A very strong set of results, showing the firm’s agility in these low rate environments. The operating plan is being implemented smoothly, while US mortality claims are decreasing. The dividend increased and there is much optimism ahead while rates are unlikely to ramp up tomorrow.
Companies: Aegon NV
Aegon’s results show that the insurer is progressing well with its strategic initiatives. Not only is the insurer ahead of its plan, but it also benefited from better-than-expected commercial results. The firm looks well oriented to improve profitability and yield.
Aegon announced a net loss of €147m in H2 20 and the full-year net income stood at €55m. The sharp decline was affected by adverse fair value item movements (€1,150m). In terms of operating performance, the insurer posted positive figures. The H2 20 underlying earnings before tax reached €1,029m, up 7.1% yoy. Except for the UK, all business lines recorded a positive trend in their operating earnings. The Solvency II ratio was 196%. The proposed final dividend is €0.06/share.
The rapid pandemic outbreak in the US led to deep changes in assumptions (€-834m), fair value losses (€-760m) and the suspension of a cash remittance. The American business, at the heart of Aegon’s profitability, is now a real source of concern. The other business units showed resilience. Management announced the withdrawal of its financial targets and a declined interim dividend to €0.06/share despite a solid Solvency II ratio (195%). Aegon will exit unprofitable markets and reallocate capital
Aegon released Q1 20 figures, marked by a strong net income (€1,270m) coming from fair value gains. The insurer succeeded also in protecting its Solvency II ratio (208%). Underlying earnings before tax was €366m, reflecting adverse mortality and impacts from lower interest rates in the Americas. The Dutch and UK operations showed resilience. Aegon took measures to preserve its profitability, including Variable Annuity repricing and coverage restriction. We expect more affected figures in Q2 due
Aegon released FY 19 pre-tax underlying earnings of €1,973m, down 4.8% yoy, but net profit improved to €1,528m. The Americas continued to be the main generator of earnings (57% of the group one) and gross cash (60% of the remitted cash), despite the difficult economic context. Contrary to last year, net income benefited from lower fair value losses (€226m) and the model & assumption changes and restricting costs (€281m). The proposed final dividend is €0.16/share.
Aegon’s H1 19 pre-tax underlying earnings of €1,010m were down 5% yoy, but net profit jumped to €618m. The underlying result was affected by the impact of lower fee income on Retirement Plans and Variable Annuities and higher investments in the Americas. The European and Asian businesses posted slightly higher earnings. The proposed interim dividend is €0.15/share. Aegon respected some fixed targets, but the current volatility in the markets could be harmful to its FY 19 profits.
The partnership between Aegon and Banco Santander is not new. It began in 2013. Spain is not particularly a cornerstone in the profitability of the Dutch insurer, but the reinforcement of the relationship with the leader in the banking sector would allow it to progress in the implementation of its recovery plan.
Aegon released an FY 18 pre-tax underlying earnings of €2,074m, down 3.3% yoy, but net profit dropped to €744m. Earnings were hit by fair value losses (€257m) and the charges of the legal settlement in the US, the book loss on divestments and model and assumption changes (€581m). The proposed final dividend is €0.15/share. Aegon set new targets for 2019-21, with mainly a dividend pay-out to shareholders in the range of 45-55% of capital generation.
Aegon presented its US strategy, but with no major announcements. All 2018 financial targets were confirmed, including the dividend. The US business is crucial for the Dutch company, as it is the main contributor to underlying earnings and cash remittance to the holding. The entire group is undergoing a deep transformation, making it a technology-driven company. Such investments need time to produce results. We keep our figures and positive opinion on the insurer.
Aegon released an FY 17 pre-tax underlying earnings of €2,103m, up 9.9% yoy. Net profit jumped to €2,361bn, mainly thanks to the significant lower impact of fair value items and the positive impact of the US tax reform which led to a one-time benefit of €554m in income taxes. In the next years, an additional €120m to net underlying earnings is expected to be seen due to this reform. The proposed final dividend is €0.14/share, bringing the total dividend to €0.27/share.
