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An extra 11.7 shares at $39.89 for this quarter's divis. From 15.2 @ $30.12 3 months ago. Now 95 extra divis (12%) in divis reinvested over 2.5 years, and total gain of 15.13% since spun out of the Pru.
Not bad, but still hoping for $50.
At last. Assume this is a result of Jackson joining the S&P smallcap 600?
Https://seekingalpha.com/article/4611939-buy-jackson-financial-while-the-valuation-is-low
Shares in pre market are down 13% Results do not look good as sales down and a huge hedging loss again!
Dividend held at 0.62$.
Maybe this thing is a dud and we have all been duped?
Hargreaves lansdown have not paid mine yet, they are a little tardy converting foreign divis these days. I don’t think I will be adding any more of these as I also have lgen, mng, pru which have all been worse than some banks of late. Too much in insurance and financial stocks, my own fault of course.
Stuck my divi back in (minus the 15% NRA tax). An extra 13.29 shares at $32.92. Total of 51.2 extra shares this financial year in divi reinvesting, and $2.48 per share coming up next.
Might topslice if it touches $50 again.
Ex dividend today $0.62. Getting creamed like all US financials. Nothing roils the market like a bank going belly up.
Could have been related to the issue of perpetual preference shares $550m (plus a little existing cash) to repay $600m debt due in November.
Presumably this strengthens the balance sheet more than just paying down the debt instead of a buy back.
Still undervalued in my view..
Spoke too soon it’s slumping down now!
Wasn't expecting a 1.5% rise today, especially as it was down 5% in immediate after hours trading.
Perhaps some common sense has put in an appearance, along with a realisantion of the busines' underlying value.
Onwards and (I hope) upwards
Initial reaction on the US market looks positive so maybe some of us were being overly pessimistic.
Jxn has always hedged its exposures……more than its competitors….many of them had liquidity and solvency issues in 2008…..
AOP is what management feels the business generates - which is about $2bn….the questions shareholders have to ask is can the short term market movements and hedging results sink the company…the regulatory capital position suggests it is sound and its ability to pay dividends and buybacks supports this view…..a lack of confidence is probably why the mcap is low relative to earnings.
Just had a gander at US news outlet and retail holders chat. They are all positively focused on the divvy hike and buyback, with barely a consideration of the hedging loss.
Yes very mixed results. The focus alas will be on the hedging losses and this will get hammered tommorow because of that.
Have to say, even I'm a bit shocked at the size of hedge loss....I mean that's 20% of mkt cap in a quarter. And the tone of the results tells you it was of concern to mgmt, which they tried to dress up as positive with a divvy and buyback increase.
Very dissapointed, surprised.
Terrible Q4 hedging losses. Market always focuses on the negatives so I expect the shares will be hammered tomorrow.
4th Q looked a bit bad to me, with a loss of $710m, or $8.48/s, and operating earnings down 31% from Q4/2021. On the other hand annuity sales quintuple to $560m, up from $108 in Q4/2021.
And full year net income of $64/s makes the share price of under $50 a steal. Also FY capital return of $482m looks pretty good, especially as over $180m of that was divis. Likewise this year's target capital return of $450m-$550m, which is between $5.42 and $6.62/s (inc $2.48 in divis).
Financial leverage of only 18.3%, and a very (perhaps excessively?) safe liquidity buffer.
I would expect to see over $50 fairly soon, but the market may choose to concentrate on Q4's $381m losses in the very short term (ie, a fall tomorrow).
Despite a Q4 loss there is FY Adj Op Profit of $16/shr and full profit of $64/shr.
Dividend up 13% in 2023 and another buy back up to 450m (approx 15% of mcap) with capital return target of 450-550m.
Strong performance in 2022…..undervalued IMO
Results today after close at 9pm
The market is clearly expecting a bumper set of results in a couple of weeks……as the shares are closing in on all time highs.
Dividend increase and further buy backs to be expected……although I would rather they reinvest for growth rather than buy back shares.
Welcome back tom78 - I think the results will be good, and the dividend ticked up to 60c. However I wouldn't be surprised to see a wild drop as with last announcement as this does gyrate/get played.
