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.
|20Feb17 15:16||RNS||Holding(s) in Company|
|20Feb17 14:35||RNS||Form 8.3 - Deutsche Boerse AG|
|17Feb17 11:55||RNS||Form 8.3 - Deutsche Boerse AG|
|16Feb17 11:45||RNS||Form 8.3 - Deutsche Boerse AG|
|13Feb17 14:30||RNS||Form 8.3 - Deautche Boerse AG|
|10Feb17 16:48||RNS||Holding(s) in Company|
|10Feb17 16:31||RNS||Holding(s) in Company|
Frequency of research reports
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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small caps best insulated from macro headwinds
15 Feb 17
The Diverse Income Trust (DIVI) invests in UK stocks from across the market cap spectrum that have strong prospects for sustainable dividend growth. This all-cap income generating strategy was developed by Gervais Williams and Martin Turner of Miton Asset Management. The c 145 stock portfolio provides a broad spread of investments and has a strong bias towards dividend-growing smaller companies. In terms of NAV total return, the trust has generated +125% over five years, ranking it second in its 23-strong peer group (the Association of Investment Companies’ UK Equity Income sector). Since launch, DIVI’s annual dividend has grown from 2.0p in FY12 to 2.8p in FY16 and it has built a substantial revenue reserve.
Small Cap Breakfast
15 Feb 17
Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
A growth and value opportunity
14 Feb 17
Shares in TMT are some 20% off their year highs and trading at an 11% discount to the last reported NAV of $1.91/share as at 30 June 2016. News flow since then suggests continued positive performance of the portfolio, with the most significant reported value event being the recent revaluation of Pipedrive accretive to NAV per share by circa 14.7c. TMT invests in high growth private companies and as such valuation events are relatively infrequent for its investee companies. Anecdotal evidence from some of TMT’s portfolio suggests that there remains significant value to be unlocked from certain investments, that will not yet meet the criteria for being recognised in the portfolio valuation as at December 2016. We highlight the key news events both reported by TMT, and those relating to its portfolio companies that we have identified since the last audited NAV was published.