Phoenix Share Discussion Threads

[panshanger1] 14/8/2021 09:53

RNS 23/6 covers it in detail

[jonwig] 14/8/2021 09:18

KROWLET - not really. He's group general counsel, and was given shares (zero cost) and sold them all. It's likely he was awarded them on the 11th and sold them immediately. (If he was awarded them before the 11th, there would have been an RNS saying so.)

Agreed it's a large chunk and may well have affected the price, but I wouldn't make an obvious link with the nature of the results.

[krowelet] 14/8/2021 09:00

Large director share sale announced 4pm Thursday I take as a possible warning here, exited pretty swiftly as soon as able to imo.

[boystown] 14/8/2021 08:47

So does "90 day lock in period from previous sale in June" mean Swiss can't sell their remaining 6.63% for that period?

Also - how do we know they intend to sell the rest? Clearly someone is selling, and it seems likely it's Swiss, but presumably could be A.N Other?

Anyway, all I'm trying to guess at is a reasonable top-up price, but the 620p mentioned seems ambitious?

[nerja] 13/8/2021 21:59

Yes that’s so , would not be suprised if Swiss re have not already got the buyer and that may explain this further weakness in the share price if I was a buyer/ holder that was going to get the shares at a large discount I would be selling my holdings to buy back the discounted shares, just a thought.

[williamcooper104] 13/8/2021 21:13

Ah so - 90 days expiring in the not too distant future

[nerja] 13/8/2021 20:39

Yep panshanger1, that means after exdiv drop, so would expect another big discount to the sale for them, I can see them going for £6 to get them away.

[panshanger1] 13/8/2021 20:24

90 day lock in period from previous sale in June

[cwa1] 13/8/2021 20:22

Did wonder if and when the remainder of the block was going to come up for sale. That would certainly cause a bit of distress in the market if it did

[nerja] 13/8/2021 20:09

The 6% Swiss re sale in June started this drop and with them still have another 6% to dump hard to see any progress until they get rid

[tornado12] 13/8/2021 19:43

Not sure I agree with such a low target unless there’s general market drop next week, but sub 640p will start to take my first Tranche here ! GLA

[eurofox] 13/8/2021 19:08

Plenty of stop-losses on margined trades knocked out there. Very happy with this, since I have only just initiated building of a position. Expect ex-div to knock more out plus a further over-shoot for more margined positions going, should give a top-up point around 620 ish.

[grahamburn] 13/8/2021 18:02

From The Times today:

A FTSE 100 firm has brought in colour-coded lanyards for staff to signify whether they want colleagues to keep their distance or that they are “OK with high-fives” as employers commit to hybrid working for the long term.

The insurance services company Phoenix Group said the creative solution to social distancing had been introduced to keep staff comfortable as they returned to the office. It said that it had also introduced “safely social events” to help staff to find their way back to socialising in the office.

[brwo349] 13/8/2021 16:50

INVESTOR CHRONICLE COMPANIES
Phoenix Holdings keeps up the cash focus
Life insurer remains in good shape, though – as ever – its investment case requires unpacking
August 11, 2021
By Alex Newman

First-half cash generation doubles
Board approves rise in half-year dividend
PHNX:LSE Phoenix Group Holdings PLC

“We continue to deliver cash, resilience and growth,” trumpets Phoenix Group (PHNX) chief executive Andy Briggs at the half-year mark.

As ever with Phoenix, it’s useful to get a handle on each of these concepts. But it’s particularly important after a period in which the FTSE 100 group swung to a £1.4bn net operating cash outflow, shareholder equity contracted 13.4 per cent, and gross written premiums hit £2.14bn, versus £2.46bn in the first half of 2020.

Let’s start with ‘cash’, which for Phoenix is confusingly less about the cash flow statement – which must reconcile cash to both policyholders and shareholders – and more to do with the implications for investors’ dividends.

Cash generation, which the life insurer defines as cash and cash equivalents remitted by its subsidiaries to the group, is its preferred proxy for operating profits, as it is measured against its ability to “cover dividends, debt interest, debt repayments and other items”.

This doubled to £872m in the six months to June, meaning a £1.5bn to £1.6bn guidance range for the year looks beatable. Citing extra value generated from the 2020 acquisition of rival ReAssure, the board was happy enough to pass on the benefit via an increase in the half-year dividend.

There are also plenty of ways to measure ‘resilience217; beyond the statutory balance sheet, which tends to jump around. Though the group’s capital surplus dipped to £5.1bn in the period, this was thanks to a £200m debt repayment in March and left both leverage and the group’s coverage ratio well within comfort ranges.

Phoenix, which recently called on fellow asset managers to up their role in the battle against climate change, is also keen to be associated with a kind of ESG-themed resilience. A pledge to eliminate carbon from its investment portfolio – which following the sale of various businesses has declined to £304bn – sounds laudable, but like many ‘net zero’ commitments relies on the actions of counterparties, in this case sovereign and corporate bond issuers.

A deadline of 2050 for asset juggling is also well beyond the shelf life of many of its existing policies, though investors can at least point to tangible signs of long-term business ‘growth’, following a £1bn buy-in with its own pension scheme.

RBC, which expects adjusted earnings of 108p per share this year, sees fillips in M&A prospects stemming from European insurers keen to offload their legacy UK life books, and the approval of a new internal model – which would lower capital requirements. Improved long-term cash generation could follow. Buy.

[gateside] 13/8/2021 16:24

Not one of my best timed buys a couple of months ago.Showing a 9% loss on this now.

[rogerramjett] 13/8/2021 16:16

Drop normally comes ex dividend. This has another week to go. Will be reinvesting the dividend without a doubt. What is wrong with this market. Its full of idiots. I have a high risk/ growth PF which when sold off just goes into divi stocks. All divis are reinvested into several stocks with an average dividend of 7.1% now. Capital is up a small amount on initial investment but its the divis I am after. If it gets hammered further on ex divi then it will be a time to add some more with the early September divi payments. Buy them whilst they're low.

[thamestrader] 13/8/2021 16:06

This is getting hard to resist, but think I'll hold off for the weekend.

[rogerramjett] 13/8/2021 15:58

Keep going

[rogerramjett] 13/8/2021 15:58

664.5 🤣🤣🤣🤣9315;

[cassini] 13/8/2021 15:33

Forward looking dividend 7.2% at the current price.

[spcecks] 13/8/2021 15:04

Agree rogerrramjett a no brainier at these prices.

[rogerramjett] 13/8/2021 15:01

Absolute no brainer at this price and the lower it goes the bigger the no brainer. Outstanding H1 results.

[rogerramjett] 13/8/2021 15:00

I hope it does get pasted because it will only increase the yield

[rogerramjett] 13/8/2021 14:59

Porsche. You are a doom monger.

[masurenguy] 13/8/2021 12:56

Good opportunity to top up, or even enter, at this price.
Porsche 1945 is just a troll - ignore !