Indeed I feel in the last few days institutions are trying to push it down prior to results, to get cheap shares, but interesting to see it holding up.
Definately an up change in institutional understanding and ownership here, and increasingly catching the attention of US retail investors, both seemingly suddenly realising this isn't a new fly by night company but one which has been highly profitable, and crucially, both consistent and respected, for decades.
For me, I see it as the equivalent, in a boring reliable way of a LGEN or Aviva, on steroids for the next 2 years, as the embedded value is both acknowledged and realised (fiscally).
Hi all not looked on here for a while as it was so quiet.
Still holding all my Jackson from the demerger and purchases on the US exchange, even those $38 ones are showing me a profit but I'm not selling yet. I am looking forward to the results at the end of the month, but always yearly results can give a little trepidation lately and got stung with BATS today so lets hope for no nasty surprises!
A dividend rise would be nice though we do get stung with a 15% WHT and and Hargreaves Lansdown always give a less favourable conversion fx, (I guess they make a few quid on it).
Pictsloup; I have purchased it similar prices to you, almost spooky, and don't mind admitting at times I was getting a little nervous with the sharp/large gyrations, but I invest for value/yield and when it dropped about 20% in a week following one of the quarterly reports, which numbers wise I thought was fine, but the market hated, I re-examined, and just felt that shorters had taken advantage of a lack of historical reporting/it's relative US small cap status, that it was undervalued, and such value would out. It's starting too, but I feel there is still much much value here.
I have about 25% in US stocks; this is my largest US stock, which with the recent tickup/revaluation is now my 2nd largest holding, and above my 5% individual stock threshold, which causes me a comfortable difficulty.
Ordinarily I would sell down (my SP gain) to a 5% portfolio holding, but agree with you there is still considerable value not realised/reflected in the SP, and I'll stick my neck out on this, upto about $70 so I'm betwixt and between having seen SP gain, which as a value investor I would ordinarily sell out off, but but as a yield investor believe this will grow with holding to be a high yielder (it's hardly shabby now).
Dividend/buybacks. I get the feeling, being a US co, that they favour buybacks where they consider themselves undervalued and whilst this signals mgmt believe undervalued, I'm not a fan of buybacks, believing they flatter performance/performance related pay/share options rather than returning value. I feel they will (almost eternally) do buybacks, it's the US way, albeit in this instance they must have actually created/crystallised value. I too believe the dividend will increase, but feel the nature of the business/the mgmt, steady but sure, it'll uptick to 60c and continually uptick, slowly but surely very beyond your 70c prediction.
Yes roll on the earnings results. Obviously interesting in themselves, but also interested in the promised 2022 return to holders of $500m, which at last quarter reporting left a considerable chunk. Has it since been used for buybacks (on current SP all accretive) or will it materialise in your divvy increase?
Whatever way, there is still much value here, and it's great to have you here.
Rate; agree about the poor timing/valuation received by PRU at demerger. It was actually that, the retention of value/funds in JXN that made me research a little and invest directly beyond the spin off allotment.
As for lack of UK knowledge of US retail stocks, agree totally. I hold several US listed stocks (about 25% of portfolio), none of which would be considered a household name in the UK, but all well known/established in their homeland, JXN being a prime example. As stand alone quarterly reporting builds a history, institutions seem to be increasingly taking an interest/stake. $50 dollars a buy? Definately. There is still much embedded value here, which will at some point (for the patient) out, or be taken out.
Glad to see you here (I was getting lonely!), and good luck, although I believe time rather than luck will deliver here.
Another 4% up today, on heavy volume, and over 30% ytd, finally getting a little more realistically priced, although still at 0.56pe, and 5% divi. $78/s earnings is almost a joke ven at this price, certainly when it was down in the $30s last month.
I'm ex Pru as well, but topped up on these last year and in 2021 at $26, $30, $38 and $42. One of my largest US holdings, otherwise I'd probably put myself down for even more, as I think anything much under about $60 is outstanding value.
Would not be surprised to see the divi increased to 65c, even 70, in March, which would still be easily covered by fcf.
Roll on next earnings on the 28th.
Still rising, and full year results a month away ....so under the radar this....