Aegon’s Q3 17 sales reached €4,451m (+53.2% yoy), bringing ytd sales to €12,331m, up 33.6% relative to 2016. New Life sales were down by 31.3% to €329m, confirming the observed trend since the beginning of the year (-23.7%, €1,204m). Gross deposits increased 64.9% to €40,691m in the Q3 and 40.9% ytd to €109,495m. Q3 17 underlying earnings before tax improved by 20.6% to €556m. During the 9M 17, the underlying earnings before tax reached €1,578m, up 16.1% yoy. Realised gains on investments tota
Q2 capital restructuring plans have eased concerns over exposure to the Solvency II volatility. However, the valuation benefit has been offset by further downgrades in earnings outlook and we retain our Underperform rating.
Aegon’s Q1 17 sales reached €3,942m (+10.7% yoy). New Life sales were down by 7.5% to €246m. The market-consistent value of new business amounted to €172m, +29.3% yoy. Gross deposits increased 12.9% to €33,969m but an outflow was recorded of €6,003m. Q1 17 underlying earnings before tax improved by 5.6% to €488m. Realised gains on investments totalled only €76m. In Q1 17, operating expenses increased by 2.3% to €983m. The loss from fair value items amounted to €53m, leading to a Q1 17 net income
Aegon’s Q4 16 sales reached €2,727m (-5.5% yoy), but the ytd turnover is still showing an increase of 14.8% to €11,956m. FY 16 new life sales were down 27.2% to €2,054m. In Q4 16, the market consistent value of new business declined by 20.8% to €118m, confirming the negative trend for the full year (-29.6% to €420m). FY 16 gross deposits increased 21.4% to €100,325m. Q4 16 underlying earnings before tax improved by 27.4% to €554m yoy, but only 2.4% to €1,913m for the whole year. Only European an
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Revolution Beauty is a multi-brand, multi-category, multi-channel, mass beauty innovator with proven global scale. Since launch in 2014, the Group has grown rapidly (FY14 – FY19 CAGR of 99%) generating revenue of £137.5m in the 12m to 31 December 2020. Revolution has an established retail footprint of c.11,000 doors across leading retail chains in the UK, USA and internationally, driving global brand recognition. This is complemented by a fast-growing digital business (+81% in 2020) including it
Companies: Revolution Beauty Group plc
Companies: Aquis Exchange Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
Oversubscription of Gore Street’s PrimaryBid offer is helpful although given the attractions of the energy storage market perhaps not surprising. The larger placing remains open with results announced at the end of the month. Together the c.£70m raise will provide the fund with ammunition to pursue its strong pipeline of storage opportunities.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European
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Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s
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Belvoir’s H1 2021 results are exceptionally strong, with adj. EPS up +50%. They were, of course, aided by a very buoyant housing market, but this does not detract from the strategic progress the group continues to make. The group’s growth strategy has supported 24 years of unbroken profit growth and, while 2022 will likely see cooler market conditions, there are increasing signs it will be a gradual return to more normal conditions. The acquisition of Nicholas Humphreys in H1 and The Nottingham
Companies: Belvoir Group PLC
In-line interim results to 30 June 2021 show revenues up 93% to £8.5m, EBITDA up 118% to £2.4m and AUM up 15% to £1.1bn compared with the FTSE All Share, which grew 11.1%. DFM assets outperformed the All Share by almost 4x, increasing 40% to £606m. Recent acquisitions are all performing as initially expected, with the full opportunities that can be realised as a result of the network effects and joined up approach, likely yet to come. While EBITDA is performing very well, reaching 54% of our 202
Companies: Frenkel Topping Group plc
AfriTin* (ATM LN) – Conditional credit approval for Uis mine expansion
Altus Strategies* (ALS LN) - BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (BOD LN) – Drilling results link two kimberlite ‘blows' at Thorny River
Caerus Mineral Resources (CMRS LN) – Raising £1.5m in placing and subscription
GoldStone Resources* (GRL LN) – Extension of Gold Loan
Rio Tinto (RIO LN) – Battery storage facility to be installed at Queensland mine
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Big Technologies (BIG) provides market leading electronic monitoring (EM) systems on a SaaS (Software as a Service) basis primarily to criminal justice systems around the world. EM involves utilising location technologies to remotely monitor and manage people within correctional systems.
Companies: Big Technologies PLC