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PGH Personal Group Holdings Plc

163.00
-5.50 (-3.26%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Personal Group Holdings Plc PGH London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-5.50 -3.26% 163.00 16:00:36
Open Price Low Price High Price Close Price Previous Close
168.50 163.00 168.50 163.00 168.50
more quote information »
Industry Sector
NONLIFE INSURANCE

Personal PGH Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
29/09/2023InterimGBP0.058512/10/202313/10/202316/11/2023
28/03/2023FinalGBP0.05306/04/202311/04/202318/05/2023
27/09/2022InterimGBP0.05306/10/202207/10/202215/11/2022
29/03/2022FinalGBP0.05307/04/202208/04/202220/05/2022
21/09/2021InterimGBP0.05330/09/202101/10/202105/11/2021
23/03/2021FinalGBP0.05101/04/202106/04/202112/05/2021
23/07/2020InterimGBP0.05920/08/202021/08/202025/09/2020
11/05/2020InterimGBP0.01521/05/202022/05/202026/06/2020
13/02/2020InterimGBP0.05920/02/202021/02/202027/03/2020
30/10/2019InterimGBP0.0582507/11/201908/11/201913/12/2019
26/07/2019InterimGBP0.0582508/08/201909/08/201920/09/2019
30/04/2019InterimGBP0.0582509/05/201910/05/201921/06/2019

Top Dividend Posts

Top Posts
Posted at 19/3/2024 09:11 by balcony
And a 10 percent dividend over the next 14 months if the dividend stays the same.
Posted at 19/3/2024 07:48 by pireric
I totally agree in principle. Although I'm not going to blame PGH as almost every company in the world uses management consultants, hence why the MC industry is so huge

Eric
Posted at 19/3/2024 07:32 by quepassa
Good results with a very upbeat/buoyant outlook.

Increase in dividend of c. 10% this year which is significant.


Great airline contract announcement by subsidiary, Innecto.


all imo. dyor.
qp
Posted at 19/3/2024 07:21 by pireric
Good results, small Innecto division with a meaningful contract win. Adj. EBITDA £8.1m vs. approx £8m from the trading update. 11.7p dividend for the overall year. Ex dividend for 5.85p is next Thursday

I think what investors need to cotton onto is the growth in the business excluding Let's Connect in the year, which had the contract loss that drops out as a headwind this year. Revenues were up 17% on this basis.

I think it's entirely possible 2024 growth could at bare minimum be 7-8% come the end of the year. >£20m net cash balance as per usual (well in excess of any required solvency thresholds but is a huge chunk of the EV).

Trough P/E multiple (and 6x ex cash) completely at odds of where the business is at. I suspect this will mark the start of a meaningful share price recovery

"Confidence across the Group is high for 2024 and the Group is well-placed to deliver further growth with an increasing proportion of recurring revenue and a strong balance sheet.

Trading has continued positively into the first quarter, reinforced by the renewal of the contract with Royal Mail Group, securing the provision of insurance cash plans via face-to-face road show visits, and the signing of a significant contract for the Pay & Reward division with a global airline."

Eric
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 09/2/2024 15:13 by basem1
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
Posted at 25/1/2024 08:17 by quepassa
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
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.

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