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PHNX Phoenix Group Holdings Plc

552.60
10.40 (1.92%)
28 Mar 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
  10.40 1.92% 552.60 550.00 550.20 551.20 541.20 544.20 6,499,251 16:35:08
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Life Insurance -34.59B -1.83B -1.8270 -3.01 5.51B
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 542.20p. Over the last year, Phoenix shares have traded in a share price range of 436.40p to 600.60p.

Phoenix currently has 1,001,100,000 shares in issue. The market capitalisation of Phoenix is £5.51 billion. Phoenix has a price to earnings ratio (PE ratio) of -3.01.

Phoenix Share Discussion Threads

Showing 2051 to 2075 of 10100 messages
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DateSubjectAuthorDiscuss
10/1/2017
11:23
EI - 2016 cash generation target of £350-450m was prior to AXA acquisition (see 2015 Final Results -

AFAICS from today's rns...
Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") announces that it has generated a total of £486 million of cash from the Group's operating companies in 2016. Of this total cash generation, £117 million has been generated from the integration of the AXA Wealth pensions and protection businesses ("AXA Businesses") that were acquired on 1 November 2016.

So £486m - £117m = £369m cash generation excl AXA Businesses, which therefore falls within original 2016 target of £350-450m.

speedsgh
10/1/2017
11:19
Been able to get my fill over last few days, happy to be back with a decent weighting again.
my retirement fund
10/1/2017
11:01
If the 2016 cash generation targets of 350M-450 were made factoring in AXA,
then today's confirmation of a significant exceeding looks a very strong
performance imv.

Any thoughts on that?.

essentialinvestor
10/1/2017
09:08
Ok, sure, follow now. Thanks, jonwig.
sogoesit
10/1/2017
09:03
Sogoesit - no, the hoped-for buyers of their new debt will not be too keen.
jonwig
10/1/2017
09:01
Thanks jonwig. My thoughts too RCTurner.
Jonwig : "I don't think... investors... too keen to see an equity dividend hike."
I don't follow. Are you saying, with a yield already quite high, equity investors would prefer that they retain capital thus moving the share price higher over time than take further income?

sogoesit
10/1/2017
09:01
True, but I'd assume the bank stuff was variable but the new debt instruments were fixed (not necessarily at a lower rate than current bank), which would be their main motivation. And hence greater visibility.

Actually, their dividend record isn't over-generous compared with their cash generation. They've had historically high levels of debt (for a life company) and I think will continue to be cautious. Three years of merely maintained dividends remember? ('13-'15.)

jonwig
10/1/2017
08:00
jonwig, if they are swapping expense bank overdrafts for long term loans, surely there will be more cash available?
rcturner2
10/1/2017
07:55
Cash generation looks ahead of target on a quick scan of that statement.
essentialinvestor
10/1/2017
07:51
It was a bit higher, yes, but they are a cautious lot and didn't ram home the point. However, as quoted in my post #2054, they have stated the cash sum they will pay out for H2 2016 and the whole of 2017.

Note, too, that they are reorganising their debt by raising stuff on the bond market to repay bank loans. I don't think potential investors will be too keen to see an equity dividend hike.

jonwig
10/1/2017
07:44
To my lay-, or lazy, eye the update says cash generation has been higher and faster than previously forecast.
Am I right and, if so, does that imply there could be a higher dividend payout?

(I took up some rights but not all; and now thinking to re-allocate as my largest holding in this sector is CSN).

sogoesit
09/1/2017
01:26
Thank you for all the feedback. PHNX does look to be near the top now. Just considering LGEN as I like the look of what they are doing per the last annual report. If the derivatives concerns hit the fan though I would think both would suffer badly (knock-on effect of anything financial related) while GSK would weather the storm better. That is my main concern now.
lauders
08/1/2017
09:57
Like GSK(largest single holding) however FCF will barely cover the dividend in 2017.
Last year a significant part of their dividend was paid from debt.
A rebasing of the GSK payout under a new CEO may happen
as part of an invest for growth strategy, just my take.


Added a few PHNX on Friday afternoon.

essentialinvestor
08/1/2017
08:57
Lauders,I own shares in GSK,LGEN,and PHNX.If I had to choose between the 3,now it would be PHNX,for growth and a dividend income of at least 6%.Regarding HSD,there could be a possibility of a dividend cut.So play safe with PHNX.IMHO DYOR.
garycook
08/1/2017
08:24
We had a long discussion of the forthcoming dividends back in October, but it does no harm to review it, as the Midas article has (probably) got it wrong ...

