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AuM up due to rising markets, but outflow has picked up again. Not good.
Alliance Trust have dispensed with JUP's services. Not a good sign! Trading update due next week?
They made a statement regarding dividend policies a good while back, and at the then price it worked out about 3% going forward. It will be a wee bit higher now! I cannot find the relevant RNS, but the dividend has to fall to take into account the declining business. However, the outflow of funds is slowly being stemmed, and with a PER of 9 and a PEG of 0.6 this is not expensive.
You have a justifiably sceptical attitude! In truth, any positive news regarding profit and loss would have been made public. We still have a way to go here, but things are improving.
FCF has been unimpressive for a couple of years, and is a wee bit of a worry. "Provisions" implies there may be a bad debt or compensation arising, I think. An uncertain element, and undoubtedly the reason for both the muted response here, and the continued languishing of the share price.
Results to end dec 2023
Revenue +14%
Operating profit +14%
EPS +55%
Dividend +77%
Despite £5.6m one off costs.
HOWEVER debt up 15%.
Remains in line.
Not sure if this has been posted, but the trade press see this takeover as unlikely to proceed:
https://www.theinsurer.com/comment/ageas-interest-in-dlg-has-too-many-potholes/
Additionally, would you really want or be able to hold shares in a Belgian business?
...seems to be rising.
Citi lower to "neutral". Consequent fall in price today.
Does anyone know the next ex-div date here please? Normally around 15 March.
SIP will increase share count by 2.6% at no cost to employees.
Co-investment plan to increase share count by 13.7%, at possible cost of 20% of face value, for directors only.
Yes, we are now FCAP! Poor deal for us shareholders.
£380k buy at opening yesterday. Unusual show of confidence.
One of the 24-hour charty people on Stockopedia is saying 55p.
I have added this morning.
Pros:
PER = 9.5, comparing to say ABDN at 14 and AJ Bell at 17.
Sustainable yield at 3%+.
Profitable.
No debt.
FWIEW Stockopedia loves it, at a stockrank of 99!
Cons:
AuM falling and likely to continue doing so.
"Star" manager departing.
As a longer term hold, this seems to have potential.
Interesting comment from CEO of WOSG this morning: "The festive period was particularly volatile this year for the luxury sector, with consumers allocating spend to other categories such as fashion, beauty, hospitality and travel."
Https://uk.investing.com/analysis/carrs-group-cautious-optimism-200597218
Hi Kingfisher. Dividend policy here has already been revised, so the yield will be c3% by my reckoning. AuM outflows are slowing, so perhaps a good sign. A takeover seems improbable until we see a rise in price, and increase in performance and a further simplification of the business. I am a long term holder, but remain neutral on the prospects here.
Times reporting merger talks between Panmure Gordon and Liberium. May eat into business here a little.
What would a takeover really offer for a competitor? Contracts with slim margins? Debt? Not much really. If it was going to happen, it would have taken place a year ago.
Has fallen back early doors. Longer term I do not know. I am a long term holder, and would be VERY happy to see this eventually consolidate above 80p. A takeover will never happen, as the company has no assets worth appropriating. My worst investment!