nk1999
26 Aug 2017
Shore Capital From Citywire:"Shore Capital: Phoenix income attractions ‘considerable’Cash generation and operating profits at insurer Phoenix (PHNX) continue apace, meaning the income attractions ‘remain considerable’, says Shore Capital. Analyst Eamonn Flanagan reiterated his ‘buy’ recommendation on the stock, which was flat at 775p yesterday.He said interim results were better than the market expected and the ‘cash generating abilities of Phoenix remain resilient with the group on target to deliver between £1 billion and £1.2 billion in 2017’.‘Trading at a mere c.15% premium to our 2017 forecast net asset value of c.670p with a 6.5% forward yield, we reiterate our “buy” recommendation,’ said Flanagan.‘The income attractions remain considerable and secure, with the company committed to “protecting” its dividend paying ability as part of any deal criteria.’ "
strapuk
24 Aug 2017
Re: Results Apologies for the sp mistake in prev post, should have read 25.1p per share divd.After the rights issue, (where I took up my full quota), my overall cost per share went from 742.5p to 656.5p, and the yield on cost went up from 6.6% to 7.46%. No complaints from me! Long may the Board continue to do their stuff!Just make sure there are no "Provident Financial" moments please!!
strapuk
24 Aug 2017
Re: Results Happy to be corrected but I believe it's to do with the rights issue back end of last years to fund the purchase of Abbey Life (?). Rights shares were offered at 508p each which briught the overall value of a single consolidated share price down to c.735p from c.870p. So yes, the 23.9p and 25l1p divs in 2017 were less than the 2x26.7p per share in 2016, but as the consolidated share price was markedly lower, it was in effect a dividend increase. Er, I think!
Krayl
24 Aug 2017
Re: Results The statement about the dividend is very misleading as it is actually slightly down compared to previous years. I am still happy to hold for income but don't understand why they haven't paid out more.
PJ Foster
24 Aug 2017
Re: Results Yes. Very happy with the results. This is my largest single company share holding and I'm very happy to get a 6% plus yield from what is a pretty low risk business. Pleased with the div increase too. The ideal retirement share IMHO.Cheers,
sound money
24 Aug 2017
Results Stunning. Cash generation exceeded expectations.Acquisitions bedding down. This is motoring nicely.M
paddington_bear
29 Jul 2017
A credit to the management Looking back to 2014, the much smaller company was reorganising multiple debts into a single structure of £1.7 billion senior notes. The hope was to reduce the pricing of this pile as the percentage of debt in the company accounts fell and if/when Phoenix achieved an investment grade rating.What a pleasure therefore to read of grade A awarded on the relative hummock of senior debtneeded by the company for the greatly increased assets covered.Well done to all the employees for their efforts. Also what a pleasure to read of an organisation minimising their exposure to the debt disaster unfolding worldwide.PB.
Gooffy
07 Apr 2017
Reason for fall? Could it be Greece, always affects financial stocks, IC was a buy and broker consensus is higher.Bought some more today but aware it's fallen somewhat!!
Div Hunter
06 Apr 2017
Re: Phoenix by name.... The phoenix is struggling to fly to the moment. Can't find any genuine reason for the fall over the last few days. Expected to be 25p off with the ex-divi passing but 70p? I'll give it a couple of days, if no news comes out & there's no change I think I'll have to have a sneaky top-up at this price.
TX2
20 Mar 2017
Re: Phoenix by name.... The final dividend is the revised figure as advised by the company following the take over of Abbey.The lower dividend is due to the issue of additional shares at a discounted price in the rights issue.See comments made on this board in January re dividend.
divvent argie
20 Mar 2017
Re: Phoenix by name.... We didn't make the 28p divi but 23.9p is very good for my pension income so many thanks to the bod. Looks like we are firing on all cylinders and racing forward.Very much a long term hold for me - love the income.
Val U Search
10 Mar 2017
Phoenix by name.... Phoenix by nature as it rises from the ashesShares have made a good recovery from the lows of about 700 following the rights issue and are approaching a typical share price of 840 over the 2 years prior to the rights issue.Even relative to the high price of about 880 prior to rights issue those that subscribed to the rights issue are now sitting on an overall 5% profit. And those that bought additional shares when the shares dropped to about 700p following the rights issue will be even more in profit.Looking forward to the 28p divi in May
nk1999
31 Jan 2017
Deutsche From Citywire:"Deutsche likes Phoenix’ fire power Deutsche bank has upgraded its recommendation for Phoenix Group Holdings (PHNX), believing the market under-estimates the life insurance consolidator’s capacity to make another value-enhancing acquisition this year.Insurance analyst Oliver Steel lifted the stock to ‘buy’ from ‘hold’, but lowered his share price target to 835p from 870p, explaining the purchases of the AXA Wealth and Abbey Life legacy pension businesses last year left Phoenix in a strong position to snap up another closed book of policies this year.‘Phoenix has finally emerged from seven years of balance sheet recovery with the announcement of two acquisitions in 2016. We think investors are under-estimating the rapid improvement in solvency and debt capacity over 2017e- 2018e,’ said Steel.‘Specifically, we think a hypothetical £1 billion - £1.5 billion acquisition could be funded principally out of cash and debt rather than equity, adding either side of 25% to future value - something that in our view is not sufficiently reflected in the current share price. Reflecting this, we lift our recommendation to “buy” with a 835p price target,’ the analyst said.Steel’s comments follow a trading update earlier this month in which Phoenix revealed it had generated £486 million of cash in 2016, £117 million from the two acquired businesses. It reports full-year results in March. The shares softened 0.9p yesterday to 743.6p."
strapuk
27 Jan 2017
Re: Mail- Midas Thanks for your explanation PJ, which I think I understand. I applied and recd the full allotment on the rights issue and my reading of the prospectus wasn't as diligent as perhaps it should have been. I'd better go back and redo my sums on total shares in issue before and after the rights issue and see where I made my error.Worked out total shares in issue before and after, and thought I'd cracked it. Obviously not.
jonwig1
27 Jan 2017
Re: Mail- Midas OK - I think you've read it right. Thanks. (As a holder, I can hardly complain!)
