Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on OLD MUTUAL PLC. We currently have 7 research reports from 2 professional analysts.
|21Apr17 12:56||RNS||Holding(s) in Company|
|20Apr17 17:18||RNS||Holding(s) in Company|
|19Apr17 16:53||RNS||Holding(s) in Company|
|19Apr17 08:47||RNS||Holding(s) in Company|
|18Apr17 09:42||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|13Apr17 13:30||RNS||Holding(s) in Company|
|11Apr17 16:25||RNS||Director/PDMR Shareholding|
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Research reports on
OLD MUTUAL PLC
OLD MUTUAL PLC
2018, independence year
28 Mar 17
Old Mutual’s FY 16 gross sales stood at £31.7bn, up 3% at CER (up 2% as reported), and adjusted operating profit (AOP) increased by 11% to £1.6bn, stable relative to 2015. Old Mutual Emerging Markets (OMEM) figures were positive. Gross sales declined by 1% to R213bn. In South Africa, gross sales declined by 7.6% to R155bn but AOP increased by 1.2% to R10.5bn. The Rest of Africa recorded a 6.5% increase in gross sales to R19bn and a 17% improvement in profits to R1.6bn. In Asia & Latin America, profits were up 42.9% to R626m. Nedbank’s net interest income and non-interest revenues were up 10.6% and 8.1% to R26.4bn and R23.5bn, respectively. The Loans and advances increased by 3.7% to R707.1bn. Deposits grew by 4.9% to R761.5bn, while total liabilities rose by 4.4% to R884.3bn. The Tier 1 ratio improved to 13%. The efficiency ratio stood at 56.9% vs. 56.1% in 2015. AOP increased by 8.1% to R15.9bn but the IFRS profit after tax attributable to equity holders of Old Mutual decreased by 7% to R5.6bn. Old Mutual Wealth (OMW) posted sales 5% higher relative to 2015 at £21.1bn. Gross sales in Old Mutual Global Investors (OMGI) increased by 19%. UK Platform gross sales, of which 16% were generated via intrinsic advisers, increased by 4% yoy. Pension sales in the UK have performed well (+22% yoy). Costs were up 21% to £564m. OMW’s AOP declined by 15% to £260m and IFRS post-tax result stood at £-4m. FuM were up 18% to £135.5bn. Net Client Cash Flows (NCCF) decreased by 25% yoy to £5.2bn. Concerning Institutional Asset Management, Old Mutual Asset Managemeent (OMAM) recorded a 12% increase in profits to £104m. AuM reached $240.4bn, up 13.2% year-on-year. A second interim dividend has been declared for 2016 of 3.39p per share. Together with the first interim dividend, this represents a total dividend for the year of 6.06p per share.
01 Sep 16
H1 16 gross sales stood at £15,992m, up 10% at CER (up 3% as reported). Old Mutual Emerging Markets’ profits decreased by 22% at CER to £260m. While gross sales reduced by 2% to R103.7bn. Old Mutual Wealth produced a good performance with sales up 16% to £11.3bn but profit was down by 104% to £104m yoy. FuM was up 7% to £111.2bn. NCCF stood at £3.2bn, an increase of 93% yoy. Nedbank’s net interest income and non-interest revenues were up 12% and 9% to R13,357m and R11,357m, respectively. Concerning Institutional Asset Management, OMAM reported a decline in AOP of 29% to $91m. H1 16 adjusted operating profit decreased by 9% to £708m at CER (-22% as reported), and net profit increased 9% to £284m. The interim dividend is 2.67p per share. The second interim dividend is expected to be in the mid to upper end of the cover range of 2.5x to 3.5x AOP.
