Phoenix Share Discussion Threads

[sogoesit] 20/3/2015 15:48

Ooh, aah... what's going on here?
This is not just "someone catching on to the yield"... this is more than that but I wonder what?

[skinny] 20/3/2015 15:29

It is tempting to take some profit - everything is on steroids this afternoon after the 7000 breach.

Nobody ever went bankrupt banking a profit - hmmmm.


free stock charts from uk.advfn.com

[envirovision] 20/3/2015 15:28

Im out I dont care how overbought it gets. Im done. Cheers all.

[spittingbarrel] 20/3/2015 15:27

Was thinking of letting some go at 875, but it feels like someone knows something unless they've finally woken up to it's yield.

[gliderpilot2002] 20/3/2015 15:27

Where else can you get this yield? My dilemma too so I will stick with this.

[rimmy2000] 20/3/2015 15:25

dont sell 'em sb, holding mine :D

[spittingbarrel] 20/3/2015 15:11

Feel I ought to be selling some, but where else can you get 6% yield?

[rcturner2] 20/3/2015 13:32

Happy days, new all time high.

[scburbs] 18/3/2015 19:45

Hi Ibrox,

My first impression would be potentially good news and at worst should be neutral.

Either PHNX can buy back annuities at favourable prices (good news) or annuity holders may sell to other investors if they offer a better price (neutral).

[ibrox] 18/3/2015 18:14

New rules on cashing in annuities how will that affect us?

[envirovision] 18/3/2015 08:59

Guess its time to let off steam, take a bit off the table and all that!

[this_is_me] 18/3/2015 08:17

More good news. Reducing debt is more of a priority in the next few years than raising dividends.

[jonwig] 18/3/2015 08:16

RCT - wasn't FLG taken out at around EV? Also, CSN is trading at around EV. Sorry, in a bit of a rush this morning.

PS - initial drop at 8 am. Odd!

[scburbs] 18/3/2015 07:49

Excellent set of results.

Remains to be seen how market will react to £200-250m 2015 target, but 2014-2019 cashflow maintained at £2.8m and 2020+ target upgraded from £3.3bn to £3.6bn.

As they continue to enhance MCEV there remains no indication that the dividend is eroding MCEV (i.e. being paid out of capital). They also upgraded the MCEV enhancement target for 2014-2016 from £300m to £400m (this implies a further £139m in 2015-2016 given very strong 2014 performance).

Achieving investment grade rating with 0.5% rate step down looks set to be the most positive event on the 2015 horizon.

"Given the uncertainty surrounding the transition to Solvency II, it is likely there will be some retention of capital in the short term within the life companies. At a Group level, provided that the regulations are in line with our current expectations, we expect to be well capitalised under the new Solvency II regime, with the Group capital position under Solvency II expected to be in excess of the current PLHL ICA surplus. However, this is subject to regulatory approvals and should not be seen as representing the views of the Prudential Regulation Authority. We are currently on track to formally apply for regulatory approval of our Internal Model in June."

[rcturner2] 18/3/2015 07:47

jonwig, any comparisons with peers as to where Phoenix sit re the discount to MCEV?

[hvs] 18/3/2015 07:42

Very credible result and making progress.

[jonwig] 18/3/2015 07:33

So I reckon the MCEV is 1176p/sh. Expected to rise by 178p over next two years. Dividend maintained as expected.

[skinny] 18/3/2015 07:05

Financial Highlights
· Operating companies' cash generation of £567 million (2013: £817 million), above the top end of the £500 - 550 million target range. A further £390 million was received on completion of the divestment of Ignis, resulting in full year cash generation of £957 million
· Market Consistent Embedded Value ('MCEV') increased to £2,647 million as at 31 December 2014 (2013 : £2,378 million)
· Delivered MCEV enhancing management actions of £261 million, a significant part of the £300 million target between 2014 - 2016
· Strong Group IFRS operating profit of £483 million (2013: £439 million)
· £988 million of cash at holding companies as at 31 December 2014 (2013: £995 million)
· IGD surplus of £1.2 billion as at 31 December 2014 (2013: £1.2 billion)
· PLHL ICA surplus of £0.7 billion as at 31 December 2014 (2013: £1.2 billion)
· 2014 final dividend of 26.7p per share, in line with 2013 final dividend

Comprehensive debt refinancing significantly strengthening balance sheet
· Total debt repayment of £601 million in 2014
· Gearing(4) reduced to 34% as at 31 December 2014 (2013: 44%)
· Bank margin reduced by 37.5 bps to 312.5bps due to reduction in Financial Leverage(5)
· £300 million unsecured 7 year bond issue
· Refinancing of the Group's remaining senior bank debt and PIK notes into a single £900 million facility
· Exchange offer of Tier 1 bonds into new subordinated notes with a maturity of 2025 completed in January 2015, with a 99% take up rate by bondholders

Operational Highlights
· Distributed £185 million of estate to a total of 95,000 policyholders through final bonuses on their with-profits policies
· Vesting customers given options to take full advantage of the extensive changes introduced by the 2014 Budget
· Completed Phoenix Life transformation with outsourcing partner HSBC to consolidate investment fund accounting, unit pricing and custody arrangements

Solvency II
· Although there remains considerable uncertainty with regard to the implementation of and transition to Solvency II, the Group is currently on track to formally apply for regulatory approval of its Internal Model in June 2015
· Expect to be well capitalised under the new Solvency II regime, with the Group capital position under Solvency II expected to be in excess of the current PLHL ICA surplus, subject to regulatory approval

Financial Targets
· Given the current uncertainty in relation to the transition to Solvency II capital regime, 2015 cash generation target range is £200 - 250 million due to the retention of capital in the life companies in the short term
· Long-term operating companies' cash generation target for 2014 - 2019 unchanged at £2.8 billion, supporting the Group's stable and sustainable dividend policy
· Cumulative incremental MCEV target increased by £100 million to £400 million between 2014 - 2016
· In future, gearing will be managed to a level consistent with the achievement and maintenance of an investment grade rating

[sogoesit] 17/3/2015 00:42

Good one enviro... never knew people sang about technical analysis but she seems to do it with a bit of soul too!!

[novision] 16/3/2015 12:17

Lol envirovision :-)

[stevenrevell] 16/3/2015 10:14

Is it good or bad havin result day on same day as budget rem last year when we bought in at 5.60

[rcturner2] 16/3/2015 10:05

Loving a rise like this 2 days before results out.

[rcturner2] 11/3/2015 08:58

Lord Lee, who has an FT column and was the first ISA millionaire, has 20 stocks in his ISA. Phoenix is one of the very few large caps in the list.