Summary OUTsurance Group Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights OUTsurance Group Ltd (OGL), formerly, Rand Merchant Investment Holdings Ltd (RMIH) is an investment holding company. The company, through its subsidiaries, offers a range of insurance products and ...
Summary Hollard Insurance Group - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Hollard Insurance Group (Hollard) is a provider of multi-line insurance products. The group operates through Hollard Life Assurance Company Limited (Hollard Life) and Hollard Insurance Company L...
OLD MUTUAL LTD (GB), a company active in the Full Line Insurance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date March 22, 2022, the closing price was GBp 68.00 and its poten...
The general evaluation of LIBERTY HOLDINGS (ZA), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 28, 2021, the closing price was ZAR 92.28 and...
The general evaluation of SANLAM (ZA), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 28, 2021, the closing price was ZAR 58.94 and its poten...
The general evaluation of DISCOVERY (ZA), a company active in the Life Insurance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 28, 2021, the closing price was ZAR 142.91 and its p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We rank Discovery's corporate governance as ‘adequate' with a score of 2.84 out of 5. In our FY'19 ESG analysis and proxy voting recommendations we focus on: - The balance of power on Discovery's Board considering the unusually high executive representation and low non-executive independence. - The potential disconnect between executive remuneration and shareholder returns.
A director at Discovery Limited sold 10,000 shares at 123.147ZAR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
A director at Sanlam Limited sold 450,000 shares at 78.076ZAR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
In this week's Avior Financials note: Nedbank's Commercial Property Finance presentation showed that Nedbank's book is suitably diversified to withstand challenging economic conditions. Management expects credit impairment charges to increase to within the CIB target range (15bps to 45bps) while aggregate Stage 3 (default) exposure increases. The trends are in line with our expectations (credit loss ratio H2 '19f: 15bps, H1 '20f: 20bps). Capitec recently conducted a survey and found that 86%...
The valuation of Discovery's (DSY) life insurance business is a point of contestation for investors. Persistent policy alterations and lapse assumption changes have reduced DSY Life's embedded value by R5.3bn (12.3% of the average EV balance) since FY'08. A rise in mortality claims in H1'19 reduced DSY Life's profits by 13% y/y. Despite DSY reporting the largest absolute discounted future profits at R58bn (SLM: R41bn), representing 28% of the SA listed market at 31 Dec ‘18 (SLM: 20%), the ...
In this week's Avior Financials note: Old Mutual's H1'19 trading statement was disappointing. While, the African macro-environment remains a headwind OMU's SA operations are undervalued in our view at a rolled forward P/E of between 7x and 8x. Momentum (MTM) expects normalised headline earnings to rise 45% to 65% (Avior: 42%) indicating a positive operating turnaround. The recovery in earnings reflects management's actions to restore profitability. The PA/SARB BA 900 data for Jun '19 shows ...
The South African economy remains in its longest downward cycle since 1945, entering its 67th month of a weakening cycle in Jun ‘19. Annualising the Unemployment Insurance Fund (UIF) payments in Q2'19 implies a 33% y/y rise in terminations in CY'19f. While insurers have broadly reported persistency experience within model assumptions up to Q1'19, the severity of South Africa's economic pressures have intensified in Q2'19 as policy reform has not followed the elections casting doubt on the ba...
We commend Old Mutual for well considered ESG policies. We believe improvements are required in the disclosure of remuneration targets with explicit consideration for the translation impact on Old Mutual Zimbabwe. We raise concern regarding non-executive directors with extensive external responsibilities. We believe the board's focus should be on reducing organisational complexity and matching the skills of committee and sub-committee members with the future direction of Old Mutual and the insur...
Old Mutual (OMU) will release their maiden full year results as a pure play African insurer on Monday 11 Mar ‘19. Since listing on 25 Jun ‘18, OMU has outperformed the market with a total return of 9.2% (JALSH: 3.4%). We believe OMU's forward P/E of 10.2x is distorted by excess assets of R2.31/share. Excluding the excess assets, OMU is trading at an 8x forward P/E. Isolating OMU's insurance and asset management operations the forward P/E falls to 7.6x. We believe OMU's mass foundation segmen...
Sanlam (SLM) will release FY '18 results on 7 Mar ‘19. We expect FY'18 Normalised HEPS to fall -10% y/y. Normalised HEPS has risen by 5.6% CAGR from FY'14 to '17. The 2017 equity market returns (SWIX: +21.2%) created a high base for asset-based fee revenue. A -11.7% SWIX total return for 2018 has aggravated the FY'18 comparative due to depressed investment returns on shareholder assets and asset-based fee income. The SA economy remains exposed to global trends providing limited support for SL...
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