Phoenix Share Discussion Threads

[rcturner2] 24/2/2015 08:32

These analysts are idiots. Buy at 849.25p for a price target of 850p??? WTF?

[envirovision] 24/2/2015 08:27

If its 850 already and they are saying the target is 850 then why are they not saying hold!

[mike740] 24/2/2015 08:21

24 Feb 15 Phoenix Group... Canaccord Genuity Buy 849.25 850.00 850.00 Reiterates

[jonwig] 24/2/2015 08:00

See 2013 AR p194 for ways in which they've mitigated some effects of GARs via derivative protection against reducing interest rates, though not increased longevity.
2014 saw even lower rates, so there might be further effect on profits and capital surplus.

[envirovision] 23/2/2015 23:29

Quite a high proportion of policies seem to have attached GAR's here, however at least they were transparent, Aviva and a few others declined to comment:

Q1: How many GAR policies do you now have on your books?

A: At the end of 2011 there were 2.1 million pension policies in force across the Group of which 460,000 contained valuable pension guarantees.

(The vast majority of GARs were set in the 1970s and early 1980s and are broadly consistent across Phoenix, e.g. a lump sum of £9 secures a pension of £1pa for a male at age 65, giving an annuity rate of 11.1 per cent, broadly double that available in the open market today)

[jonwig] 23/2/2015 12:45

FT: "Sir Howard Davies set to be appointed RBS chairman"

I'd have thought that was pretty full-time in itself, let alone our Chairman and chairing the London Airports Commission?

Another turn of the revolving chairs.

[envirovision] 17/2/2015 14:51

Its still over 6.3% still one of the most safe/reliable too.

Try finding a bond paying that these days without the risk!

[jonwig] 17/2/2015 14:43

Regarding the dividend, didn't we discuss this some time ago (we should have done), as this is from the H1 statement (August 2014):

The underlying strength of the business model and the stable and predictable long-term cash generation has enabled us to declare a 2014 interim dividend of 26.7p per share, in line with the 2013 interim dividend. Given the run-off nature of the group's business, the Board believes it is prudent to maintain a stable, sustainable dividend whilst the Group builds its financial flexibility to execute its growth strategy and will keep the dividend under review.

And, if they are in the business of consolidation, it would be prudent to maintain, not increase.

So ... don't expect an increase any time soon!

[sogoesit] 17/2/2015 11:57

Yes, an increased dividend would be exciting but, having topped-up in recent days at 830/835 I am still happy.
Looks like break-out is confirmed.

[dangersimpson2] 17/2/2015 11:56

Brokers are always behind the times on the way up and the way down. In general they don't like to step too far away from the consensus or too far from the current share price in case they get it wrong. It's one of the reasons momentum investing continues to work despite being very well known. What you have to remember though is that by momentum investing you are taking advantage of under-reaction to changes in fundamentals. If you have positive share price momentum but declining fundamentals you eventually get rapid reversals (like AO World last week.) With PHNX we have positive share price momentum and mildly positive (or at least neutral) fundamentals so reversals shouldn't be too much of a concern. Should positive momentum continue I would expect the brokers targets to be updated to reflect the new SP!

[skinny] 17/2/2015 11:50

I believe N+1 have a TP of £1.36!

[rcturner2] 17/2/2015 11:49

envirovision, I hope that come the finals Phoenix increase the dividend by a decent amount. That should generate plenty of interest.

[envirovision] 17/2/2015 11:42

Although reassuring to read everybody has increased their valuations, I am surprised that on the whole the overall ratings are all still so low.

[mike740] 17/2/2015 11:13

Phoenix Group Holdings’s Hold Rating Reiterated at N+1 Singer (PHNX)
Posted by Joseph Griffin on Feb 17th, 2015

N+1 Singer reissued their hold rating on shares of Phoenix Group Holdings (LON:PHNX) in a research note released on tuesday morning.

Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Phoenix Group Holdings from GBX 915 ($14.11) to GBX 925 ($14.26) and gave the company an overweight rating in a research note on Monday, February 2nd. Analysts at Canaccord Genuity reiterated a buy rating and set a GBX 850 ($13.11) price target on shares of Phoenix Group Holdings in a research note on Wednesday, January 14th. Analysts at Berenberg Bank raised their price target on shares of Phoenix Group Holdings from GBX 825 ($12.72) to GBX 888 ($13.69) and gave the company a buy rating in a research note on Wednesday, January 7th. Finally, analysts at Deutsche Bank raised their price target on shares of Phoenix Group Holdings from GBX 740 ($11.41) to GBX 855 ($13.18) and gave the company a hold rating in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Phoenix Group Holdings presently has an average rating of Hold and an average target price of GBX 571.82 ($8.82).
Phoenix Group Holdings (LON:PHNX) opened at 833.50 on Friday. Phoenix Group Holdings has a 1-year low of GBX 560.52 and a 1-year high of GBX 853.50. The stock has a 50-day moving average of GBX 820.6 and a 200-day moving average of GBX 768.1. The company’s market cap is £1.875 billion.
Phoenix Group Holdings is a United Kingdom-based company that acquires and manages closed life insurance businesses that are in run-off. It operates life assurance business, which include management services, through Phoenix Life. Phoenix Life is responsible for the financial and operational management of the closed life funds with the support of the management service companies and outsources service providers.

[mike740] 17/2/2015 11:11

NEW HIGH SET.

[scburbs] 16/2/2015 13:19

Full prospectus for the new notes is on website.

The new notes are intended to effectively represent tier 2 capital and can be swapped/redeemed in the event the rules were to change such that they (or any associated loan into the group) no longer qualify as tier 2. There are also mandatory deferral provisions in the event payment would create capital shortfalls.

Looks like they have managed to get some valuable protections into these instruments so the purpose of the transaction looks clearer now.

hxxp://www.thephoenixgroup.com/investor-relations/bondholders/pgh-capital-limited.aspx

[skinny] 12/2/2015 15:19

Edited - I must get some new glasses! :-)

[jonwig] 12/2/2015 10:58

On Sunday ...?!

(Now who's nodding off?)

[skinny] 12/2/2015 10:35

Full year results on 18th March - .

[rcturner2] 12/2/2015 10:27

Looks like testing the all time high again here. Still paying out a massive dividend at the current share price.

[revell40] 06/2/2015 10:13

Buy buy I need £9 on this one

[ih_500869] 03/2/2015 10:57

PHNX having another try at breaking out from a bullish top triangle. Once through prev top new up leg should commence.

[hvs] 02/2/2015 18:18

regulator did not intend to use the incoming Solvency II regime as "an opportunity to raise capital requirements across the board".

"The PRA believes the UK industry is in a good position, having had the UK risk-based ICAS regime for around 10 years," he said."

Its ONLY OTHER PEOPLES MONET lets PARTY

Its all FREE FREE FREE

[scburbs] 02/2/2015 18:13

"Speaking at an event in London Paul Fisher, acting executive director for insurance supervision at the Prudential Regulation Authority (PRA), told insurers that the regulator did not intend to use the incoming Solvency II regime as "an opportunity to raise capital requirements across the board".

"The PRA believes the UK industry is in a good position, having had the UK risk-based ICAS regime for around 10 years," he said."

hxxp://www.out-law.com/en/articles/2015/january/uk-will-not-gold-plate-solvency-ii-capital-requirements-for-insurers-says-pra/

[sogoesit] 02/2/2015 14:58

Seems support today @830 and sellers step in at 834'ish.
Added a few at 833p, see how it goes... hoping it doesn't turn into a reversal!