Share Name Share Symbol Market Type Share ISIN Share Description
Tetragon Financial Group Limited LSE:TFG London Ordinary Share GG00B1RMC548 ORD USD0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 12.40 1,600 08:00:00
Bid Price Offer Price High Price Low Price Open Price
12.35 12.45 12.40 12.40 12.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 289.10 241.50 1,216
Last Trade Time Trade Type Trade Size Trade Price Currency
15:53:44 O 800 12.424 USD

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

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Tetragon Financial Daily Update: Tetragon Financial Group Limited is listed in the General Financial sector of the London Stock Exchange with ticker TFG. The last closing price for Tetragon Financial was US$12.40.
Tetragon Financial Group Limited has a 4 week average price of US$12.35 and a 12 week average price of US$12.35.
The 1 year high share price is US$13 while the 1 year low share price is currently US$11.53.
There are currently 98,100,000 shares in issue and the average daily traded volume is 23,204 shares. The market capitalisation of Tetragon Financial Group Limited is £1,216,440,000.
alpal2: Latest results are OK but what will it take to get share price even vaguely aligned with NAV? Discount to NAV just about 50%
alpal2: Did annyone listen to the investor call? If so, did they address: 1]the NAV / Share price differential. 2]ROE actual 6.6% vs target 10 - 15%
topvest: A quick question - what's the reason for having a £ and US$ (TFGS and TFG) share quote and do you need a currency election in place to receive dividends in £ for TFGS shares? All a bit opaque as they are all US$ denominated shares in the annual report.
horndean eagle: CLO falls would affect TFG but not massively. Its a smallish percentage of assets now. CLO equity get regular cash distributions so the position naturally amortises. If it got to a stage where CLO equity got into trouble then distributions would stop. However they would then be able to re-invest the cash trapped excess into loans at lower prices and that should in theory then make them good in due course. Just as what ended up happening during the financial crash. Nearly all CLO equity managed to survive and recover. Lower share price would simply allow them to hoover up more stock at lower prices and enhance NAV. Just as a footnote you are not really taking much in the way of fx risk on TFG. About half the portfolio is Europe/GBP. The vash majority of that is GBP. They do hedge some of the GBP stuff but in the grade scheme of things if sterling collapsed then you will do ok on the fx side. If sterling rose very sharply then TFG nav should benefit.
spectoacc: @Sky - I hold TFS (or rather, TFGS), but I still say that if the NAV should fall (whether CLO-related or not), the discount is more likely to go out than come in - ie the share price will fall faster than the NAV. I question whether a c.6% divi is enough return, should the discount turn out to be persistent (as it has been). But like I say - I do hold some, and perhaps we're arguing apples & pears. I'm wary of "buy £1 of assets for 50p" when you have to sell that same £1 of assets also for 50p. @ceaserxzy - I hold a lot more TORO than I do TFG ;) Sold out of UTL some time ago & think it's much more opaque/controlled than TFG (tho bought TFG without realising the lack of voting control of the ords).
skyship: Received this today from Keppler Trust Intelligence: Tetragon Financial Group - Discount @ 47.4% Tetragon Financial Group (TFG) has net assets of $2.1bn and trades on a discount to NAV of around 47% (Numis estimate). There are US$ and £ denominated shares, but both give exposure to the same underlying investments and dollar exposure. A discount this wide clearly raises eyebrows, but we believe TFG passes the sniff test. The company is certainly complex – it comprises investments in a number of “alternative” funds – as broad as convertible bonds, event driven equity strategies, bank loans and real estate which shouldn’t exhibit much volatility. However, it also has stakes in a number of asset management companies (held within TFG Asset Management, representing 30% of NAV), many of which manage the company’s capital, and the valuations of which could be quite volatile over the medium term. However, TFG has largely achieved steady positive returns since launch, and certainly since the current strategy has been adopted. Indeed, over the past five years, the NAV total returns have been 10.3% pa. Given the underlying asset classes, we hazard that the NAV should be relatively uncorrelated with equity markets going forward. The company’s objective is to provide stable returns across cycles, and generate distributable income and capital appreciation. TFG’s shares currently offer a dividend yield of 6.1%. The principals and employees at TFG own around 26% of the shares, which certainly aligns them with shareholders, however it is worth noting that the shares are “non-voting”, which puts shareholders at the mercy of Tetragon’s principals: Reade Griffith and Paddy Dear, who also control the investment manager. Historically there has been a certain about of discord between some non-voting shareholders and Tetragon evidenced by the recent buyback tender for 4.5% of the shares, which according to Numis was executed at a c. 49% discount to the prevailing NAV estimate, and a 6% discount to the share price which certainly reflects some dissatisfaction. One other wrinkle for potential investors might be the fees which are charged at 1.5% of NAV and a 25% performance fee (also on NAV) above a hurdle of Libor +2.65%. The stated OCF of TFG is 1.74% (as at 31st December 2017) and the KID RIY cost is 5.66%. In our view, there is a price for everything, and so corporate governance issues aside, the discount of 47% on a portfolio of uncorrelated assets which have delivered solid returns in the past is worth a closer look for those who aren’t too fainthearted.
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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