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Yep, the cave is a pretty quiet place these days. A lot of the old stalwarts have gone quiet. :-(
KR1 NAV over £200m vs £164m mkt cap. Should see a nice rise today...... :-)
Thanks GS! That's the second time I've won by putting forward a name I'd (unsuccessfully) used the previous year. Lloyds in 2020 and 2021 (winner) and now KR1 in 2022 and 2023 (winner). :-))
:-) If I'm not too late, put me down for Capita (CPI). Thanks!!
Hi All - Nice post below Opt! I also had EPIC but sold out on the confirmation of wind up and invested back into a bunch of other investment trusts which have pretty much all risen since :-) Happy to have helped in some small way on the pensions question.
Well, it has been a quiet time in the cave this year - only c 40posts which has to be a record low since I've hung out here! Not having Hottentot around could be the main cause - boy, that guy could post :-). One thing I've always liked here is the diversity of approach. Opt v. much a trader, using derivatives, and going short as well as long. Me at the other end, very much a long-only, long-term buy and holder. GS somewhere between the two I'd say..?
Anyway, 2024 is a big year for me as I will be retiring in March - You might well see me on here a bit more regularly when I no longer have any Lords and Masters to serve on a daily basis (apart from the missus obvs :-) )
Anyway, Merry Xmas to all, and a very happy (and prosperous) new year!!!
Robinhood will be a competitor to HL, not IG, and even that will only happen when they also offer UK share trading - it's only US for now. RH came to the market in 2021, since when, the stock is down 75%, and they still aren't tuning a profit. Don't think we should have too many sleepless nights over them....:-)
Looks like it might be a close run thing between Optimus and me for the 2023 stock pick (both up c3x). Initially I thought GS had romped it before realising that Deltic Energy had had a 20:1 stock consolidation in May....:-)
I'm in LGEN, AV Phoenix and M&G - the annuity buyout market is flying. The gilt crises last year actually improved the funding of the majority of DB pension schemes in the UK, and they now have enough to start offloading risk only the annuity providers. Expect this trend to start showing up pretty soon in the P&Ls of the above.
In addition, I am now heavily into the highly discounted Investment Trust market, particularly those exposed to Real Estate, Infrastructure (both eq and debt), solar/wind power. Most of these at a discount to NAV in the 30-50% range, and yielding 7-10%. Just started to see prices rallying as yields have begun to drift down Great inflation print today has also helped!
Yes - the shares will disappear and you cash balance will increase by the proceeds from the takeover.
Simon - Statement says :'The Board intends to maintain the current level of dividend, with monthly dividend payments, until the return of capital to Shareholders.' so I think that answers one of your questions.
Sorry, other main reasons for eps fall this time are one-offs (eg closing modular homes) and the changes in bond yields which will tend to even out over the longer term.
Figures are broadly fine. The reason the eps looks low is an accounting change which means profits need to be spread more evenly over the life of contracts (deferred profits up 600mn to over £13bn, inline with total market cap!!!) - much of this would have been funnelled through the P&L previously. Better guides to underlying performance is capital generation (nearly 1bn) and dividend growth, both of which were fine. Buying opportunity here if it falls further.
LTI - We have a tight labour market because all the much needed EU labour left, just as we're about to need them the most. This is most definitely NOT a positive thing........
So as expected, interest income making a significant contribution to the overall results, but the key point is that trading revenue whilst a bit lower, was actually better than the competition. Also, what the market hasn't really appreciated is that they have returned over 10% of market cap in the form of dividends and share buybacks. This will rise to around 15% of mkt cap in the next 12 months given announced buyback and (slightly) increased dividend. I've always contended that this business is a cash flow monster, and at some point, the market will reward it!
Detector - just to be clear, you are telling us that EVs are just a fad which will pass? Guess that AI stuff's all 'mad cap' as well then..... :-)
Today may signal the start of the recovery. Any inflation relief should see a bond market rally, and UK market would fly in that scenario IMV. I'm keeping my fingers crossed anyway!!
Bid now unconditional and bidco allowed to compulsorily buy the c7% it does not own at the 80p price. I have switched most of my holding into Triple Point.
Sorry to disagree Tyche, but it is the same Company YOU invested in. It's just that you don't have any financial interest in it anymore following the wave of debt holder bailouts required to keep it going.......
Whole REIT market up strongly today on good inflation number, with TP one of the leaders - good to see! :-)
Capai - yep, well done, though I note that a before-the-fact 'top-up' became a 'massive top-up' after the fact.... :-)