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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!