Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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With more deals going through and OML spreading its wings throughout Africa this company is building a strong position for itself in the banking/Insurance sector. It might even be viewed as a possible takeover target, who knows.
big trade....
Nedbank Reports 20% Profit Gain After Luring More Customers the South African bank controlled by Old Mutual Plc (OML), said full-year profit climbed 20 percent after winning more than half a million new customers. Net income rose to 7.8 billion rand ($878 million), from 6.5 billion rand in 2011, the Johannesburg-based lender said in a statement today. Earnings per share excluding one-time items climbed 21 percent to 16.46 rand, beating the 16.21-rand mean estimate of 17 analysts surveyed by Bloomberg. “This was a solid set of results in a difficult trading environment,” Nedbank Chief Executive Officer Mike Brown said in an interview. Bad debts fell 2.5 percent to 5.2 billion rand after an improvement in the credit-loss ratio, he said. Nedbank, South Africa’s fourth-largest lender by assets, combined its private banking operations into one unit and introduced mobile-banking applications to attract customers. The bank also expanded outside South Africa’s biggest cities to increase its share of the low-income market, which helped create 450 jobs and attract 655,000 new clients last year. Nedbank shares climbed as much as 2.9 percent, the biggest intraday gain in four weeks, and traded 2.1 percent higher at 191.95 rand by 12:02 p.m. in Johannesburg. The bank boosted its full-year dividend more than 24 percent to 7.52 rand a share. Nedbank will “probably” sell bonds this year to help meet stricter Basel III capital rules, said Brown, without giving further details. The lender will continue to issue senior unsecured debt to lengthen its funding profile, he said. http://www.bloomberg.com/news/2013-02-25/nedbank-full-year-profit-climbs-20-as-consumer-lending-grows.html
Things are looking good at Nedbank, with better than expect profits in the pipe line.
FTSE 100-listed Anglo-African financial services group Old Mutual is considering undertaking a part flotation of its US asset management business, an article published in the Financial Times has alleged. Patrick Bowes, Director of Communications at Old Mutual was cited by the newspaper as saying: "We are exploring a partial IPO [initial public offering] and not envisaging selling control. [We will go] along the lines of Axa and AllianceBernstein." Nobody was available to comment when ShareCast contacted Old Mutual on Tuesday morning. The timing of the partial stock sale was reportedly dependent on several conditions, such as markets, operating margins, net client cash flow and investment performance. Bowes was cited saying there needed to be a "period of consistent client cash inflow". In the year ended December 31st 2011, Old Mutual reported adjusted operating profit before tax of £1.5bn on an IFRS basis and had £267bn of funds under management from core operations.
I could see this hitting £2 some weeks back, and I wouldn't be surprised to see it reach £2.25. in the not to distant future.
Old Mutual, the financial services giant, said Wednesday that it has completed the acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria acquired by Ecobank Transnational. Chief Executive Officer of Old Mutual's Emerging Markets business, Ralph Mupita, said: "We are delighted to have completed the acquisition of this majority stake and we continue to work with Ecobank to expand our product offerings to the Nigerian market. "The growth dynamics of the industry are exciting and prospects are good for further development of our business operations in West Africa."
Do I see £2 on the horizon, there has been a steady rise in the SP of late. With the restructuring of the business and the prospect of continuing rise in profits could this be in line for a takeover in the future?
OML Old Mutual Broker Buy List....... Date Company Name Broker Rec. Price Old target price New target price Notes 20 Nov Old Mutual PLC Deutsche Bank Buy 182.65 195.00 195.00 Reiterates 20 Nov Old Mutual PLC UBS Buy 182.65 205.00 205.00 Retains 14 Nov Old Mutual PLC RBC Capital Markets Sector Performer 182.65 - - Reiterates 07 Nov Old Mutual PLC Shore Capital Hold 182.65 - - Reiterates 06 Nov Old Mutual PLC JP Morgan Cazenove Overweight 182.65 192.00 186.00 Reiterates 12 Oct Old Mutual PLC Goldman Sachs Buy 182.65 208.00 227.20 Retains
OML Old Mutual...... Breakout with strong momentum behind it......... http://uk.advfn.com/p.php?pid=legacydaily&epic=L^OML&type=2&size=2&period=5&ind_type1=1&ind1_1=&ind2_1=&ind_type2=8&ind1_2=&ind2_2=&ind_type3=2&ind1_3=12&ind2_3=&olx_1=3&ma_type1=3&o_1maday1=25&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=3&o_1maday2=50&o_2maday2=&o_colour2=2&olx_3=3&ma_type3=3&o_1maday3=200&o_2maday3=&o_colour3=3&scheme=&delay_indices=1
checking for my sister, i have other shares. we post alot on the board. why not here? even when its doing well.
Paul Hanratty, the Chief Executive Officer of Old Mutual's Long-Term Savings business said: "The deepening of the relationship between Old Mutual and AIVA provides a firm base from which we can capitalise on opportunities in these fast-developing investment markets in an efficient and low capital manner."
Financial services giant Old Mutual has bought a large interest in Latin American AIVA Business Platforms in an effort to strengthen its distribution capability in selected emerging markets. AVIA is a family-owned business platform and distribution business based in Uruguay and works throughout the whole LatAm region. Old Mutual said that it has acquired a "majority stake" in AIVA, though the size and cost of the purchase was not specified. The company has assets under management of over $800m. Old Mutual has worked with AIVA - which provides services to a network of IFAs, wealth managers and other institutions - for over 15 years in administration, servicing and investment. "AIVA, together with Old Mutual's Emerging Markets businesses, will take advantage of operational synergies in Colombia and Mexico in due course," the firm said. The acquisition is subject to the approval of regulators but is expected to complete early next year.
