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I view the big picture here as quite simple. The current dividend yield - still close to 9% - won’t be sustained. Either the divi will be cut (significantly less likely after the results today) or the share price will rise. I expect the latter so am happy to hold, and to add on any weakness.
This was the bit I went looking for:
"Operating Change in Contractual Service Margin
Operating change in CSM is a new alternative performance measure introduced on the adoption of IFRS 17 and supplements the adjusted operating profit metric for the Life and Wealth segments. It represents the change in CSM during the period resulting from new business, interest accretion, experience changes and release of CSM to adjusted operating profit but excludes the impact of short-term fluctuations in investment return and accounting mismatches arising on the adoption of IFRS 17.
2023: £355m (2022: £129m)"
So they've added £226m to the long-term profits pot (equivalent to 9.5p per share). I'm happy with that as it provides support to the dividend in the long term.
Hey snakeeye, morning mate. I only took the opportunity to cash out when it reaches a new high, but I am not going away forever. Will buy it back if it pulls back. Good luck to you too and enjoy your day.
It'll be on the rise again soon Seen_it, nothing goes up in a straight line (I think we've had this conversation before ;) )
Well done for taking your profit and good luck with whatever you decide to invest in next, as you say it's never a bad thing taking your money.
For me this has plenty left in the tank and whilst I wait, I can keep collecting a healthy dividend, so I will be here till the £3 party and possibly beyond.
All the best
MNG have been good to me. I bought in very low with all my PRU proceeds. Today I bought more. I already have as many AV. and LGEN as I want for now.
Call me trigger happy if you like, but the SP has already dropped 5 p since I have sold.
I have sold. My past experience tells me that it will pull back. Doesn't matter if it won't this time. Because taking profit is never wrong. I have also sold half of my LGEN.😁😁😁
Divi held and share price up, nothing to complain about here for me
Gla
Took an early div as profit when sold and moved it all over to LnG and Phoenix and some RR
Jaw buy backs have already been committed to, I would expect this to continue going forward to reduce the dividend liability and ensure levels can be maintained, as you say the market would like punish any significant drop in the dividend amount, but if it stays above 8% that's still fantastic and I think this would still be seen as a positive going forward.
The dividend is already exceptional, so maintaining it is fine with me and will give confidence to the market. The company is in a good place and has performed very well since its inception, considering this was only months before the pandemic, they have outperformed most others and maintained a fairly steady value, during all the turbulent times that have followed.
The dividend is market beating and the share price is strong, what's not to like?
£2.50 is easily achievable before summer (as I have stated on several occasions previously) and when the world settles down, interest rates drop and the economy starts moving again, who knows where this could go.
My original target price from some time ago was £2.50, I am now revising this to £2.80.
Good luck all.
Agree Cheapshares
The dividend yields are excessive on UK financials at present and they are locked into paying the same level of dividends going forward as they will likely be punished by cutting the dividend (unless they commit to BBs in lieu). They should hold the dividend roughly where it is for the foreseeable and either invest in the business, reduce debt or execute regular BBs - they just need to explain the balance to the market .
Absolutely.
13.2p divi plus sp up 7p. That's 20p to boot this morning.
I'll take it.
Can we now get the re-rate to £3 share price?
Needs a new trading range
A couple of broker upgrades might help with that
Reported £797 is reported to be substantially ahead of expected £750m maybe that's why the reaction was positive. 13.2p divi was underwhelming but excessive divis are pointless often times.
Nice set of results and onward momentum in the share price.
Good to see solid results and divi maintained, been invested here since 2020 and divis were maintained during covid, boring but reliable, especially after my core divi holding of Glencore cut their divi by near 75%,
Slightly depressed the divi didn't rise (under inflation) to 13.5p, but so it goes. Have doubled my stake in the last year, at roughly my "long term" average of £2. Expecting a flat day, but would be very happy to be wrong. And will probably stick my divi back in here if we're still around £2.30 when the cash arrives
Divi raise you say? Last year Interim 2 was 13.4p this year 13.2p.
M&G beats profit forecasts with 28% profit growth,nearly 10% divi for my investment.
Reliably boring results, slight divi raise, even though the Sp is broadly flat over four years the divi here makes it a core component of my boring but profitable folio......
Operating cash generation is above consensus at 797m.
Not sure if this beat will have any benefits for the share price today.
Now to waste a couple of hours trying to understand the results including “Heritage”. How/why they are permitted to indulge this particular fantasy is beyond me…
Good evening sidi, thanks for the warning, I will have a handkerchief at the ready lol
Let's hope it is exceptional then
Best of luck my friend
Good evening robleo mate. Let's hope so, but companies shares drop like a stone on the reporting day is kind of norm these days, unless the reading is exceptionally good. So, fingers and toes crossed. Wish that there will be nothing nasty to come out on the day. Good luck and have a nice evening. Let's bring on tomorrow!
Absolutely - hopefully this will be top of the FTSE100 tomorrow!
Hopefully tomorrow will be a blue up day for us and not a nasty red one
gla