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PHNX Phoenix Group Holdings Plc

517.50
0.00 (0.00%)
08 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group Holdings Plc LSE:PHNX London Ordinary Share GB00BGXQNP29 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 517.50 518.00 518.50 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Life Insurance 22.81B -116M -0.1159 -44.65 5.18B
Phoenix Group Holdings Plc is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix was 517.50p. Over the last year, Phoenix shares have traded in a share price range of 436.40p to 586.80p.

Phoenix currently has 1,001,100,000 shares in issue. The market capitalisation of Phoenix is £5.18 billion. Phoenix has a price to earnings ratio (PE ratio) of -44.65.

Phoenix Share Discussion Threads

Showing 2276 to 2299 of 10775 messages
Chat Pages: Latest  95  94  93  92  91  90  89  88  87  86  85  84  Older
DateSubjectAuthorDiscuss
04/6/2017
11:38
Colonel A,If you are thinking that way,then sell all your holdings.Just look at the bright side and be positive.If the Market does sell off for whatever reason,it will give you an opportunity to buy shares at lower prices,but it always corrects,and makes new highs.PHNX below or around £7 a bargain.PHNX longer term £9/10.IMHO DYOR
garycook
04/6/2017
11:25
Jonwig,
Politicking is the last thing that these BB's need but I have to confess that my own position is somewhat driven by political interpretation.
As in, I think we are sitting in a market bubble inflated by the drop in £ and the prospect of inflation.
As to what might pop said, so far it has proven resilient.
Perhaps we will have one of those soft landings this time ?
Of course I could just be wrong.

colonel a
03/6/2017
18:37
It may come down to who will tell the most un-costed outrageous lies who wins. Green shield stamps anyone.
schofip
03/6/2017
17:34
schofip - I do hope you are correct!
ianood
03/6/2017
10:35
Although the Tory campaign has been woeful, I suspect they will win with an increased majority, mainly because the UKIP vote will collapse.
rcturner2
03/6/2017
09:10
Thank you again jonwig and thank you too tournesol! I think I will probably forget over-analyzing things and go with the flow and see what luck or bad luck (depending on the outcome) I have. It will be an interesting exercise and as it is for the long term and shouldn't really worry too much. Certainly hope Corbyn does not get elected based on the information in your post tournesol!
lauders
03/6/2017
09:09
I tried very hard to avoid politicking in my last post. It seems I was waving an invitation. Please grandstand elsewhere!
jonwig
03/6/2017
08:51
Imho if Corbyn wins we'll see a very substantial reversal. His manifesto is a long list of explicit bribes designed to buy votes - single biggest item is free university education aimed at buying the student vote but there is a long long list of others. He wants to (re)nationalise rail,mail,water,energy and who knows what else. Costs of that are omitted from manifesto. Then wants to repeal employment laws and revert to unfettered trade unions - that's to thank Unite for their support. He will increase welfare state regardless of cost (e.g. pensions, other benefits). He wants to increase corporation tax from 18 to 27% He wants to introduce a tax on financial transactions which will drive those affected offshore. His approach to Brexit is incoherent and utterly supine. He will go into negotiations with "kick me" on his forehead and will emerge with empty hands. On a wider front his entire ministerial team will be third rate deadbeat apparatchiks and hangers on who are all struggling to hide their amazement at being picked. The answer is that all the smart/competent Labour people have dis-associated themselves from JC. We will suffer a cataclysmic economic collapse. It will set us back several generations.
tournesol
03/6/2017
08:10
Lauders - Corbyn: small probability of a big hit.

"Hard" Brexit: do as much research as you want, you'll still have no clue about the longer-term effect on the UK economy! Nor has anyone else. Forget immediate market reactions. You can over-analyse these things, you know!

