In_the_dark_yet_again
05 Sep 2019
CSN - H1 Results LSE:CSN [link] Didn’t get a chance last week to have much of a look but have had a good read - not good numbers really, spectacularly dull is the best I can dress them up. Not that surprised the market was unimpressed and has sold it down. I’m thinking they had better pull their finger out because, if the finals are no better than these, it will fall further. 3% growth isn’t going to cut it. Regards, ITDYA, really glad I shipped half of mine back in April and having a serious think about offloading the rest before this gets worse.
In_the_dark_yet_again
29 Mar 2019
CSN - H1 Results LSE:CSN [link] Oooh… can’t say I’m very impressed with these numbers, very surprised the market hasn’t spanked this (unless they were expected - I have no idea of what was forecast). It is an income stock so the dividend is critical but if the highlight is a 3% rise on a share yielding 5.5% then it’s not enough to support this SP unless interest rates remain almost zero indefinitely (which they won’t). I’ll have a more detailed read but any hint of a decent up-tick and I’ll be shipping half mine and I’ve dragged my stop up tight behind. Regards, ITDYA thinking ugly set of results at 1st sight hoping there’s something good buried deep inside - rare as usually companies try to highlight the good and bury the bad .
In_the_dark_yet_again
01 Oct 2018
CSN - H1 Results LSE:CSN Just taken the plunge and bought a few at 353.8 Only small (1684 shares) but had too much cash sitting in the ISA for my liking and I’ve very comfortable down here. It is pretty much guaranteed to go down from here as me buying is an almost perfect sell signal… Regards, ITDYA
In_the_dark_yet_again
26 Sep 2018
CSN - H1 Results LSE:CSN @Bowman @Guitarsolo We are going to have to be careful here guys, actually having a genuinely stock specific discussion involving some basic analysis and opinion based on fundamentals… I was beginning to think II had banned it since then new format discussion site was introduced given there’s been so little. Brexit Remainers and Leavers having a dig at each other seems more the order of the day (week, month, quarter) rather than any discussion about shares. I know, it’s important what finally happen but as if my opinion on a discussion page would make any real difference? Oh, well. Regards, ITDYA, a bit more concerned about Close Brothers, another niche financial (albeit a completely different niche) in which I have a significantly more substantial exposure and who’s results yesterday were also distinctly underwhelming despite the management’s rhetoric - very surprised it’s holding up so well.
Bowman
25 Sep 2018
CSN - H1 Results I plotted the CSN price since 2015, rebased using the beginning of 2015 as the basis. We are currently 4% higher than we were at that point, and the low point was after the EU referendum. I then looked at the data for PHNX, and as you can see they are at almost the same point as CSN (but up 6%). The reason I chose PHNX was since they appear to be in a similar line of business but the yield is slightly higher. Both shares could hardly be considered as growth shares, but do provide a consistent income stream. I have recently moved some of my CSN funds into PHNX to take advantage of the higher yield, but the total investment in the two has remained about the same, although CSN remains the largest holding of the two. CSN Comp.png1544x1011 86.5 KB
Guitarsolo
24 Sep 2018
CSN - H1 Results Morning Bowman and ITDYA, I had been meaning to post about the H1 results but there isn’t much about CSN that ever gets one too excited. Like ITDYA, I was a little underwhelmed by the H1 results even by CSN’s standards. It seems there has been a general drying up of the easier-to-make-money-from business (low hanging fruit etc). However, on the positive side, the Swedish business (Movestick) and the Dutch stuff (Sclidon - spelling? - sounds like a Hogwarts school house) are moving in the right direction and will be a decent hedge against currency risk from Brexit. Personally, I don’t intend to do much other than collect the dividend here. I would add on overdone weakness (sub-360p in my view) but otherwise don’t see too much attraction until/unless growth returns without it being paid for just by gearing-up the balance sheet. Guitarsolo
In_the_dark_yet_again
19 Sep 2018
CSN - H1 Results LSE:CSN @Bowman I didn’t rate the results that much. A good story is talked but the numbers don’t fully support the rhetoric. A lot of noise made about cash generation but that is usually simply policies maturing, getting paid out and the surplus recognised as cash income - cash is great but it does always mean the business shrinks by the amount of the maturing policies (no complaints from me; that’s what the business was about in the 1st place) The two key numbers I didn’t really like were the EEV up less than 3% and the dividend up only 3%, 2nd year in a row. Both suggesting growth (I never expected much but then I bought in when the dividend yield was 10%) has dried up. So maybe now the market starts to value it solely on the basis of the dividend, probably indexed linked, relatively secure… maybe a bit like a utility without the political risk albeit replaced with greater operational risk. Meaning 5.5%+ yield isn’t that dissimilar to other stuff with showing similarly limited growth. 350-375 is where I’m happy with it as I don’t think those results support 400+ I’d certainly buy some more in the low 350s though. Regards, ITDYA
Bowman
19 Sep 2018
CSN - H1 Results I notice that there has been very little discussion of CSN recently. Somehow I had missed the H1 results, so I have decidied to add them here and to make a comment [click to view]. I had noticed the continued softness in CSN’s sp recently and had been wondering why, and then when I actually read the results I could see what was the potential cause (Italian bonds?). We have seen similar declines in the recent past, so there is every chance that this will correct soon and return to the 380 - 400 range, and today’s rise is promising. csn.png2880x1579 216 KB I was fortunate earlier this year to reduce my holding at >410p, which reduced CSN from ~12% of my portfolio to ~8.5%, and I used some of the proceeds to take up my rights in PHNX.
