9 Nov 2016 08:11
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Esure Group Share News (ESUR)
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Don't have an account? Click here to register.Berenberg upgrades Esure, says Bain deal is 'excellent outcome' for shareholders
Wed, 15th Aug 2018 07:53
(Sharecast News) - Berenberg upgraded Esure to 'hold' from 'sell' and lifted the price target to 280p from 230p after the insurer agreed to be bought by Bain Capital for 280p a share in cash.The bank said that given the significant premium offered and the lack of obvious potential counter bidders, the offer is an "excellent outcome" for shareholders. It also said that with the backing of chairman Peter Wood and Toscafund, who between them own 47.7% of the shares, shareholder approval should be an easy hurdle to clear, while regulatory approval is not expected to be an issue."We believe Esure's aggressive growth strategy will lead to worsening underwriting margins and significant capital strain. Indeed, this was demonstrated at its H1 results. With such strategic risks, exiting at a reasonable price is a good outcome, especially given the collapse in the shares over the past 12 months."The bank does not reckon Esure will become the subject of a bidding war. "It has been widely rumoured that the company was up for sale for at least two years, with no bidders forthcoming. It is difficult to understand the strategic rationale for the acquisition, other than the favourable valuation."UK motor insurance is highly competitive, has a volatile pricing cycle and lacks growth. Hence, we do not think there will be significant demand for this asset from elsewhere."Berenberg, which expects the deal to get regulatory approval before year-end 2018, said there is a risk that Bain could find something it does not like during further due diligence, such as a reserving shortfall. However, it noted that the private equity firm has already conducted a period of due diligence and was confident enough in the financials to submit a proposal to acquire the company.At 1055 BST, the shares were flat at 277.60p.
More News
3 Nov 2016 12:35
RBC Capital downgrades Esure after GoCompare demerger
(ShareCast News) - Esure shares tumbled on Thursday following the completion of the demerger of price comparison website GoCompare.com. RBC Capital Markets downgraded its stance on the stock to 'underperform' from 'outperform' and slashed the price target to 180p from 305p as it removed GoCompare ea
Read more3 Nov 2016 08:13
Esure and Gocompare go their separate ways
(ShareCast News) - Esure Group confirmed on Thursday that it completed the demerger of Gocompare.com Group from the group. Shares in Gocompare.com were admitted during the morning to the premium segment of the Official List, and to trading on the main market of the London Stock Exchange. "The proce
Read more30 Oct 2016 14:52
Sunday newspaper round-up: More 'Nissan' deals, Carney, RBS, HSBC, Capita
(ShareCast News) - Pharmaceuticals giants want the government to plug a £1bn-a-year funding gap that will be created when Britain leaves the EU, as part of a list of demands being drawn up by big business after last week's deal with Nissan. After the Japanese car maker said it would make two new mod
Read more26 Oct 2016 17:40
Wednesday broker round-up
(ShareCast News) - FirstGroup: Goldman Sachs keeps at buy with a target price of 168p. Esure: Berenberg stays at sell, 238p target. Anglo American: Deutsche Bank reiterates hold with a 965p target. Intertek: UBS reiterates buy with a 4100p target. Sainsbury: Goldman Sachs reiterates sell with a 1
Read more11 Oct 2016 13:05
Esure shareholders to vote on Gocompare demerger on 1 Nov
(ShareCast News) - Esure updated the market on its proposed demerger of Gocompare.com on Tuesday, saying shareholders get to vote on it at a general meeting on 1 November. The group had announced plans in September to spin off its financial services comparison website via a flotation on the London S
Read more14 Sep 2016 14:48
Wednesday newspaper share tips: Esure, IAG
(ShareCast News) - Esure's plans to de-merge Gocompare, its price comparison website, makes sense, the Financial Times's Lex column said. "There is trapped value there," Lex added. Insurance companies are all about managing risk and are sustained on capital, whereas the website is a wholly diffe
Read more13 Sep 2016 07:03
Esure plans to float GoCompare.com for potential £650m
(ShareCast News) - Insurer Esure has begun working on plans to spin off its financial services comparison website GoCompare.com via a flotation on the London main market. The FTSE 250 company said the spin-out had the potential to enhance business growth, performance and shareholder value, after a s
Read more12 Sep 2016 10:37
Esure said to unveil GoCompare demerger this week
(ShareCast News) - Motor insurance group Esure is reportedly set to unveil plans this week for the demerger of its price comparison business, GoCompare. According to Sky News, Esure's board is expected to sign off on the £500m demerger in the next few days. It was understood that under the demerger
Read more8 Sep 2016 09:57
HSBC upgrades RSA, downgrades Hastings
(ShareCast News) - HSBC upgraded RSA Insurance to 'buy' from 'hold' and raised the price target to 595p from 520p despite the strong share price performance. The bank noted RSA shares are up 19% year-to-date, outperforming the FTSE 100 index and the DJ Stoxx Insurance index by 9% and 36%, respective
Read more