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Reminder dlg owns NIG a major commercial insurance provider through brokers - the dividend is safe and likely to increase
Reminder dlg are half the value of admiral presently - this will narrow in 2023
I’ve just checked Admiral’s half year results - their profit from home and travel was £5m yes five no profit at all from commercial and a loss on their personal loan book and foreign motor - compare this to dlg who managed over 100m profit from home and commercial - commercial profit was 55m a huge increase on 2015 levels
This is a fundamental misunderstanding of DLG business income - they are much more diverse than Admiral / their annual gwp for commercial alone was over 550m for 9 months ending sept - an increase of about 15% year on year and up over 50% in last 5 years - home is £300m for same period / Admiral are much more reliant upon motor and yet trade at half their market value - DLG ordinary divi is sustainable and this stock should climb to £3 next year when it will still be yielding over 8%
Re motor their premiums are guaranteed to rise 500m next q3 as they take over mobility from rsa
I see DLG are closing in on buying back/canc 200m shares since the IPO. I suppose this makes it much easier to grow the regular divi - based on 25p per annum this is freeing up £50m per year - at this rate they will canc another 200m shares in next 5 years
since the short was closed on 1.12.21 DLG has risen about 16% compared with about ftse 100 of about 6%
the real reasons why the share is out performing is a lack of manipulation from us hedge funds - pre closing of the short - the share price would often open down significantly on zero news -
this is one advantage of DLG they have https://www.dlgautoservices.com/ plus there own EV repair site
unless i missreading the hy results solvency was
(2021) Solvency capital ratio post-dividends and share buyback
195%
(2020)
Solvency capital ratio 192%
(2019)
165%
i don't think they take into account debt call? the normal ratio is 140-170 i think? no mention of where they are in q3 q&a - but it must have improved given the vast reduction in claims and increase in GWP?
reminder - this stock is being manipulated by US hedge funds - opened 1% down then 3 mins later was 1% up - 2 weeks ago it went up 12% in 30 mins on no news - it fell yesterday 4% on solid numbers - the buyback should finish next week so hopefully will settle down into Jan - i listened to the CFO yesterday he said he is 'open minded' re special divi or buy back to return additional monies to shareholders - hopefully a mixture - he said at the current level of share price the buy back provides best medium long term value e - he didn't say this but every 40m shares bought back saves the firm £10m in ord divi - over 10 years this would enable the ord divi to increase significantly without additional cash - he wants solvency rate to return to 160% currently about 195% - 200% - HL report was therefore v v misleading -
This is the rns on day 1 of buy back - looks like it could be completed before update next week they appear to have cancelled about 40m shares so far
Following the cancellation of the repurchased shares, DLG will hold no ordinary shares in treasury and will have 1,374,372,626 ordinary shares in issue. This is the figure which should be used by shareholders as the denominator when determining whether they are required to notify their interest in, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.