Bowman
29 Jul 2018
Found this good report on CSN @Guitarsolo, I would tend to agree that under 380 is a good price to add these. I would be tempted if my holding was not so large. I also have a reasonable sized holding in PHNX, which is another reason I am currently reluctant to add to my CSN holding. CSN has always tended to be under-researched and rather ignored, but I have found it a consistent income provider and they do not seem to make acquisitions just for the sake of making them. It is somewhat quieter on the ii boards, but it is difficult to judge overall since even on the old site there were periods when posts were made infrequently. I have noticed that the number of useful posts being made is gradually increasing, so time will tell how many of the old ii posters come back. I have tried the LSE site, but it was too much work to extract useful information; I much prefer the functionality of the discussion section of this site, and I find the Users who actually post here are more worth reading [there are certain exceptions of course]. I intend staying here, and should the discussion here completely dry up I suspect I would not bother using any other site.
Guitarsolo
29 Jul 2018
Found this good report on CSN Thanks for sharing Bowman. Overall, this seems to be “steady as she goes†(as it almost always is). I’d agree that it is a definite buy under 380p and stick in in the bottom drawer. It is never going to be a fashionable share. As long as management stay on top of things and pay the right price for any closed-book business they should be OK (barring a financial meltdown of course). It’s all gone quiet on iii. I for one have mostly defected to LSE which is a great shame as there were some very helpful iii boards. Still check in occasionally as the news is better presented on iii’s website than LSE’s. But the discussion boards have largely gone. Guitarsolo
Bowman
27 Jul 2018
Found this good report on CSN The Investors Chronicle also has an article on CSN, with the following conclusion. IC View At 146 per cent, the group’s Solvency II ratio – of funds held over the regulatory minimum – is below that of its closest peer, Phoenix (PHNX). However, it is comfortable enough to allow the group to continue making acquisitions. Analysts at Panmure Gordon are forecasting an economic value – which includes future profit expectations from long-term policies – of 496p a share at December 2018. That followed a 3 per cent upgrade to forecasts after a strong 2017 performance. That leaves the shares trading at 0.8 times forecast economic value. Given management’s solid track record of raising the dividend – with Panmure Gordon forecasting a dividend of 20.7p a share this year, equivalent to a 5.4 per cent yield at the current share price – we think this discount is unwarranted. Buy. Unfortunately the SP has not moved up much over the past year, but here is hoping it can resume its upward trend. CSN.png2812x2050 166 KB CSN is my largest holding, but I trimmed it back at 410 when it reached about 12% of my invested portfolio value. It is my main income provider and, since this appears to show no sign of a retrace in income level, I have no intention of reducing it further at the moment.
Bowman
11 Apr 2018
Re: Near all time high / all time high t... My first purchase was back in 2005. I have shuffled these between different portfolios, and bought/sold many times. My average purchase price is 199 and average selling price is 240. The net cost of my current holdings is 109. That is all excluding dividends.CSN has been a staple income stock for me over the years (with the capital gain and added bonus) and is my largest single holding at >10% of my combined portfolios.I have received significantly more in dividends than the total net cost of my holdings, so overall these shares owe me nothing.The size of CSN and its position in the index has always meant that it was little researched and frequently overlooked.
r21442
11 Apr 2018
Re: Near all time high / all time high t... Exact same as me 2009 buyer, up 141% and 5-6% divis adding another 40%+. Noticed CSN cropping up in a fair few stock screen articles recently after being absent for some time so I guess the numbers are looking attractive? Fund managers do just the same analysis albeit consider many other factor too - or am I giving them too much credit?
Grill Bimsie
10 Apr 2018
Re: Near all time high / all time high today... Not many broker comments on CSN because it is a Small Cap. But have a look at:[link] bought this share when it went on the Share Centre Buy list in 2009 and have added since.More than doubled my investment and had a juicy div on top.Cheers,
RichardLY
10 Apr 2018
Near all time high / all time high today ex D 12042018 No comments? Wait for ex div of 12th or take profits now?Does anyone know where to access brokers reports? Are there any e.g. HL says none available?