jonwig
03/6/2017
07:19
Thanks for the prompt reply jonwig. I appreciate nobody has a crystal ball. Wish there was such a thing around for investment decisions ;-) I guess what I am asking in a bad way is what investors think will happen if the vote goes one way or the other. The polls/opinions seem to think it is a close call. Not being in the UK it isn't easy to get a feel for the situation. So if May is victorious the general sentiment is that things will remain as they are and the market could rally further as a result while if Corbyn proves to be the victor the markets will take a cautious mode and shares such as PHNX are likely to react negatively. Is that about right or do I need to go and do more research? ;-)
lauders
03/6/2017
06:52
Lauders - none of us has a crystal ball ... depends how you view the chances of Labour being the largest party on Friday. The market's assuming it's not going to happen.
jonwig
03/6/2017
05:26
Finally decided to buy some PHNX shares but now have to decide on the timing. I am not buying these shares directly but have to go through an institution who will buy for me without being able to set any limit order and at their pace! All very unsatisfactory IMO but I don't really have a choice as pension/QROPS related. So will probably just have to place the order on Monday and see whether they manage to complete the deal before the election or after. General inquiry for those here on the timing. Better to just proceed and hope for the best price whatever or wait until after the election to proceed? I will be buying whichever way but would be interested in opinions if any are forthcoming! Thank you.
lauders
13/5/2017
12:05
Thanks guys
joan of arc
13/5/2017
12:00
XD was 30th March, pay day is on Monday. :-)
hyden
13/5/2017
11:58
PHNX went XD on 30/03,and the 23.9p divi will be paid this Monday 15th May.
garycook
13/5/2017
11:51
Can anyone say what the XD and payment dates for the divi are? The dates they have on their website are total rubbish.
joan of arc
04/5/2017
18:22
Bond tender - £178m acceptance out of £300m offered. That sort of result suggests a fair price.
jonwig
25/4/2017
20:01
stun12 - your input much appreciated, thanks. I wish more investment professionals would contribute to these boards!
jonwig
25/4/2017
16:04
fenners, I can't disagree with your maths at all. The issue of 4.125% bonds is a tap, i.e. it adds to existing bonds outstanding. The issue is a Tier 3 note...this is what the FT published about it when the issue priced in January:

"A UK insurer has today priced a first-of-its-kind bond in sterling, paving the way for a new market for regulatory capital in the UK insurance sector.

Phoenix Group has sold a £300m bond which matures in 2022 at a coupon of 4.125 per cent, reports Thomas Hale in London.

The bond is classed as “tier 3″ insurance debt, which is exposed to losses at times of stress but ranks higher than other capital bonds.

Insurers must have certain amounts of capital under Solvency II – European-wide regulation designed to fortify the industry. They can meet up to 15 per cent of their capital requirements through tier 3 bonds."

So yes, there is a cost, but the lower regulatory capital requirement is obviously a trade-off which Phoenix considered worthwhile.

Useful conversation, fenners, thanks for introducing it.

stun12
25/4/2017
14:42
Stun thanks for your input.

2.4% yield on a 5.75 % coupon presumably on a yield to maturity basis is where you get the 113.3%.

However it reads as these will be replaced by
" issuance by the Company (the "New Issue") of Sterling Denominated 4.125 per cent."

So over the same 4 years that adds £16.5m interest to the rolled up yield above.

So I make that a differential of £20.4m over 4 years

Cost of New Issue as well? Another 1% or included in the tender costs?

So that looks like costing £23.4m+

Which is a lot better than my calc of £60m above

fenners66
25/4/2017
13:43
Thanks Jonwig & stun12 for your input.
yupawiese2010
25/4/2017
13:33
These are my calculations (I work in an associated field).

Tender offer is at Gilts +190bps; the five year Gilt currently yields 0.5%, so the tender is at a yield of 2.4%. The coupon on the notes is 5.75% and the bonds are due on 7th July 2021. The price at the 2.4% yield is 113.3%. The cost of the tender will be small - usually less than 1%. Phoenix will be replacing the debt either with cheaper bonds or with more subordinate (quasi-equity) ones, and each year will have marked its issue to market, so the "loss", if any, will be small.

HTH.

stun12
25/4/2017
12:12
Thanks -went back and looked again at the chart - noticed that they are trading at the 52 week high or thereabouts so cost will be about £24m more than 52 weeks ago!

My £60m estimate of cost would be enough to wipe out 2016 profit before finance cost of £52m so the impact is not insignificant.

fenners66
25/4/2017
11:55
fenners - these bonds aren't traded in the ordinary way: if you want to bid or offer, you put up an indication on your Bloomberg Terminal and hopefully you get a matched bargain. Minimum size is usually £100,000. The bond price is that of the last trade, which could be weeks or months ago (look at the nodes on the chart in the link).

The end result of this is a trade-off between yield and security. Also PHNX will know what price range it will accept. Participants don't reveal their hand as they do with sharedealing.

jonwig
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