St. James's Place Share Discussion Threads

[quepassa] 01/3/2024 12:00

dex,

kitchen-sinking.....

...the one thing never to forget about kitchen sinks is that they are connected to the drains....

-re share prices - hope you read that book I recommended!

-let's hope and trust that the £426 million provision for potential client refunds is sufficient.

...I recall that the clearing banks vastly underestimated their initial provisions for ppi claims once the word got out and a tsunami of claims deluged and dogged them for years.

wishing you well in your investing.

all imo. dyor.
qp

[jakleeds] 01/3/2024 11:35

I was thinking of shorting them a few years ago at 12 quid, but they just kept going up, touching 17 quid a share!!
If they can fall from £17 to £5 a share, I can see a lot more downside yet.

[dexdringle] 01/3/2024 11:05

jakleeds, they have 160bn under management. £1 a share value the whole business at just £550 million. If true then the whole fund / wealth management business across the board is virtually valueless and is a dead industry walking. You'd better start shorting. You'll make a fortune.

[dexdringle] 01/3/2024 10:59

QP the point of pasting the Lind Invest post was not to flag a buyout but simply to point out that there is some interest from at least one serious party to buy at this price. Why would they do that if it is a basket case that's almost certain to fall further ?

Edit: and they're not buying it for the dividend and quality management....

[jakleeds] 01/3/2024 10:57

Crazy. They’ll be kicking themselves. There’s much, much worse to come here. Later this month they’re going to be expelled from the FTSE100 after the reshuffle.
All the tracker funds will have to sell.
I can see these going to a quid or less.

[dexdringle] 01/3/2024 10:54

QP, you're right, yes I did say £8.75.. Thanks for going back and checking though. It's much appreciated 🤣

That was before the disastrous dividend cut and restitution provision this week of course. The new CEO is kitchen sinking the whole piece as they do. The old CEO must be laughing all the way to the bank. His buy of shares Amy £6 was presumably done out of embarrassment at that point.

Obviously, no one is going to offer £8.75 when the prevailing price is £5. The likely buy out price needs to be adjusted according.

The fall from £12 to £8 then to £6.50 was odd. Now we know why. It would be interesting to see who was selling at £12, £11, £10. It is likely they had more 'detailed' information than everyone else....

[quepassa] 01/3/2024 10:50

really? are you serious

come on....!

a 3.2% stake.......

[quepassa] 01/3/2024 10:36

Dex,
You'll end up believing your own propaganda!

See your October post number 506 where you suggested a bid was likely at 875p.


There is in my view still no chance of any bid even now that the share price has fallen 45% in the short five months since then.

There's still plenty of dirty washing to be done.

Good Luck!

all imo. dyor.
qp

[dexdringle] 01/3/2024 10:18

If they carry on making £400M net profit per annum and paying an 18p dividend costing £100M per annum then, unless there is more restitution than the £410M provision, there will be £200M to £300M for buybacks in future years.

Each £100M buys back 20M shares at £5 a share. So potentially buying back 60M shares per annum which is over 10% of shares in issue. Each year. By end of 2027 the shares in issue will be down to 400M and, at £400M profit per annum, that's £1 per share. A PE ratio of 5.

With current Enterprise Value at £11 a share, Private Equity must be looking at this now and taking a medium term view. I wouldn't rule out a cheeky £7 a share bid.....

[jubberjim] 29/2/2024 08:08

In and out

Good luck all

[tim 3] 28/2/2024 16:03

Decent bounce

[jubberjim] 28/2/2024 14:12

Took some at 432 but hedged by buying HL. and Abdn in equal proportions

Think there will be benefits as those funds have to go somewhere if the worst comes to the worst

[sludgesurfer] 28/2/2024 14:08

I have nothing personal against SJP. I would never touch them. I think they're an poor company and a poor investment with a rapidly declining moat.I do admit an element of schadenfreude at their travails. And yes, any wealth manager who wants an entry or exit fee has no faith in their performance. Rightly so in SJPs case. They're own funds are absolute dogs. Expensive ones at that. Agree with you on the claims culture however.

[tim 3] 28/2/2024 13:56

dex

I agree with you about charges.

As long as they are transparent about them I don't see an issue.

Not a fan of this claim culture we seem to se so much of nowadays.

[dexdringle] 28/2/2024 13:45

jakleeds 28 Feb '24 - 13:40 - 766 of 767

So they’re gonna charge advisers for any ongoing advice that wasn’t given in the last year. Wow!

^^^^^ quite right too. They received the money for doing nothing so why would SJP swallow the cost of the refund and not claw it back ?

For all the IFAs gloating remember - they'll be coming for you next. These clients love a refund. PPI, car finance, advice fees etc etc etc. Personal responsibility and loyalty are the first thing to go out of the window when there is some free bunce on offer.

[jakleeds] 28/2/2024 13:40

So they’re gonna charge advisers for any ongoing advice that wasn’t given in the last year. Wow!!!

hxxps://citywire.com/new-model-adviser/news/we-could-chase-partners-for-ongoing-advice-refunds-sjp-ceo-says/a2437153?re=117768&refea=328232

[dexdringle] 28/2/2024 13:33

sludgesurfer, you seem quite vitriolic towards SJP. Have they done you some harm at some point ?

Regarding entry / exit fees I'm not saying people should be grateful they don't charge both. I'm saying they only charge one or the other. Are you saying they should charge neither?