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Looks like we're about see changed days here. Double bottom over march and April, price above 50 day, 10 and 20 still tight but rising, as is the 10 day. Still below 200 day, so bumpy ride ahead, but the financials are looking better. Downside is I'm holding from way back, so not inclined to invest further. Which may be a mistake.
The market give QLT a positive reaction today…..up nearly 3% when quite a few competitors were down 1-2%……back to £1 soon?
Quilter will either grow revenue and profit as the macro changes or more likely be taken over, the banking sector has a lot of surplus cash it needs to put to work
In the meantime happy enough with this "pre-tax profit £138m comfortably ahead of consensus expectations of £113m"
A somewhat unusual CEO statement in that it was quite discursive and sounded like an Alevel exam submission analysing both sides and concluding must do and can do better.
The market used to love wealth management…..it seems to be taking a more pessimistic view of distribution at the moment…….QLT needs some “sponsor driven consolidation”.
Not to shabby hopefully we will start to tick up now...
It is all about the forward looking statements…..we know what the AUM was for last year and revenue will have tracked that and costs increased due to inflation, so expect a fall in headline profits……but markets have recovered a bit so the outlook may be brighter…..
Todays fall is a risk off reaction ahead of results…..but like ABDN and Just (today up 11% after falling 8% ahead of results) I foresee a bounce if they make positive noises……if they are too cautious or even hint at more difficulties then they could sink but I think the surprise will more likely be on the upside…..anyway too late to trade the shares now, we have to wait and see.
Personally I'm hoping the results are not as bad as the Market thinks. hence the current SP.. along the lines of what happened with ABDN last week... which were not the best best result, but not as bad as the market thought, and the ABDN has increased since results by at least 20p.. We can but hope eh....
Any thoughts on upcoming results.
Why would QLT redeem £200m paying 4.x% that have 5 years to run and then issue £200m 10yr debt at 8.625%……surely better to raise money in 5 years time unless the old ones are no longer suitable capital?
Quilter’s commercial and propositions director David Tiller has died at the age of 56 after collapsing while walking in the Lake District.
The platform veteran, who spent 24 years at Abrdn before joining Quilter in September 2021, became unconscious on December 28, 2022, while walking with friends near the summit of Crag Hill.
His friends rang 999 and performed CPR when he collapsed, according to a Keswick Mountain Rescue Team report.
Emergency services were called at 1:39pm, but weather and visibility meant a coastguard helicopter was forced to return.
Some 19 Keswick mountain rescuers had to make their way through Force Crag mines and Coledale Hause.
A further 12 team members from ****ermouth Mountain Rescue Team were also called to assist.
“Team members arrived on scene but tragically there was nothing that could be done to save the man,” Keswick Mountain Rescue Team said in their report.
“Our deepest thoughts and sympathies go out to the man’s family and friends.”
Chief executive of Quilter, Steven Levin, said: “We are all desperately saddened by the news of David’s passing and our condolences and thoughts are with his family at this time.
“We have benefited from David’s deep industry knowledge, and I feel grateful to have worked with him. He had already made a significant impact in our business and had brought together people from across our proposition, product and marketing teams to help us create more compelling client and adviser propositions. He will be greatly missed by us all at Quilter.”
My deepest condolences to David Tillers Family and friends...
Rumours were recently circulating that NatWest were considering a potential buyout. Ruth Markland purchased shares on 24/11/22, she wouldn't have been allowed if there was any bid in the offing.
Nothing to scare the market here.
AUM has held up better than some SDR lost 3% in the same Q3.
QLT has a strong position in the market, but the market could do with further consolidation. Now they are a simpler more compact business it should be easier to find the bolt on deals that add volume to the existing business. I doubt NWG will be in the market for QLT. ABDN and MNG are more likely candidates in my view.
Wednesday 19 October
Quilter PLC Trading Statement
All them speculators who bought this stock on a rumour of a take over must be sat on some losses
Hmmm 5% up this morning, quite a move for this share, are there rumblings?
Well looks like this back to a buying stock at this price
Its not simply about the NWG takeover, if you look at JUP, abrdn, Qlt etc, they are all at lows. Consolidation and takeovers will occur in the not too distant future
The original article said NWG was reviewing a number of potential targets.
We should expect this activity…..and QLT will do the same, but perhaps on a smaller scale.
We don’t know QLTs Directors attitude towards M&A. The placing of a story may have been to try to force them to the table/ put them in play……anyway the post results holiday period is nearly over and with a recession likely M&A will be playing on Board minds, do they need a rescue? Do they want to bulk up to avoid being prey? Do they want to lead a consolidation?
There will be deals in the next year…..the UK markets for asset and wealth management are very fragmented…..and can take many consolidation deals before the CMA gets involved….but don’t count on cash bids with large premiums arising. Consolidation between the £bn companies are more likely to be all share deals with promising of cost cuts and capital releases driving higher future shareholder returns.
When I say 50% I meant to say we went from £1 to £1.20 ish on the news breaking now at £1.10 ish...
Anyone think this bid might still happen. I guess the fact we've only fallen roughly 50% since the original article in the Times shows there's still a chance...
from 2.975291% to 3.110990%
Market reaction says “come and get me” to NWG…..yours for a bargain 140p….
Looking across a number of companies it is the tone in the announcement that really distinguishes how the market has responded. Quilter struck a cautious/negative tone which has hurt them relative to others……overly pessimistic in my view…
What you think about the report that’s been done
Much better than I expected given AUA reduction of 12%.
Still very well capitalised, scope for significant dividends.