Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RSA INSURANCE GROUP PLC. We currently have 22 research reports from 3 professional analysts.
|08Dec16 04:05||RNS||Director/PDMR Shareholding|
|02Dec16 12:30||RNS||Director/PDMR Shareholding|
|01Dec16 03:00||RNS||Total Voting Rights|
|29Nov16 11:30||RNS||Director/PDMR Shareholding|
|09Nov16 10:30||RNS||Director/PDMR Shareholding|
|07Nov16 11:50||RNS||Director Declaration|
|04Nov16 02:59||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
RSA INSURANCE GROUP PLC
RSA INSURANCE GROUP PLC
Panmure Morning Note 03-11-2016
03 Nov 16
RSA has delivered a good Q3 IMS with Net written premium down 5% reflecting disposals but core premiums were up 6% on a continuing basis whilst the Net Asset Value ex goodwill (NTAV) has reduced from 326p/share at 30 June to 312p/share at 30 Sept, reflecting negative pension fund movements (IAS 19 basis). On this basis the shares are trading at 1.7x NTAV which we view as being close to fair value. The YTD performance is described as strong and ahead of management’s expectations. However, the share price has rallied well since we upgraded our recommendation to Buy in the summer but on the downside we believe that in doing so it has materially reduced the possibility that the company will be bid for. We maintain our 575p/share target price but lower our recommendation from Buy to Hold.
Panmure Morning Note 10-08-2016
10 Aug 16
Following the better than anticipated interim results we believe the market expectations for underlying EPS are too low and that they will need to be revised upwards. We have decided to get off the fence and whilst we believe that the trading environment remains challenging we also think that the market has not factored in the benefit of self-help actions currently underway. These actions have led us to increase our 2016/17 underlying EPS forecasts by 16% and 11% respectively, allowing us to upgrade our recommendation to a Buy (from Hold) and increase our target price to 575p/share (from 470p/share).
05 Aug 16
London equities were begrudgingly impressed with the Bank of England's decision to unleash a package of historic stimulus measures in the wake of the EU referendum. While the MPC voted unanimously in favour of cutting the base rate to an all-time low of 0.25%, the real surprise was the huge expansion of quantitative easing along with a new package of cheap loans for banks which could pump an extra £170bn into the economy despite opposition from a minority of the ninemember committee who considered that the UK macro background does not yet support such drastic action. Despite this Governor Mark Carney then went even further, indicating a willingness to cut rates even further 'close to, but a little above' zero before the year-end together with additional rounds of QE should the economy not respond adequately. Sterling bonds hit record lows, with 10-year Gilts yesterday paying just 0.66%. Equities moved sharply and broadly ahead on the news, with positive sentiment being carried into this morning seen likely to push the FTSE-100 up a further 30 points in early trading. One thing that could potentially spoil the party, however, is the all-important US non-farm employment report for July, with current estimates suggesting an advance of 195k, due this afternoon. Ahead of this release the US markets closed quietly mixed, with tech stocks leading the upside once again while the energy sector rallied with oil remains remaining firmly above the US$40 mark during the session. Asian shares, by comparison, picked up London's positive mood, will all but the Shanghai Composite making reasonable gains. William Hill (WMH.L)and the Royal Bank of Scotland (RBS.L) are amongst corporates due to report today, followed by release of the Halifax house price index mid-morning.
Panmure Morning Note 04-08-2016
04 Aug 16
A has reported H1 results that were above forecasts with headline operating profit at £312m (+20%) that compared to our close to consensus £275m forecast. The interim dividend is 5.0p/share (+43%) ahead of our 4.9p/share forecast whilst the Combined Operating Ratio (COR) was a healthy 94.7% that compared to our 94.5% forecast and consensus at 95.4%. With a ‘For Sale’ sign flapping above the company these figures should highlight the attractiveness of RSA to overseas buyers helped further by weaker sterling. The obvious threat to Stephen Hester’s exit plan is the valuation which we view is full (2016/17F PE multiples of 15.8x and 12.2x respectively) hence our Hold recommendation.
Panmure Morning Note 01-08-2016
01 Aug 16
RSA will report its H1 2016 results on Thursday 4 August (same day as Aviva). We are forecasting a headline Operating profit of £275m (+6%) and an interim dividend of 4.9p/share (+40%). We anticipate a Combined Operating Ratio (COR) of 95.4% with the underwriting performance having benefitted from relatively benign weather offset by a couple of larger claims incidents. The shares have performed remarkably which we believe reflects an improving outlook for motor insurance in the UK, combined with an expectation that the business will be sold at a multiple similar to that which Zurich almost paid for RSA before pulling out. We maintain our Hold recommendation but increase our target price to 470p/share (from 428p) to reflect trading conditions that we think are improving slightly.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.