Member Info for Jatw

Who would have thought:

1 people take their pets to a local vet

2 the vets will copy the practices of private healthcare and private dentistry

3 healthcare no longer tolerates one man bands/small practices which is where the cranks reside

4 consolidation leads to concentrations (4 but perhaps 3 mobile networks are enough? So why concerned about 6 vet groups).

5 there are now secondary referral units akin to private hospitals…these provide much more specialist pet healthcare and are £££ to build, staff and maintain.

The CMA seems to be talking up its enforcement / remediation role…but I am not sure what they are going to be able to do beyond making vets tell customers they can buy services elsewhere and they may be cheaper (but that will involve more effort by the customer and delays in administering medication so I Don’t expect a great change in customer behaviour).

Today would appear to be a buying opportunity for those that expect modest CMA recommendations.

The Q4 update was really positive, but the SP has slipped back recently.

Tempted to acquire some more in the mid 30s this week as I suspect it will bounce up on results in early April.

It touched $60 last week….could not hold it but could still go higher.

This was 100p in 2019 and 110p in 2021……just think of the progress that has been achieved since then……

They are adding 20-30p per annum for the next few years to the shareholder value and paying out 3p growing to 6p in 6 years….the additional value should mostly flow to the SP.

Add 25p for 4 years and this is £2/share…..it is now makes sense from an investors perspective so I expect we will see a rapid re-rating during 2024 and then steady growth for the next few years….

DAB - agree….we can expect them to add 30p and more to the TNAV for the next 5-10 years just on UK business.

There is approx 100p of debt to repay….but all the additional value flows to Shareholders and most of it should be added to the SP.

Whatever price the Directors were holding out for last year is justified and they will add some more for any new discussions. I dont intend to sell any (except in GIA to move to ISA/SIPP wrapper).

Really excellent, far better than expected.

Hopefully the market will take note and look forward to value added for the next 5-10 years

I am expecting good results and an open above 90. Although I am doubtful it will be able to cling on.

The market seems to be taking positive notes from the LGEN and AV into MNG…

A nice little run up ahead of the results, assisted by the positive noises from LGEN and AV in relation to annuities….

I really hope the potential here starts to show soon.

LGEN NBP margin of 9%, CSM released at 6.6%….what will Just make?

Reckon they will sell the asset building businesses in LGC….no real need for them to be a house builder.

LGIM operating profit fell by 20% - driven by lower AUM and cost pressures…..how will the MAGIM side of MNG fare? Possibly better due to improved performance and action in hand on costs

I see 2024 being a year of gains for QLT.

1. This is an election year - so there will be more people wanting advice ahead of a likely change in government.

2 SJP is in disarray…..there will be advisors and clients looking for a new home.

3 Management is confident

LGEN reported operating profits from annuity business rose slightly…

A 16% rise inthe dividend is areal sign of confidence in the future business performance….this will be rewarded as the analysts do their work

Published on the LGEN website - the key metrics are:

Operating profit 1753m

Dividend 20.34

SCR 217%

This is based on 13 submissions. The Divi is aligned with 5% increase previously stated so is more or less nailed on…..The SCR would allow significant additional dividends and Buy Backs so there could be additional SH returns.

I think this is a sell anything with significant China interests story.

The last sales results and new business profits were pretty decent……

I cant believe the SP has sunk this low……

It can realistically only rally when there is an everything China rally and it will outperform that…..hard to see where the trigger for that is coming from…..I suspect we will be able to buy in the 600s soon and possible 500s later this year if nothing changes in China.

The unknowable is how much (if anything) is a partner willing to pay……

LTH may believe this is worth 300p…..that no funding path has been implemented despite it being clear that this company is quickly running out of cash mean that a forced sale at a knockdown price is the only way forward.

My breakeven is around 125p……I am not going to put more cash at risk at this very uncertain juncture…I am expecting a significant loss, but if the BoD can get an offer over £100m I will be very thankful…..

They also need to be working on the old plan A as a buyer could string them along until they do go bust - not very ethical, but it does happen.

Maybe the best that can be hoped for is 50p plus a warrant for a further sum should sales targets be met…..

Always buy quality and it will not let you down….dont worry too much about the price it will look cheap in 5 years time.

Revenues follow 2-3 years after drug development news….AZ has an exceptional pipeline of drug candidates….and have been excellent judges of potential in the past (they paid Dai-ichi $6bn to licence this drug..and it is not disappointing).