Regarding the "54.7p dividend for 2016, rising to 57p for 2017", these numbers are stated in the RI prospectus, with the caveat that they are 'before adjustment for the rights issue'.
The prospectus says clearly [p 56]:

The incremental cashflow generation from the Acquisition supports (subject to regulatory approval) a proposed increase in dividends in respect of 2017 to £197 million.

This is 50.14p/sh on the current 392.85m shares in issue.

Also, they say "the Board is expecting to increase the final dividend in respect of 2016 to £69 million" which would be 17.6p, giving a total for 2016 of 44.3p.

jonwig
08/1/2017
07:31
Thank you very much for that information jonwig. More interested now. A toss-up between GSK, LGN and PHNX now probably. Will see how much stronger PHNX get on the back of that Midas verdict. Might have to wait a bit for a dip & then act. I don't think the DOW, FTSE etc.. are going to continue going up and some sort of correction is due. As usual I will probably completely wrong!
lauders
08/1/2017
07:24
Lauders, the important stuff is here at the end of the article:

To minimise the chance of policyholders being left out of pocket, regulators make sure that life companies are exceptionally strong financially, so they are obliged to set aside significantly more capital than they are likely to need.

As policies lapse or policyholders pass away, Phoenix is allowed to bring some of the surplus capital back into its business and each year a proportion of that money goes towards shareholder dividends.

For City brokers, this is one of the most important ways to measure Phoenix, as it highlights the company’s financial stability and its likely future dividend payments. After the Abbey transaction, which was completed on December 30, Phoenix said it expected to generate at least £2.7billion of cash between now and 2020, which should translate into rising dividends over the coming years.

Full-year results for 2016 will be released in March and analysts forecast a dividend of 54.7p, rising to 56p for the current year and equating to a dividend yield of more than 7 per cent.

Bannister is actively looking for new deals and there is every chance that they will come his way. Many insurers and banks with life and pension divisions are keen to sell off their closed-life subsidiaries and focus on their core business instead. The overall UK closed-life market is valued at about £250billion and, as the leading player in the sector, Phoenix is well placed to buy any unwanted businesses.

The company is disciplined in its approach to acquisitions, however, only buying firms that strengthen its financial position and enhance its ability to pay dividends.

Midas verdict: Phoenix Group offers investors the prospect of healthy dividends over the long term and the shares should rise in price too. At 748½p, they are a buy.

jonwig
08/1/2017
02:05
I cannot access that DM link as blocked in the the Far East where I live. Anything of great value anyone is willing to share from it please?

GARYCOOK - Do you think the HSD dividend is sustainable? PHNX looks the safer of the two. I am looking for a good high yielder to just buy and forget and so far my choices are GSK, AZN, RDSB, CLLN, CNA, PHNX or HSD. I need it for QROPS pension related wrapper purposes so hence the buy and forget.

Edit - Added LGEN to the list!

lauders
08/1/2017
00:07
Agree.Big core holding for me,along with HSD for the dividend income.
garycook
07/1/2017
22:46
Nice write up underlining the yield attractions.
essentialinvestor
07/1/2017
22:23
Daily Mail tip
pillion
04/1/2017
14:01
RCTurner21 Dec '16 - 07:32 - 2008 of 2046 0 0 Edit
Anything under 750p is a bargain in my opinion.

rcturner2
04/1/2017
13:49
Have PHNX as a further add if we do get some sort of market pullback.
essentialinvestor
03/1/2017
16:12
M&A in insurance:

Life insurance operations, especially books that are closed to new business, are also likely to change hands. This year Aegon sold £9bn of UK annuities to Rothesay Lifeand Legal & General, while Phoenix, which specialises in closed books, made a series of acquisitions. That could continue as big insurers look to release capital from legacy businesses.

Jean-Francois Izac, managing director at Lazard, says: “With continued pressure on capital and return, more back-book transactions are likely to take place over the next few years, potentially creating just a handful of large closed-book businesses in Europe in five to 10 years.”

George Swan, an insurance partner at law firm Freshfields, agrees: “People are expecting quite a lot to happen in the annuity space as life insurers continue to seek to offload both closed and open books of business.”



But it's uncertain when PHNX can act again. Apart from digestion, another fundraising looks out of the question for at least a year.

jonwig
03/1/2017
13:31
Did not even realise I could check e-mails on my mob until about 2 years ago, luddite,
or other words less polite ).

essentialinvestor
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