Positive Points: A strong performance in the Emerging Markets was reported. Covered sales for the group's Emerging Markets business rose by 12% on a local currency basis, non-covered sales by 19%. The group's African business continues to be expanded. During the period, terms were agreed to acquire a business from Ecobank in Nigeria for around $20 million. The group’s half year performance partly reflected a 27% jump in profit at Nedbank, its majority-owned South African banking business. Old Mutual has moved to make disposals, simplifying its structure and paying down debt since the financial crisis. During the period, its Finnish business sale was completed, whilst Austrian and German operations closed to new business. Restructuring of the group continues. In September (2012), the board announced the merger of the Skandia businesses (Skandia UK, Skandia International, Old Mutual Global Investors and the Skandia European businesses outside of the Nordic region) into a single business called Old Mutual Wealth. The operational changes are designed to combine asset management capability with UK platform strength and offshore expertise to grow into a leading provider of wealth management solutions in the UK and internationally. A progressive dividend policy is being pursued. At the half year results, the interim dividend increased from 1.50 pence per share to 1.75 pence.
Negative Points: Accompanying management comments highlighted a degree of caution. Traditional life sales (covered sales) for its developed markets business ‘Old Mutual Wealth’ declined by 17% on a local currency basis. The Financial Services Authority's Retail Distribution Review (RDR) continues to provide a degree of uncertainty. Earnings generated by Old Mutual's South African operations are subject to exchange control regulations. The group sustains currency exposure and political risk, given its strong focus on South Africa.
Financial Highlights: Funds under management for the group’s core operations increased by 4% to £263.3 billion. The board's £1.5 billion debt repayment target was met.
Third quarter update: Old Mutual enjoys a strong performance in the Emerging Markets. The announcement saw management highlighting another quarter of good operational progress overall, with a strong performance in Emerging Markets. The Chief Executive noted that "our sales during the period highlight the growing shift from traditional life products to modern investment products, including unit trusts and mutual funds, with these sales up 19% in Emerging Markets and 7%, on a comparable basis, in the Wealth business." Nonetheless, accompanying management comments continued to inject a degree of caution, noting both that "UK savings trends remain depressed by low consumer confidence and pressure on household finances" and that "in the short term, the sector will continue to be challenged by external factors." In all, whilst concerns for global economic health and its impact on consumers still weigh, the restructuring of the group to date and a focus on Emerging Markets sway to the positive.
Company overview Old Mutual is an international long-term savings group. Established in 1845 in South Africa, it today still operates in South Africa, along with the UK, US and parts of Europe. The company provides wealth accumulation and protection products through its operations in life assurance, institutional and retail asset management, banking and general insurance. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Coverage Old Mutual (OML) announced a 4% increase in funds under management to 26.3 billion pounds for the three months ended 30th September 2012. These figures come after the investment group continued its transition away from selling traditional life assurance products to unit trusts, with sales in these products up 19% in emerging markets. Funds under management in the long-term savings sector also grew 3% over the quarter to 118.2 billion pounds. The shares decreased by 5.1p to 168.8p.
Julian Roberts, Group Chief Executive, commented: "This has been another quarter of good operational progress overall with a strong performance in emerging markets. "Our sales during the period highlight the growing shift from traditional life products to modern investment products, including unit trusts and mutual funds, with these sales up 19% in Emerging Markets and 7%, on a comparable basis, in Wealth. "In South Africa our mass foundation business continued to grow and APE sales across Emerging Markets saw a double-digit increase. "Although UK savings trends remain depressed by low consumer confidence and pressure on household finances, our performance in the UK and International was encouraging, with gross sales of £2.8 billion in the quarter. We are progressing well with our plans to build Old Mutual Wealth into a leading wealth manager and are taking further steps to address its cost base. "Nedbank has maintained its progress with positive margins, strong growth in non-interest revenue and continued reductions in credit losses. "In the short term, the sector will continue to be challenged by external factors but we will continue to develop products and services that our customers want, drive efficiency improvements throughout our business and, as a result, deliver sustainable value for shareholders."
7 November 2012 Old Mutual plc Interim Management Statement For the three months ended 30 September 2012 Further strategic progress and a resilient operational performance · Funds under management in core operations up 4% to £263.3 billion · Q3 NCCF outflows narrowed to £(0.5) billion from £(5.4) billion · Continued business improvement and strategic delivery: o £1.5 billion debt repayment target met; o Further repositioning of USAM affiliate portfolio; o Reorganisation of Old Mutual Wealth; o Finnish sale completed; Austrian and German operations closing to new business; o Terms agreed for Nigerian P&C acquisition from Ecobank for around $20 million.
Investment group Old Mutual's (OML) banking subsidiary Nedbank Group announced a 9% increase in net interest income to 14.5 billion pounds for the third quarter ended 30th September, with non-interest income up by 14% at 12.4 billion pounds. The increase in revenues was largely attributed to a growth in fees and commissions, while insurance and trading incomes also grew significantly, by 27.1% and 28.3% respectively. As a result of the performance the firm believes that it is on target to meet its earnings target for the year
I think I spoke to soon, down 3% today.
Making steady progress with no sign of wakness, I think there more mileage left in this one, and a share to watch for the future.