reports
Hardman & Co Research on Apax Global Alpha (APAX): 1H’24 deal activit...
Hardman & Co Research Hardman & Co Research on Apax Global Alpha (APAX): 1H’24 deal activity coming back strongly 26-Sep-2024 / 11:36 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Apax Global Alpha (APAX): 1H’24 deal activity coming back strongly The key messages from AGA’s were i) a strong rebound in deal activity both for investments and exits (the regular announcements mean this trend was expected), ii) strong growth in investee company EBITDA growth (organic 12.6%, up from 12.2% in FY’23) ‒ widening margins ref...
- Brian Moretta
Chesnara Plc (CSN): Steady as she goes!
Chesnara has announced its 1H’24 results. The main features were positive equity market returns, offset to some extent by further adverse lapse experience. Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions). Economic Value saw a small decline to £508m, from £525m at the year-end, with the dividend payment and forex losses offsetting the earnings. Cash generation was solid, with base cash of £19.6m and commercial cash generation of £29.2m. The interim divid...
Hardman & Co Research on Chesnara Plc (CSN): Steady as she goes!
Hardman & Co Research Hardman & Co Research on Chesnara Plc (CSN): Steady as she goes! 26-Sep-2024 / 08:15 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Chesnara Plc (CSN): Steady as she goes! Chesnara has announced its 1H’24 results. The main features were positive equity market returns, offset to some extent by further adverse lapse experience. Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions). Economic Value saw a small decline to £508m, from £525m at the year-end, with the d...
Chesnara: 2 directors
Two Directors at Chesnara bought 21,410 shares at between 260p and 262p. The significance rating of the trade was 53/100. 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 ...
Hardman Talks Video | Chesnara plc (CSN) Management Presentation and Q...
Hardman & Co Research Hardman Talks Video | Chesnara plc (CSN) Management Presentation and Q&A 06-Jun-2024 / 15:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Chesnara plc (CSN) Management Presentation and Q&A In the latest Hardman Talks, Chesnara CEO Steve Murray and CFO Tom Howard join Hardman & Co analyst Brian Moretta to discuss their 2023 results and prospects. Management give a brief presentation, discussing recent progress, including M&A developments, recent cash generation and future prospects as well as financ...
Q&A on Chesnara plc (CSN): Growth and stability insights
Hardman & Co Research Q&A on Chesnara plc (CSN): Growth and stability insights 09-May-2024 / 14:04 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on Chesnara plc (CSN) | Growth and stability insights Chesnara (LON:CSN) is the topic of conversation when Hardman & Co analyst Brian Moretta joins DirectorsTalk Interviews. Brian delves into Chesnara plc’s 2023 financial results. He shares his analysis on the factors driving Chesnara’s recovery from a previous year’s loss, the impact of global economic shifts on ope...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Paul Mylchreest
The Hardman & Co Monthly: May 2024
Feature article: Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses. It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer. We think that the provocative title of this article is justified by silver’s attractive fundamentals. The “official figures” from the Silver Institute estimate that the silver market has been in deficit for the...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
A0MXLB NB PRIVATE EQUITY PARTNERS
DUKE DUKE ROYALTY
- Brian Moretta
Chesnara (CSN): Good 2023 results set platform for future progress
Chesnara has announced its 2023 results. Positive returns from equity markets and gains from acquisitions in the first half were somewhat offset by adverse changes to operating assumptions in the second. Economic Value profit of £59.1m marked a good turnaround from a loss of £85.1m in 2022. Economic Value of £524.7m was 2% higher than a year ago, reflecting the dividend payment and forex effects. The final dividend of 15.61p brought the full year up to 23.97p, a 3% increase over the previous yea...
Hardman & Co Research on Chesnara plc (CSN): Good 2023 results set pl...
Hardman & Co Research Hardman & Co Research on Chesnara plc (CSN): Good 2023 results set platform for future progress 11-Apr-2024 / 10:23 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Chesnara plc (CSN): Good 2023 results set platform for future progress Chesnara has announced its 2023 results. Positive returns from equity markets and gains from acquisitions in the first half were somewhat offset by adverse changes to operating assumptions in the second. Economic Value profit of £59.1m marked a good turnaround from...
Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Manageme...
Hardman & Co Research Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Management 21-Nov-2023 / 12:55 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Chesnara Presentation and Q&A with Management In this edition of Hardman Talks we were joined by the senior management of Chesnara, an established Life and Pensions Consolidator in the UK and Europe. Watch it here: /5jottn7EAuQ Chief Executive, Steve Murray, and Group Finance Director, David Rimmington, of Chesnara discuss the 2023 interim results and progress wit...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Paul Mylchreest
The Hardman & Co Monthly: November 2023
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe...
