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Share Name Share Symbol Market Type Share ISIN Share Description
Tetragon Fin LSE:TFG London Ordinary Share GG00B1RMC548 ORD USD0.001
  Price Change % Change Share Price Shares Traded Last Trade
  +$0.00 +0.00% $11.825 378 08:00:00
Bid Price Offer Price High Price Low Price Open Price
$11.80 $11.85 $11.825 $11.825 $11.825
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 200.00 167.80 1,030.0

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Date Time Title Posts
05/6/200309:31The Bear Club...... Taylor & Francis Group50

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Tetragon Fin Daily Update: Tetragon Fin is listed in the General Financial sector of the London Stock Exchange with ticker TFG. The last closing price for Tetragon Fin was US$11.83.
Tetragon Fin has a 4 week average price of US$11.75 and a 12 week average price of US$11.75.
The 1 year high share price is US$13.90 while the 1 year low share price is currently US$11.75.
There are currently 87,100,000 shares in issue and the average daily traded volume is 14,444 shares. The market capitalisation of Tetragon Fin is £1,029,957,500.
davebowler: RNS Tetragon Financial Group (TFG) reported a 2.8% NAV total return for H117, with positive contributions made by all asset classes in the portfolio. Although below the target 10-15% range, annualised return on equity for the half year of 7.2% was ahead of the 6.3% achieved in 2016. Tetragon's share price total return was 7.4% for the six months to end-June 2017, with the discount narrowing by 2.1pp to 36.4% over the period. Dividends continue their steady progression, with the Q217 dividend increased by 4.5% from Q216 to US$0.1750 per share, and Tetragon's 5.3% dividend yield ranks as the second highest in the Flexible Investment sector. Tetragon's share price discount to NAV has steadily contracted since February 2016. The current 36.2% discount is narrower than its 39.5% five-year average but is wider than its five-year low of 20.4%, leaving significant scope for the narrowing trend to continue. Tetragon's 5.3% dividend yield ranks as second highest in its Flexible Investment sector peer group, significantly ahead of the 2.2% average.
wexboy: Tetragon Financial Group (TFG:NA, or TFG:LN) (5.5% of current portfolio): Share Price: USD 12.55 Market Cap: USD 1,172 Million Looking at the longer-term chart, one might presume TFG’s NAV discount has been closing steadily…but in reality, the shares have mostly been tracking NAV higher. After the recent $50 million tender offer, I estimate NAV’s increased to $20.12 per share (all else being equal)…leaving Tetragon trading on a 38% discount to NAV. And stripping out net cash, it actually trades on an ex-cash 50% discount to the value of its investments & asset management platform. Noting TFG’s balance sheet strength, its record of compounding NAV by 15% pa in the last 5 years (& 12% pa since the original 2007 IPO), a generous & progressive dividend policy (which now offers a 5.3% dividend yield), and a history of tender offers & buybacks ($250 million+ in the last 3 years), this valuation makes little sense. Two main objections are generally cited: The first being Tetragon’s portfolio, which is supposedly chock-full of CLO equity…whereas in reality, CLO equity now amounts to just 24% of NAV, a ratio that continues to fall. The second is management itself – certainly well deserved, based on past history – but TFG now has 24% insider ownership, and management has actually demonstrated consistent alignment with shareholders in the past few years. Quite obviously, growing the asset management business & increasing the share price/NAV has become a far more lucrative proposition now than attempting to gouge shareholders. Fortunately, technicals confirm this: After trading a tight $9.50-11.60 range for most of the last 4 years, the shares broke decisively higher in December – I wouldn’t be surprised to see a $14 price handle soon (& further progress in due course). Management is also placing increasing emphasis on the AUM growth & earnings of TFG’s alternative asset management platform, currently focused mainly on credit, real estate & infrastructure. AUM has grown (primarily organically) an astonishing 33% pa in the last 4 years, to reach almost $19 billion now – despite the growth focus, it already boasts 30-40% EBITDA margins. Management also dual-listed the shares in London, expanded research coverage, invested more time in dial-in & road-show presentations, and has now begun wooing the business press – the ultimate intention here is to IPO the alternative asset management business. But I’m also conscious another of my holdings here – Fortress Investment Group (FIG:US), also a cash-rich & under-valued alternative asset manager – is actually TFG’s largest shareholder (controlling a 14-15% stake). I’d actually rate the chances of a merger/takeover here just as likely as an IPO, noting FIG’s long & extensive experience with building investment platforms & spinning out permanent capital vehicles… For this & other top picks, check/Google my latest 'Top Trumps For 2017...' post on the Wexboy investment blog.
theape: is for me. if the renewals are as bad as I expect they are looking at lower sales. they are valued at 3 times sales so not only will this have a disproportionate effect on the share price, but they will be looking at massive intangible write downs too. internet pricay becoming a bigger issue for technical publishers at the moment, with most titles available somewhere on line free ( like it has become for music). currently rated as a growth stock ( hence valuation), if it starts contracting its knackered.
14:11 HJB - Talking down a stock is not illegal. Distasteful to some, and frowned on by many, but not illegal. No more of a crime than the house broker and others talking it up. "..I see no good reason here to be shorting this share other than the fact that a number of other people are.." Well, as long as there are enough of those 'other people' to create sufficient doubt for the price to fall, I am always pleased to collect any gain I can make from exploiting that movement. A very high proportion of share price movements in all stocks occur on spurious grounds, day in day out. Rumours and hints and disinformation are a regular part of how the market works, with much bigger players than the likes of us usually pulling the strings. Those of us here who've gone short on this one know the score. We can see how solid the case is or isn't and will limit exposure accordingly, knowing that if there's nothing in all this it will turn against us in a flash. And the companies who float on the market, rather than raising funds in other ways, do so knowing it's a casino. Lighten up. It's only a game (well, OK, maybe 'Dangerous Sports' rather than games) :O) MTG
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