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Here is the extract from the half year results:
· Positive divisional commercial cash generation of £18.6m
· Strong solvency of 195%, above usual 140-160% operating range
· Economic value ("EcV") of £526.7m (351p per share)
· 3% increase to the interim dividend to 8.12p per share
Let's hope that the full year results will be as good. GLA
For CSN I tend to focus more on Solvency II surplus and free cash as that is what drives dividends to shareholders.
The IFRS results will be volatile because as CSN states Scildon marks assets to fair value but it’s liabilities currently use historic locked in assumptions so when interest rates rises the bond assets fall in value but liabilities don’t fall which creates an accounting loss. I suspect that assets and liabilities are largely matched and this is what matters in economic terms.
The gearing of the balance with debt that qualifies as SII capital should also boost returns on ordinary shares as it can be deployed for acquisitions to generate income in excess of cost of debt.
With 3 recent acquisitions I am happy to hold CSN for its yield.
Today's RNS, Abrdn doing a bit more stake building
Good to see Chesnara tipped in The TImes today. They also appreciate a good thing when they see it !
Agree Whitelye (getting your name right!).....I've held for a decade and pocketed the dividends. The share price is a bit of a pain but I believe it will improve as people seek boring and predictable.
Held CSN for years, much overlooked but always been a reliable payer. A small Phoenix - well sort of !
Morning WhiteEye,
Always difficult to read a CSN update! The headline loss figure is usually misleading (as is a large profit), as it swings around with mark to market valuations. I can appreciate the need for M2Ms to give an "immediate" valuation figure for investors, but it is not always that helpful for entities like CSN who aren't going to be disposing of portfolios in the short term. Same thing with REITs, if they're not going to be disposing of assets immediately, does it really matter what it is worth right now? (I know, you need it to assess solvency etc, but if a markdown causes a profit to become a loss, and then back to paper profit later, how has that helped?!)
There used to be a posted called greyinvestor (possibly from iii) who always had a few wise words to say. Not sure where he is nowadays. In his absence, I put faith in the management and I find their dividend movement a good indication of where they see the company. So a 3% uplift says to be they are confident but cautious. Sounds about right!
Guitarsolo
Good in most parts but taken a bit of a beating earlier this morning (as I write). Acquisitions on track or completed, good solvency and cash generation figures and increased divi. Loss of £104 million due to market conditions v. £20.8 million profit last year. No doubt the loss is being focussed on this morning although not a true measurement of the business.
CSN take another positive step in Netherlands.
I suspect life insurers are being ignored at present due to investors concerns over IFRS 17 the new accounting standard but this doesn’t impact cash flows
Happy to hold and pick up dividend yield
The company that keeps on growing. Positive news on the acquisition front as detailed in the RNS. Dividend enhancing as well. I do not understand why CSN is so overlooked !
“Operational variances showed the effect of the challenges to the Swedish business, in particular, although their negative contribution of £32.6m was a distinct improvement on the £49.9m loss in 2020.“
Jeez Louise, any part of a business losing those sorts of money needs sacking off!
Deals completed which frees group up to start integration process and hunt for some new targets
Good to see that U.K. regulatory approval confirmed as deal adds significant scale to U.K. business and potential synergy cost savings and capital efficiencies plus greater cash generation.
Underwhelming response to the positive write up in The Times today. I'll have to go elsewhere for my tips lol.
Further increase in dividend which is a positive.
Clearly some challenges in Sweden with customers transferring to cheaper rival which may have improved in 2022 and old L&G business in Holland has issues which is why It was sold.
2022 interims will hopefully reflect benefit of two acquisitions one of which is huge for U.K. business.
2022 will see increase in scale and profitability once two acquisitions complete
Overall group looks to be in a good position
great cash generation plus divi growth for 17 years warrants a small uptick here imv.
Yes an unusual occurrence ramping maybe lol
I found the latest RNS from CSN on the APP board. I am sure this is just LSE muddle and not the stock exchange. Doh!
Hardman & Co Research Hardman & Co Research : Chesnara (CSN) Initiation of Coverage: Could be the least worrying dividend you'll get 02-Dec-2021 / 13:50 GMT/BST
Hardman & Co Research: Could be the least worrying dividend you'll get
Life assurance consolidators should be boring most of the time, perhaps apart from when they do some M&A. Operationally, Chesnara has been close to achieving that, although recent events have made it challenging. Although cash generation has remained adequate in the past couple of years, the prospects of a calmer environment should bring a return to more meaningful surpluses again. A comfortable, but not overweight, capital position supports this. We expect continued, steady, operational and capital management activities to underpin the additional value that acquisitions and new business will bring in.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/could-be-the-least-worrying-dividend-youll-get/
Now, 302p to buy, we are back to over £3 again, hooray!!
It looks likely to go over £3 again. Let's hope we will see £3.20 before this year ends.
Yup, this is a great dividend paying share indeed.
Agree GuitarS ..........Toped up at 2.87 yesterday cracking divi share with 7.8% yield held and added since 2014 my best ever income share