Phoenix Group - BUY - Ready To Go Again
Phoenix Group's strong cash performance since acquiring AXA Wealth and Abbey Life has been impressive and should enable the group to fund a further £500m acquisition from internal resources. The group's dividend is sustainable for many years and should grow as the group executes further consolidation deals. Yielding 6.6% the shares are a strong BUY for income investors.
Phoenix Group Holdings is a closed life and pension fund consolidator. Co. manages manage life insurance funds which no longer actively sell new life or pension policies and which run-off gradually over time. Co. has one reportable segment, comprising its investment in and loans to/from Co.'s entities. Its revenue principally comprises the dividend and interest income derived from these investments and loans. As of Dec 31 2014, Co. had approximately 5.0 million policyholders and about £52.30 billion of total life company assets.
Baden Hill has a team of 9 institutional salesmen and analysts operating under the Northland Capital Partners regulatory umbrella. The sales team cover the UK and European stock markets whilst the analysts cover support services, clean tech and equity income. The equity income product has a particular focus on cash flow and accounting quality. The team is also offers capital rasing services and have been involved in a number of succesful flotations and secondary capital raises.
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