Member Info for Couerdelion

My own figures suggest that NAV per share is around 24p and with the shares trading at around 40% discount. With the upcoming distribution at 19p per share on 20% of issued capital, the SP should drop (post-distribution) to 13.6p at a discount of nearly 50% to NAV.

Trades today suggest a few bigger investors are showing a bit of interest in the upcoming share buy-back.

I'm thinking of buying ahead of the end of the tax year. I'll have to check the Bed & ISA terms but I think the price here is getting a bit too cheap so want to lock into it now rather than end up paying 5-10% more just for the tax wrapper benefit.

All pretty selective evidence from a rather biased investor in stanleyb. I'm not even certain that NI levels (employer and employee combined) are much different than they were a few years ago.

The key take out is that the SP has already taken the hit from the October statement - and a hefty one it has been. If you -like me - don't believe that the government is planning to bankrupt the economy, then you can ask yourself where you imagine the higher employment costs will fall here. I believe a large part of the pricing power lies with the company as random vox pop samples seem to suggest.

If not, we can at least have fun waiting for news.

My own view is that accounting measures of dividend cover in the life insurance sectors should be ignored completely. A trained eye might just be able to glean some useful information but the real story is cashflow and the shareholder own funds OF measure. This is the amount of capital tied up in the business supporting the statutory capital requirements of the business. Own Funds is the "best estimate" of funds in excess of liabilities so will be released over time. In an acquisition, buyers might pay something like 80-85% of this figure so anything higher is likely to be a discount to "fair value".

The story for L&G is a bit more complex because of the asset management business that's also a cashflow driven business.

I think the link highlights the very generous PE ratio that the shares are now trading at. I like to think of it as a limited-time offer at these prices and bought a few more last week. Strongly considering putting a few away in next years ISA though competition for limited places there is quite strong.

Similar here. I don't see a problem with selling for profit even if there is the risk of continuing price rises. At moderate levels this is simply portfolio rebalancing to avoid overweight positions and I prefer to be overweight when prices are low and underweight when they are high.

Of course, deciding what is high and what is low is a judgement call and we don't always get those right. For my part, I'm now holding a little over a third of the shares I had two months ago and planning to buy a few back if the SP slips to 1580p. I'm am considerably underweight here due to the more challenging PE ratio.

It could be but I've generally not found after hours trading to be a very reliable indicator of UK opening prices.

Do the markets have no respect for our tax planning needs? I really want to get some of these shares tucked away in an ISA but I'd really prefer to get them there at under 5p.

For those who didn't see it:

https://www.investormeetcompany.com/meetings/full-year-results-200

Much of this was covered in the Allenby update provided by rivaldo but it's always good to hear it from the horse's mouth.

Personally, I'm sitting on a 39% annualised return on a small holding and was tempted to shave off a little profit when the price was 70p but resisted the urge. I could have made a short term trading profit there but I'm happy to stick this one out for further returns as the business plan is solid and I expect the share price to recover shortly back to those levels

Quite disappointed with the SP reaction today. My reaction to the earlier RNS was negative because it appeared to suggest a slowing or decline in business - this one puts us well on track to become profitable in a matter of months and I am more inclined to put at SP target towards the middle or top of my original 48-240p target range.

No doubt the news will filter through to the wider investor community slowly.

Agree with baf3, not quite transformational but a very material rerate on the cards.

It depends how much GNIP price increases and how many shares TEK might sell.

It's about time the SP started moving back up. Hopefully the positive update will give it a bit of momentum.

I don't consider AJ Bell as a fund manager; more an investment platform like Hargreaves Landsdowne.

Still trying to figure out how this conversation is relevant here though

In return for the shares we own in APH, LDG are getting shares in the acquisition vehicle which will buy APH. Clearly they believe it is undervalued or maybe they have a better plan for the companty.

Would he be put in the bin to test how effective it is?

My guess that this is at or near bottom. Picked up a few shares earlier today after last selling my holding last July which is quite a sobering comparison.

We're nudging ever closer to breaking back through the 300p barrier. Another attempt today cut short, but it will do it - patience will be rewarded.

I think I can largely agree that the dividend is the key metric. Even outside of a tax-wrapper you're taking over 5.7% p.a. as a pseudo-real return.

For me I have plenty here, much more than any other investment so I don't mind taking the odd capital gain here are there given that the capitalised value is worth around 10.5 years of dividends. Something tells me that there will be opportunities to buy in again at a lower price but even if it doesn't selling around 7.5% of my holding yesterday won't break the bank.