183.5.

Try a couple of dummy runs with your online broker!

quepassa
25/1/2024
08:27
Tighten that spread and I will have a few more
basem1
25/1/2024
08:17
Great figures/Trading Update.

The insurance side is going gangbusters with significant growth of 13%.

I like the strategy of AFFORDABLE INSURANCE and at a time when the NHS is failing on so many fronts - this is likely in my view to be a major growth area.

Look at that balance-sheet. Zero debt and £20 million cash.

And EBITDA up 33% from £6m to £8m.


The shareholder dividend looks well supported.

All Imo. Dyor.
QP

quepassa
25/1/2024
08:16
Nice chunky yield at this level too
basem1
25/1/2024
08:04
Nice results gone largely unnoticed by the markets
basem1
02/1/2024
10:24
Off the radar.

STRONG INTERIM RESULTS which saw the interim dividend increased by 10%.

If the final dividend is equally increased by 10% which seems a reasonable possibility, this would mean a full year divi of 11.7p ( 5.85p increased interim plus prospective 5.85p final), the yield is currently 6.3% .


Not many AIM shares have a prospective yield of 6.3%.


Moreover, they have an extremely robust history and track record of paying shareholder dividends.

Strong Outlook.

With a new CEO and £21million cash versus market cap of just £58million combined with high dividend, PGH would appear to have a lot of positives going for it.

ALL IMO. DYOR.
QP

quepassa
27/12/2023
09:46
Giving away 5 pound notes
tnt99
16/12/2023
11:15
Here we gobsmacked I didn't buy more
tnt99
12/12/2023
11:26
Far too cheap ?
basem1
21/11/2023
10:48
SP drops 9% on 3 x £500 trades...crazy, crazy!!
flc
20/11/2023
18:14
Trading up shares down crazy market
tnt99
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older

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