Report
Benoit Valleaux

Phoenix group : Une très bonne dynamique opérationnelle au S1 avec un bilan solide

>Une forte génération de cash-flow - Phoenix a publié son RN du S1 2020 jeudi dernier. Il a dégagé un RO opérationnel avant coûts de financement de 361 M£ (+11% vs S1 2019), supérieur aux attentes. La génération de cash-flow a été très forte à 433 M£ (+51% vs S1 2019) également très supérieure aux attentes (consensus 342 M£, notre prévision 292 M£), et ce malgré une injection de capital de 50 M£ dans la filiale du groupe en Irlande. ReAssure, dont l’acquisition par Ph...
Underlying
Phoenix Group Holdings plc

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Benoit Valleaux

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