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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 Shares Traded Last Trade
  1.00 0.61% 165.00 37,333 15:03:19
Bid Price Offer Price High Price Low Price Open Price
160.00 170.00 165.00 162.50 164.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Insurance Carriers, Nec 86.66M -7.25M -0.2322 -7.11 51.53M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:43:35 O 3,000 164.99 GBX

Personal (PGH) Latest News

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Date Time Title Posts
15/3/202410:40Personal Group - 120p and yielding nearly 7%336

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Personal (PGH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 15:43:36164.993,0004,949.70O
2024-03-18 14:23:28163.50305498.68O
2024-03-18 14:11:25161.00812.88O
2024-03-18 14:10:49161.001,3632,194.43O
2024-03-18 13:27:08164.003,4505,658.00O

Personal (PGH) Top Chat Posts

Top Posts
Posted at 18/3/2024 08:20 by Personal Daily Update
Personal Group Holdings Plc is listed in the Insurance Carriers, Nec sector of the London Stock Exchange with ticker PGH. The last closing price for Personal was 164p.
Personal currently has 31,230,807 shares in issue. The market capitalisation of Personal is £51,530,832.
Personal has a price to earnings ratio (PE ratio) of -7.11.
This morning PGH shares opened at 164p
Posted at 01/3/2024 13:47 by linton5
Lol it’s only where it was yesterday very undervalued share not a lot of stock floating about
Posted at 01/3/2024 09:50 by quepassa
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
Posted at 27/2/2024 10:13 by brianblu
On my watchlist Pgh good update but gets cheaper mmm nice divi also
Posted at 10/2/2024 11:45 by pireric
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
Posted at 02/1/2024 10:24 by quepassa
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
Posted at 29/9/2023 10:28 by topvest
Yes, very positive I thought. They are doing well on growing the insurance book which is the main revenue and profit driver. £30m annual premium income is clearly going to be passed in H2 and probably already has been in Q3. The 10% interim dividend increase says it all really. I'm not quite sure why the share price has been so weak.
Posted at 02/8/2023 06:53 by tnt99
This must be a great buy at this priceGiven the update and return to profitability big turn around now covid is in the rear view mirror
Posted at 02/7/2023 19:59 by tnt99
News on recovery in profits likely hope this boosts the share price
Posted at 01/10/2022 14:37 by topvest
Yes, thanks. Premium income growth was the most important message from the interim results. The group needs to get API back to growth and this has started. Video says the team is nearly back to full strength which is slightly different to the wording below. Nevertheless, if they can get API back to c£30m quickly that will be the most important driver of results.

"Affordable Insurance

Our traditional face-to-face insurance sales' model was significantly affected by the series of lockdowns seen in 2020 and 2021 and we have witnessed the expected lagged impact of this over the past few reporting periods. However, with the field sales team now up to full strength, we continue to successfully rebuild the insurance book and in June 2022 we recorded the highest amount of new business signed in a single month since November 2018. This, combined with retention rates remaining above the Group's historical averages, has helped to drive the Annualised Premium Income (API) value up to £26.2m (December 2021: £24.4m).

The level of claims in H1, and particularly in Q1, was higher than anticipated, although this has subsequently returned to projected levels. This, in combination with a smaller insurance book and the increased policy-holder acquisition costs associated with having a full sales team out in the field, resulted in an adjusted EBITDA contribution of £4.0m (H1 2021: £6.5m), which should now continue to build in line with our increasing API."

Share price has collapsed as with everything else, but starting to look very cheap with an enterprise value below £40m.

The £20m cash pile should start generating a bit of a return as well, so well suited to rising interest rates.
Posted at 10/9/2022 07:20 by jimtech
Will be looking at buying in again if share price levels out. Progress looks solid and decent dividend too. Seems to be under the radar of many.
Share price now at lowest point since 2004.
I can only assume that private investors have sold due to market concerns rather than PGH concerns.
Personal share price data is direct from the London Stock Exchange

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