Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on OLD MUTUAL PLC. We currently have 6 research reports from 2 professional analysts.
|07Dec16 02:00||RNS||Form 8.3 - Deutsche Boerse AG|
|06Dec16 03:25||RNS||Form 8.3 - Deutsch boerse AG|
|02Dec16 12:45||RNS||Form 8.3 - Deutsche Boerse AG|
|01Dec16 03:00||RNS||Form 8.3 - Deutsche Boerse AG|
|29Nov16 01:55||RNS||Form 8.3 - Deutsche Boerse AG|
|28Nov16 03:30||RNS||Form 8.3 - Deutsche Boerse AG|
|23Nov16 02:00||RNS||Form 8.3 - Deutsche Boerse AG|
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Research reports on
OLD MUTUAL PLC
OLD MUTUAL PLC
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).
19 Aug 15
H1 15 gross sales stood at £15.6bn, up 25% at CER (up 25% as reported). Old Mutual Emerging Markets' profits increased by 16% at CER (+14% as reported) to £333m. While gross sales increased by 23% to R105.7bn. Old Mutual Wealth produced a good performance with sales up 26% to £9,755m and profits up 26% to £151m year-on-year. FuM were up 22% to £101bn. NCCF stood at £2.3bn, an increase of 92% year-on-year. Nedbank’s net interest income and non-interest revenues were up 4% and 10% to R11,675m and R10,450m, respectively. Concerning Institutional Asset Management, OMAM had a very good H1 with profits up 38% to $128m. The group sold 15.3 million OMAM shares raising gross proceeds of $257m, less underwriting costs. Following the sale, the group’s holding of OMAM has been reduced to 65.8%. H1 15 adjusted operating profit increased by 20% to £904m at CER (+19% as reported), and net profit increased 22% to £260m. The interim dividend is 2.65p per share, +8% year-on-year.
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.