12 Aug 16
"Europe's opening is expected to be pushed and pulled in different directions as investors contemplate contrasting overnight news from some of the world's major markets. Weighing up higher equity closes across both the US and Asia, together with the hint from Saudi Arabia, the world's largest producer and OPEC's opinion leader, of reviving the concept of coordinating crude output with other countries to rebalance supply, London is expected to open modestly firmer with the FTSE-100 rising around 5 points in opening trade. Traders have, of course, heard this before and OPEC's recent inability to effectively control its own members leaves them sceptical that obvious global oversupply can be tamed any time soon. Nevertheless, the story was enough to tempt some to close out bear positions and boosted confidence in the US where energy and consumer stocks drove all three principal indices to concurrent new record closes for the first time since 1999. Asia found this optimism infectious, with similar modest gains across the board, despite China's National Bureau of Statistics releasing the latest in a long run of disappointing industrial output figures, this time showing July annual growth down to just 6.0% from 6.2% in June. While this figure was below consensus expectations, affected primarily by slowing in the hitherto booming housing market, others took heart that monthly production actually rose by 0.52% while also anticipating yet further measure from the PBOC to stimulate its flagging economy. Macroeconomic date due this morning includes UK Construction and German GDP data, while later this afternoon expect US Retail Sales numbers to be released. There are no important UK corporates due to provide earnings updates today, although markets will be keeping an eye out for any further updates regarding the apparent escalation of tensions in the Ukraine following Russia's decision to increase security measures in the annexed territory of Crimea." - Barry Gibb, Research Analyst
New priority: prepare the bride
11 Mar 16
Gross sales stood at £31.8bn, up 25% at CER (up 21% as reported) and AOP increased by 11% to £1.6bn (+4% as reported). Old Mutual Emerging Markets (OMEM) figures were positive, but quite negatively impacted by FX movements. Gross sales rose by 17% to R215bn (£11bn, +7% yoy). In South Africa, gross sales surged by 21% to R162bn due to excellent asset management flows in OMIG (best NCCF performance in the past 12 years at R7.3bn), unit trust flows in Retail Affluent and two large deals in Corporate in H2 15. The Rest of Africa recorded a 32% increase in gross sales to R15bn and a 31% improvement in profits to R1.4bn. In Asia & Latin America, profits were up marginally due to lesser new business strain from bank channel sales and one-off realised investment gains in Asia, and lower profits in Latin America. Nedbank’s net interest income and non-interest revenues were up 4% and 7% to R23.8bn and R21.7bn, respectively. Old Mutual Wealth produced a good performance with sales up 30% to £20.8bn and profits up 35% to £307m yoy. FuM were up 27% to £104.4bn. NCCF stood at £6.9bn, a decrease of 86% yoy. Concerning Institutional Asset Management, OMAM had a positive year with profits up 9% to $229m, including an exceptional performance fee profit of $19m. FUM declined by 4% to $212.4bn. A second interim dividend has been declared for 2015 of 6.25p per share. Together with the first interim dividend, this represents a total dividend for the year of 8.9p per share. Management has also confirmed the information revealed by Sky News about an audacious break-up plan. The insurer is working on a plan to split itself into standalone companies comprising its stake in Nedbank, its wealth unit, its emerging markets operation and its institutional asset management business. Old Mutual said that separation is expected to be materially completed by the end of 2018.
The African sun continues to shine
05 Nov 15
Old Mutual released its Q3 Interim Management Statement. Total Q3 gross sales increased by 31% to £8,103m thanks to 45% growth to £5,502m in Old Mutual Wealth. Emerging Markets' gross sales grew only 8% to £2,601m. In 9M, total gross sales increased to £23,682m (+26%). In Q3, covered business APE and Non-covered business sales increased in Emerging Markets by 19% to R3,174m and 15% to R36,100m, respectively. FuM reached £319.4bn, perfectly stable relative to December 2014. Emerging Markets FuM fell to £45.5bn in September 2015 (£50.3bn in December 2014) while Wealth FuM were on an uptrend at £98.7bn (£82.5bn in December 2014). Total NCCF (excluding the non-US affiliate) stood at £1.6bn in Q3 and £5.8bn in 9M, with a large rise (>100%) in Old Mutual Wealth. Nedbank’s recorded a 4% increase in net interest income to £17,681m but a 31bp decline in the margin. At 30 September 2015, the group’s net debt stood at £1.1bn after deducting holding company cash of £548m. The group’s regulatory capital surplus was £1.5bn (£1.6bn in H1 15), representing a statutory cover ratio of 149% (150% at 30 June 2015).
N+1 Singer - Uncovered Gems - Speed Dating Lunch - A Famous Five for the future?
12 Apr 17
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Non Life Insurance - Growing impact of hacks on share prices
18 Apr 17
Our November 2016 Cyber report flagged the growing impact of cyber attacks on quoted companies, noting that Yahoo’s breach would inevitably negatively impact Verizon’s offer price, which it did. A report by CGI and Oxford Economics has found that, to date,severe hacks on UK companies permanently reduced their share price by 1.8% - or approximately a £120m hit to MCap for a FTSE 100 firm. With GDPR coming into effect next year, we expect more headlines. That has got to be good for cyber insurers and cyber security firms.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.