Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group LSE:PHNX London Ordinary Share GB00BGXQNP29 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40p -0.06% 699.60p 1,268,255 16:04:10
Bid Price Offer Price High Price Low Price Open Price
699.50p 699.70p 711.70p 699.00p 702.20p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 2,549.00 259.00 66.80 10.5 5,045.5

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Date Time Title Posts
15/3/201910:51PHOENIX GROUP ::::::::: Zombie Fund3,274
02/3/201616:56Phoenix Group latest news and comments-

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Phoenix Group Daily Update: Phoenix Group is listed in the Life Insurance sector of the London Stock Exchange with ticker PHNX. The last closing price for Phoenix Group was 700p.
Phoenix Group has a 4 week average price of 658.70p and a 12 week average price of 549.80p.
The 1 year high share price is 809.50p while the 1 year low share price is currently 537.50p.
There are currently 721,199,214 shares in issue and the average daily traded volume is 3,574,875 shares. The market capitalisation of Phoenix Group is £5,049,836,896.43.
riverman77: Thanks, it's more expensive than AV certainly, but you'd expect that as there are longer standing issues which is keeping the share price low.
stun12: EPS is on page 478 of about 3000 (!). EPS basic is 66.8p, diluted is 66.7p for a P/E of about 10.8x based on a 720p share price. Not sure how that compares with the others you mentioned, but it certainly doesn't sound expensive.
pj fozzie: Well based on share price movements today - it's looking pretty good for FTSE100 membership. Awaiting market close, PJ
jonwig: jimbox - PHNX isn't an ordinary company: it doesn't make stuff or sell stuff. First, it's a big black box throwing off cash but whose size is declining. It can throw off this cash for 25-30 years before it fizzles out. Second, the box gets filled up by acquisitions and in-force policies which both increase the size of the box and lengthen the payout time. To achieve this, the company raises more cash via share issues, debt. If you concentrate on eps and profits (ie. ordinary accounting principles) I think you'll miss the point of this. The problems, though, are that the assets which sit in the box are a bit fragile: eurozone bonds, equities, ... and that's why the share price has been weak. All the above - just my opinion: open to reasoned argument.
lauders: Hope the Capital Market Day today gets us back on track and we can claw back some of the recent weakness in the share price. Looking forward to seeing what is said and hopefully learning about the exciting future PHNX have before them.
jonwig: I mentioned Barclays just recently. This is the bit I meant (post #1688, 06/04/16): While we believe the dividend is sustainable for the next 20 years, we have to discount the dividends at c.4% to get to the current share price. In our view, the market has already priced in a dividend increase on the back of a potential deal. (Remember they were the bearish one - probably still are.) What they said ought to be at least as true now, after the SL acquisition and despite the increased share capital. On these assumptions, if we take the current 47p dividend and discoount it over 18 years we get a npv of 620p*. This assumes no residual value. [Amended after next post, #3081.] How do higher bond yields figure? First, advantage: when existing bonds mature, they can be reinvested at a higher rate, reducing the strain of paying guaranteed and other annuities. Second, neutral: inflation and interest rate hedges in place. Third, disadvantage: higher interest rates increase the chance of debt default by either corporate or sovereign isusers. Whilst I'm relaxed about the share price, I'm pretty inactive at present. *That doesn't seem to fit Barclays' numbers, but I've checked my calcs.
garycook: Pierre O'Reilly.The last PHNX RI was issued on 28/09/2016,at 508p and until payment day PHNX only dropped to a intraday low of 699.90p on the 02/11/2016.On the Nil paid Rights day on 25/10/2016.The PHNX share price ranged from 730p to 780p,and finished at 755p.PHNX share price has only dropped below £7 once since until now on 12/12/2016 at 697.50p The Offical Nil Rights price on 22/06 is 691p.Mr O'Reilly if PHNX drops to 518p,then you need to buy as many as you can afford,because PHNX at 518p will not be at that price very long if at all.IMHO around the £7 area is as low as the PHNX share price will go Sir !!!
jonwig: Just to add to #2703: the PHNX RNS on 23 Feb was made when the share price was around 750p, so the calculation would have been (assuming 1:2) as follows: Existing shs ... 393.26m @ 750p RI shs ......... 196.63m @ 483p Total .......... 589.89m @ 661p SLA award ...... 147.38m @ 661p = £974m, which looks about right. But, now that the PHNX share price has risen to around 795p, SLA are indeed getting their shares on the cheap! If the PHNX share price had fallen in the interval, the opposite would have been the case. They could rectify the situation by accepting that they need to raise less that £950m or by reducing the cash consideration - I doubt either will happen!
hyden: By my calculations Standard Life will effectively receive a 6.5% discount for their holding and here's how: What we know today: Acquisition Price =£2.93bln Cash element = £1.971bln Leaving £0.959bln to pay in shares (2.93 less 1.971) Standard Life will own 19.99% of the enlarged Group Current Shares in issue = 393,259,232 Current Share Price = £7.89 My assumptions: The Rights Issue will be at 1 for 2 The underwriting fee will be in the region of £50m My calculations: 393,259,232 x 1/2 = 196,629,616 Rights to be issued 393,259,232 + 196,629,616 = 589,888,848 shares in issue, post Rights 589,888,848 x (1/(1-19.99%)-1) = 147,380,053 additional shares to be issued to Standard Life, post Rights Check: 147,380,053 / (589,888,848 + 147,380,053) = 19.99%, which is correct. £0.959bln / 147,380,053 = £6.51 per share, effective price paid by Standard Life (£0.95bln + £50m) / 196,629,616 = £5.09 payable per Right 393,259,232 * £7.89 + 196,629,616 * £5.09 / (393,259,232 + 196,629,616) = £6.96 TERP So, if my assumptions prove to be correct then the Rights Issue Price will be approximately £5.09 and the theoretical Ex-Rights price will be £6.96, giving Standard Life a 6.44% discount to the post Rights Issue share price. Now, should my assumptions prove to be incorrect then varying the Rights (eg: 3 for 5 or even 4 for 7) will not impact the discount enjoyed by Standard Life. However, varying the fee will have a very minor impact upon the discount enjoyed by Standard Life (e.g. a 10% uplift in the fee produces a 12 basis point uplift in the discount).
stun12: That would be quite the lump to add. Personally, I'd like to see it happen, though no doubt some volatility in PHNX share price would ensue. Is this why we've had a few days of mild down when the wider market has been ticking up?
Phoenix Group share price data is direct from the London Stock Exchange
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