Member Info for MattTheBrave

The buy-in des increase the EPS providing that the reduction in the number of shares is not offset by the return that would have been made on the cash. Given the very low interest rates, I think it's fair to assume this is the case. The key though, is that the stated EPS figure of 104.8p already takes account of the adjusted number of shares in issue and hence there is no further adjustment to be made to the PE after dividing the current price by the 104.8p. Hopefully that accords with your understanding.

Easy - numbers bang in line with consensus - market isn't used to that with this stock - it's used to the Company hit out the park quarter on quarter on quarter. It looks like you have the whole industry investing heavily in new equipment at the moment, and that seems to be taking its toll on margins. Top line still seems fine though, and as new capacity is taken up margins should improve. Still shouldn't be surprised when the stock wants to take a breather though. I'm a buyer below £15 at the moment.

Attacking 640p now. If there's one thing nicer than a turnaround, its a turnaround in a large liquid stock which is well understood and known by the market a and a former darling of investors. I also note that it is once again bigger than the 2 smallest FTSE 100 Companies, so if it can hold up till the end of the month, well, who knows?

And good luck to you sir. I bought in just over a year ago at £8, so I'm happy, and have been for quite some time....! DiscoDave - Any thoughts from you sir?

I don't think we'll see a 1xx share price absent a big fall in the overall market. I think today's price still represents good vale personally.

Tgt raised to 850p! I got out of CMC too early, but a 30% rise in a few months can't be sniffed at!!

Nope - I mean IG Group, the larger competitor to CMCX. Clearly I got out of CMC a bit early, but a 30% rise in a few months still 'aint bad!!

Back in profit today after starting to acquire back in September at 6.50, and finishing with a purchase at 4.38 December. So what now? I see earnings starting to increase again, but how far? getting back to 2015 earnings of 70p will be a stretch going forwards, particularly with the asset servicing business being sold. However, I do think 65p by end 2018 is doable, and I think a multiple of 13x this figure would be reasonable equating to a target of £8.50 which I think is a justifiable end year target. Suffice to say, I'm holding on here! GLA

Disappointment for me is that , like UR, they have clearly had a margin squeeze in Q4, but not one mention of this that I can see in the report - I'd just rather they were a bit more open about it.

Hi Dave - hope you're well. As ever, good analysis, which I agree with. Noticeable that the negative posters here have melted away somewhat as the stock has climbed back towards the £6 mark. My in-price is £4.85, and like you, I'm here till £7 at least, when I'll re-examine. GL

Trusts are like buying a company share, where the Companies business is owning and managing a portfolio of securities. these are generally closed-ended which means there are a fixed number of 'shares' in issue and hence to invest, you have to buy them from someone else. Just like equities, the price is actually determined by demand and supply for the trust shares which is why the price can vary from the Net Asset Value which the actual value of the underlying securities, and also like equities, the shareholders 'own' the trust. So, if the discount becomes too large, there are a number of players who specialize in buying out the fund at a discount from the current owners/investors and then realizing it for themselves. Funds/Unit trusts/OEICs/ are 'open-ended' in that the number of 'units' can vary over time as investors invest or divest. They do this directly with the manager, and often have to pay a bid-offer so that existing investors aren't penalized, but crucially, this spread is priced directly of the NAV (which is usually the mid price) ie there is no premium or discount. You also get single-priced funds, and swinging single priced funds, but I've probably bored you all enough for one day...! Cheers!!

but let's not get carried away. It's£50m over 3 years so 17m per annum or a 10% increase in expected revenues over the next 3 years. Bear in mind that the last RNS was slightly disappointing, and whilst this get's them back on track, it's not life changing. Couple of other things - we don't know at what margin these contracts have been priced - also, there's plenty of stale bears in this stock who've been waiting for a bounce and have sold into it. I would expect these to clear soon, and then we should see a steady rise back to the 130s. However, I think we'll need to see some more hard numbers, particularly covering profitability as well as sales. Patience required.

Alliance Trust might be worth a look. trades at 5% discount to NAV, and looks like they've just employed Willis Towers Watson to build a best-in-class portfolio manager line-up. Apparently these guys are pretty smart. Have a good weekend all!

Fully endorse holding this from the fundamental side of the wall where I reside. Very stable insurance business, with genuine quality asset management business, and whilst personal annuities on the wane, people will need to invest their asset elsewhere, whilst bulk annuities and pension 'buy-ins' are strongly growing. All this plus a solid management, low PE and high yield. All in all, a lovely slow burner methinks! I built most of my position post BREXIT which was great, but I still think it represents excellent value at current levels. GLA

Well that trade certainly worked- plus 20% in less than a fortnight! Here's hoping we're now headed for the 60s!

Adding back the divvy would take you back through the £6 mark. I'm targeting £8 by year end, and would probably sell at this level.

Agree with all of that GAO. I still think there's a bid coming here in the next 18 months as well, but I want to see that later rather than sooner so that the price has the time to get back to position which better reflects the fundamentals. I've added on all the falls so far, first at £2 (damn) then more at 90p (yay) but think mid £2s is a reasonable target by year end.

Just added at 46.5p. Fall seems crazy given the momentum the next set of figs are likely to show (LV, L&G, and Sony to name 3 new contracts which will kick in). feels like a steal, but of course you never quite know what might be going on in the background with these mid-sized companies.

Good question - it's off 20% on no news whatsoever. Irritating!

...we're moving back to good value territory here! If it goes back into the £14s I'd be a buyer.