George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Strong bookings at Carnival
Here’s a sneak peak at my brokers update for SAGA.
Saga share price outlook
A quick glance at City expectations for the company's growth over the next few years seems to support my conclusion. Analysts believe the corporation will report earnings growth of more than £80m in the 2023 financial year. Analysts also expect the group to report profit of £66m in 2023.
Based on these numbers, the stock is trading at a 2023 price-to-earnings (P/E) multiple of 5.4.
That looks cheap compared to the rest of the market, which is dealing at an average P/E multiple of around 14.
These figures imply the stock could be worth three times more than its current value in the best-case scenario. However, these numbers are just estimates at this stage.
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We all know there are quite a few imponderables!
April 17th is going to be Very interesting
When the sale and leaseback was first mooted we received emails from Nigel Blanks, Cruises CEO, addressed to ‘Dear valued customer’. I replied asking why nothing was sent to shareholders. There was, predictably, no substantive response. However I later read that a group of senior execs, including the new group CEO, had a jolly on one of the ships in the Canaries. There was a Q&A session, and no doubt some excellent meals, with their adoring Saganauts. Sadly shareholder relations and value does not exist for this company.
" Prospective buyers have been asked to submit indicative offers." "The structure of a deal has still to be determined"
so basic serious offer from which to work on ...some kind of sale and lease proposal looks the best option and seems reasonably likely
they must have had interest for them to now set a deadline for initial interest to turn more serious
Once again Saga displaying their disregard of the necessity to keep shareholders informed. Perhaps they do not realise that a good number of their shareholders are also buyers of their products? At least for now
Don’t worry Thomson, I’m sure good news is coming 👀
Shocking that we have to rely on Sky news and the foreign press to find out what is going on with our company
Apparently a deadline has been set for bids to fund the ships. Some time in April has been mooted, which fits in with May’s loan repayment. Should cause a stir methinks
Hi Billzo, Like you I read the trading update which highlighted 2023.
The UK economy is changing month on month for the better and the Insurance sector is too.
SAGA must be seeing the same market conditions as Sabre and Direct Line.
We shall all see how much effect on April 17th !
Billzo, you have summed it up, considering that insurance was the foundation a few years ago this dog is in a very poor state .
I hate to be the bearer of bad news but the trading update in January suggests that Saga clearly aren’t seeing the same results as sabre or direct line? We know sales are down, retention is down, margin per policy is down and that the combined ratio will be less than 138%…..how much less we’ll find out but it’s clearly not going to be good otherwise they would have called it out more specifically in the update.
What Sabre and Direct Line are demonstrating is just how bad the saga insurance results are.
Recovery of sorts is obviously possible but I think some balance when looking at other market results is needed.
Good results today from Direct Line.
The Insurance business is stabilising and in particular Motor Insurance.
SAGA Insurance must be feeling the same positive market trends.
We will find out next month!
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Direct Line reported that in 2023 it swung to pretax profit of GBP277.4 million from a GBP301.8 million loss in 2022. Gross written premium improved to GBP3.11 billion up 27% from GBP2.44 billion. On the back of the results, Direct Line declared a 4.0p total dividend for 2023, down from 7.6p in 2022. Looking ahead, Direct Line said it will reveal results of strategy review at capital markets day in July. It added that it plans to run-rate annualised cost savings of at least GBP100 million by the end 2025. "While the picture has improved, we need to do more to drive performance and we have identified immediate actions we can take in 2024 to create value, including substantially reducing our cost base, driving claims excellence and optimising pricing capabilities whilst returning us back to higher quotability levels," CEO Adam Winslow said.
Sale and leaseback, sorry
Whatever happened to lease and leaseback of the ships
Good Results this morning from SABRE.
FINANCIAL HIGHLIGHTS
- Overall premium +31.4%. Core Motor Vehicle +47.5%
- Profit ahead of expectations at £23.6m
- Very strong pre-dividend capital position of 205.3%. Well in excess of target operating range of 140%-160%
- Year-end dividend of 8.1p. Consisting of 4.2p ordinary and 3.9p special. 0.9p interim dividend already paid
- Post dividend capital of 170.9%, will support earn-through of current and possible future growth
- Overall loss ratio in-line with our expectations
- Expense ratio above 2023 due to growth in top-line not reflected in earned premium during the year, whilst the expense base has been subject to inflation and a small number of one-off expenses. The expense ratio has improved notably in the second half of the year
MARKET
Very strong market-wide price correction observed in H2'23, allowing Sabre to grow premiums whilst returning profitability to historic levels
This all bodes well for SAGA’s Motor Insurance business!
Good travel article in this mornings Times.
Saga’s swish, stylish ships are aimed at the over-50s and are a great choice for travelling with an older parent who appreciates the comforting environment of a cruise but wants to join together ports such as Kristiansand, Gothenburg, Copenhagen and Klaipeda, all featured on this no-fly Scandinavian Gems itinerary. And don’t dismiss the 999-passenger Spirit of Discovery as fuddy-duddy; there’s jazz in the Club By Jools (Holland), the Asian and seafood restaurants are top-notch and the parties in the Britannia Lounge are crowd-pleasers for any age. All the cabins are gorgeous too, each with a balcony.
Details Twelve nights’ all-inclusive from £3,823pp, with four excursions and a chauffeur-driven car to and from Dover, departing on August 4 (travel.saga.co.uk)
We will get a good update on the current state of the UK Insurance market this week.
SABRE. Results on Tuesday. DIRECT LINE on Thursday
Hi zccax77
Our last cruise with Seabourn was fully booked !
Our recent Christmas cruise with Celebrity was fully booked !
We have booked one of the few remaining suites on our September cruise with Regent.
Cruise and Travel business is Booming.
SAGA must be experiencing record bookings on Ocean and River Cruises.
Best Wishes
Alnwick,
What is the occupancy like on the Seaborn cruises? plus what would you say was the average age of the passengers?
Hi Sparafucile,
Thank you for your response.
As a shareholder is sad to hear of your bad experiences!
We are keen Cruisers and our go to companies are;
1. Regent . 2.Celebrity ( Retreat). 3. Seabourn
We have heard great things about SAGA from fellow cruisers but SAGA only sail from the South Coast and living in Northumberland it’s awful journey coupled with crossing the Bay of Biscay !!
I have asked SAGA if they will expand the departure locations and they told me it’s on the agenda.
Best Wishes
hi alnwick
firstly saga do not offer any perks to shareholders. the only discounts are those on general offer to early bookers, or for unsold cabins near departure date. my main point is that occupancy levels are high and should remain so. we’ve come across many who dislike the larger p&o ships for example, and saga is benefitting. i see no reason why that should not continue given the demand for cruises from the targeted demographic. where saga fails, in our experience, is its smugness in dealing with individuals when things go wrong. the onboard rudeness was one of a number of issues we had on our last three cruises. others included the changing of the aft suite offering after we’d booked, without any notification, and a **** up involving a medical issue. other posters have recently mentioned an arrogance about saga’s head office. that chimes with the comments a chauffeur business owner made to us. to be told of their ‘sadness’ about the bad service we experienced, and their ‘hope’ we’d give them the opportunity for our ‘faith in saga to be restored’ (by spending a lot of money) was just way too glib. my feelings about saga are as much disappointment as anything else. we had some excellent cruises with them, and who doesn’t want to prefer companies they have an interest in? but saga’s arrogance has lost them our business.
The good news came and went ...........
Good news didn't come?
Very surprised to see our price target reduced by 11% from £1.75 to £1.55. Not sure why?