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LIBERTY HOLDINGS sees an upgrade to Positive due to a better fundament...
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...
1 director sold
A director at Santam Limited sold 2,556 shares at 302.071ZAR and the significance rating of the trade was 54/100. 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 clearly ...
- David Talpert
- Harry Botha
- Warwick Bam
Avior Financials | Nedbank CPF update | Bank lazy deposits | JSE | SNT...
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%...
- Warwick Bam
SA Insurance | Under pressure
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...
- David Talpert
- Harry Botha
- Warwick Bam
Avior Financials | Liberty and Santam results | TymeBank Investor day ...
Liberty has executed a partial turnaround of the operating performance in FY'18 with Operating Earnings up 42% y/y. New business volumes in the life company remain flat and fully normalised core operating earnings fell 2% y/y. We remain optimistic on increased new business volumes from a better integration strategy with Standard Bank (SBK) due to David Munro's leadership and experience within the SBK Group. We summarise our call with management post results. Santam's FY'18 results are impressiv...
- Warwick Bam
Liberty Holdings | No respite | FY'18 results preview
Liberty Holding's (LBH) will release FY'18 results on Thursday 28 Feb '19. We expect FY'18 Normalised Operating Earnings to have risen 42% y/y to R2020m after a decline of 37% and 19% y/y for FY'16 and '17 (FY'15: R2.7bn). The FY'17 base period included: • R158m in once-off costs relating to STANLIB's outsourcing, • A R56m loss from the Nigerian operation terminated in H1'18 and • c.R198m in modelling changes to the life company back-book. Despite a recovery in operating profit we expec...
- Warwick Bam
Liberty Holdings | Wounded not defeated
Liberty Holding's H1'18 results show stability with Normalised Operating Earnings rising 18% y/y to R958m after a decline of 37% and 19% y/y for FY'16 and '17 (FY'15: R2.7bn). We believe the potential for Standard Bank to integrate Liberty creates a compelling investment case for Liberty minorities. However, due to limited strategic traction in H2'17 and H1'18, we increase our assessment of execution risk by adding 70bps to our previous risk discount rate of 14.2%. In our view, Liberty's e...
- Warwick Bam
Liberty Holdings | The rebound year
LBH's FY'17 results fell short of expectations. Normalised HEPS increased 9% YoY compared to our forecast of 16%. Poor claims experience in Liberty corporate and operational losses from STANLIB Tanzania were reconciling items. A series of once-off losses in FY'16 and FY'17, coupled with weak consumer confidence and low average market returns have created a low basewhereby we expect 36% YoY growth in normalised HEPS in FY'18f. Standard Bank (SBK) continue to drive a digital distribution stra...
A director bought 48,000 shares at 104.950ZAR and
A director at Liberty Holdings Limited bought 48,000 shares at 104.950ZAR and the significance rating of the trade was 85/100. 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 t...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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