George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Jefferies raises Assura Group price target to 52 (51) pence - 'buy'
UBS raises Phoenix Group price target to 630 (600) pence - 'buy'
Think it’s odds on now that if they sell Cala there will be a buyback. Given their solvency 2 position is 224%, what else are they gonna do with the money. If Cala goes for £750 million I’d guess a £500 million buy back would be announced. Maybe that would get the share price moving.
Thanks LTI.
I remember now that they were initially the minority shareholder in the Indian business but had subsequently bought out their partner. However, thelast I had read was that the Indian tax authorities were investigating Aviva India for tax evasion. Have you heard any more on this?
Anyone have any idea of the value attributed to the Aviva minority stakes in India and China?
Given the recent divestments across the globe both stakes must be up for sale too.
Oiled Up…….”the big money is not in the buying and selling, it’s in the waiting”……..Charlie Munger
Svend, you are referring to a completely different Phoenix Group based in Abu Dhabi, they are a crypto currency and Bitcoin Basic stuff and my advice is stick to day trading or horse racing, there are races every 15/20 minutes
Porsche1946, stick to day trading or buy a Racing Post, there are horse races every 30 minutes.
From November update…………..
The Part VII transfer creates additional free surplus within our life companies through the realisation of the diversification benefit associated with our internal model harmonisation management action completed in 2021, which enables the Group to announce the one-off upgrade of its near-term cash generation targets today.
The Group therefore now expects to deliver c.£1.8 billion of cash generation in 2023, a significant increase relative to our previous target range of £1.3-to-£1.4 billion. Consequently, the Group's three-year cash generation target across 2023-2025 is also increased to £4.5 billion, up from £4.1 billion previously.
As a result, the Group expects to have significant surplus cash at its holding company at the end of 2023, which creates further balance sheet optionality.
Phoenix Group looks forward to presenting an evolved financial framework with enhanced disclosures and an update on capital allocation in the near term, alongside its Full Year 2023 results announcement in March 2024.
Ps………weighted average interest rate at 2.30%
Re Assura’s debt profile, easily accessed from their last trading update and a debt profile that many REITS could only dream of with over 50% of debt maturing beyond 2030 and at the lowest interest rate………………..
Robust financial position and strong balance sheet
· A- (stable outlook) credit rating from Fitch Ratings affirmed in January 2024
· Weighted average interest rate unchanged at 2.30% (September 2023: 2.30%); all drawn debt on fixed rate basis
· Weighted average debt maturity of 6.25 years, no refinancing on drawn debt due until October 2025. Over 50% of drawn debt matures beyond 2030, with our longest maturity debt at our lowest rates
· Revolving credit facility refinanced as previously announced, increasing to £200 million, reducing the overall cost and adding sustainability-linked KPIs
· Net debt of £1,214 million on a fully unsecured basis with cash and undrawn facilities of £238 million
From the Guardian this morning……..
https://www.theguardian.com/business/nils-pratley-on-finance/2024/mar/08/itv-profits-ad-revenue-streaming-itvx
For all the short term traders………..
“The big money is not in the buying and selling, it’s in the waiting”
Charlie Munger
The bigger question, how much is BritBox UK worth if the worldwide version sold for £255 million? Add this number to the studio valuation and really surprised no activist investor has turned up. Also, the advertising business looks in the market cap at zilch.
BoA upgrade from hold to buy, advising clients Aviva offers the best value of all UK listed insurers
Picking out hot properties……..Assura mentioned as potential takeover candidate from todays’s Times.
Mergers between landlords are all the rage at the moment. Shaftesbury and Capital & Counties, which own a chunk of London’s West End, did it last year; LondonMetric and LXi Reit struck a deal last month; and now it is the turn of Tritax Big Box and UK Commercial Property Reit, the pair of warehouse owners.
The reasoning is fairly simple: to get bigger, which is what investors increasingly are demanding. Debt is much more expensive now and tapping shareholders for more money is a no-no, given that most landlords’ shares are trading at sizeable discounts to their net asset values. Merging with a peer is seen as the quickest and easiest way to add scale
There is an expectation that more deals will be done over the coming months, but who might be next? Andrew Saunders, a real estate analyst at Shore Capital, has had a stab. He thinks Warehouse Reit and Urban Logistics Reit, which between them own almost £2 billion of sheds, “could be in play in 2024”.
Most of the merger activity so far has focused on companies run by external managers, but Saunders reckons that does not mean “internally managed ones will remain exempt”. Among the “obvious candidates” here, he says, are Assura and Primary Health Properties, which own dozens of doctors’ surgeries and medical centres nationwide.
Perhaps the standout tie-up that Saunders thinks is possible is between Derwent London and Great Portland Estates, the two big London office developers.
Looks like straight in at 5%, can’t see any previous holding on the FT site where it lists the top 10 largest shareholders
RNS on the LSE about an hour ago, hope this helps
US investor Silchester reveals 5% stake in ITV this afternoon
“Vote Labour Live Longer”
My grandfather and father both miners voted Labour and were short lived, 59 and 69 respectively so not sure your strapline carries much truth in my household.