Hardman & Co Analyst Interview on Chesnara plc (CSN): A robust approac...
Hardman & Co Research Hardman & Co Analyst Interview on Chesnara plc (CSN): A robust approach to cash generation 20-Oct-2023 / 10:30 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Analyst Interview on Chesnara plc (CSN) | A robust approach to cash generation Chesnara (LON:CSN) is the topic of conversation when Brian Moretta joins DirectorsTalk Interviews. In this interview, Brian talks about his recent note on the company entitled ‘’, taking us through the main features and the factors driving an improvement...
- Brian Moretta
Chesnara plc (CSN): Good first half aided by markets and acquisitions
Chesnara has announced its 2023 interim results. Good returns in equity markets, most notably in Sweden, and the benefit from acquisitions meant earnings were well ahead of our normalised estimates. Economic Value profit was £61.0m, including £28.4m from acquisitions, compared with a loss of £75.7m in 1H’22. Despite paying the final dividend, Economic Value increased 2% over the half year to £523.2m. Cash generation was solid, with commercial cash generation of £21.8m, while base cash generation...
Hardman & Co Research: Chesnara plc (CSN) - Good first half aided by m...
Hardman & Co Research Hardman & Co Research: Chesnara plc (CSN) - Good first half aided by markets and acquisitions 04-Oct-2023 / 15:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research | Financial Services Chesnara plc (CSN) | Good first half aided by markets and acquisitions Chesnara has announced its 2023 interim results. Good returns in equity markets, most notably in Sweden, and the benefit from acquisitions meant earnings were well ahead of our normalised estimates. Economic Value profit was £61.0m, including £28.4m fr...
CORRECTION Hardman & Co Video | Chesnara (CSN) Presentation and Q&A wi...
Hardman & Co Research CORRECTION Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Management 06-Jun-2023 / 12:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Chesnara Presentation and Q&A with Management Correction: a previous version of this announcement made one reference to a different company in error. In this edition of Hardman Talks we were joined by the senior management of Chesnara, an established Life and Pensions Consolidator in the UK and Europe. Watch it here: Chief Executive Steve Murray and ...
Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Manageme...
Hardman & Co Research Hardman & Co Video | Chesnara (CSN) Presentation and Q&A with Management 06-Jun-2023 / 10:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Chesnara Presentation and Q&A with Management In this edition of Hardman Talks we were joined by the senior management of Surface Transforms, an established Life and Pensions Consolidator in the UK and Europe. Watch it here: Chief Executive Steve Murray and Group Finance Director David Rimmington discuss Chesnara’s FY22 results and progress with analyst Brian Mo...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: June 2023
Feature article: UK Water – making waves Over the past year, UK utility share prices have been volatile, especially within the electricity sub-sector. The combination of the war in Ukraine and the associated impact of fluctuating gas prices, along with sharply higher inflation and the consequential rise in interest rates, have destabilised much of the sector. Indeed, most sector constituents have seen their share pieces fall (although not seriously), while Centrica, the UK’s leading gas company...
CLIG CITY OF LONDON INVESTMENT GROUP
UU. UNITED UTILITIES GROUP PLC
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
SRG SEVERN TRENT
- Brian Moretta
Chesnara plc (CSN): Nice little acquisition
Chesnara has announced its first acquisition of 2023. It is buying the onshore protection business from Canada Life’s UK business. This consists of 47,000 term assurance and critical illness policies. Chesnara is paying £9m for the policies, and expects the Economic Value to be £16m – so this is a bit smaller than some of its more recent deals. The uplift of £7m increases Economic Value by ca.1.4%. Cash generation will be improved by ca.£16m over the next five years. This benefit is relatively f...
Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition
Hardman & Co Research Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition 23-May-2023 / 13:05 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition Chesnara has announced its first acquisition of 2023. It is buying the onshore protection business from Canada Life’s UK business. This consists of 47,000 term assurance and critical illness policies. Chesnara is paying £9m for the policies, and expects the Economic Value to be £16m – so this is a bit smaller than some ...
Hardman & Co Q&A on Chesnara plc (CSN): Strong cash generation through...
Hardman & Co Research Hardman & Co Q&A on Chesnara plc (CSN): Strong cash generation through tough markets 04-May-2023 / 14:30 GMT/BST The issuer is solely responsible for the content of this announcement. Analyst interview | Financials Q&A on Chesnara plc (CSN) | Strong cash generation through tough markets Chesnara plc (CSN) is the topic of conversation when Hardman & Co Analyst, Brian Moretta joins DirectorsTalk Interviews. In this interview Brian takes us though his latest note entitled ''. He also talks about the key points of the 2022 results and updates us on the di...
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