reports
- Brian Moretta
Chesnara plc: Happy new acquisition
After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step for the company. The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM. The portfolio will transfer into Chesnara’s UK business, Countrywide Assured. Expected completion is at the end of 2025, subject to the Part VII transfer get...
Hardman & Research on Chesnara plc: Happy new acquisition
Hardman & Co Research Hardman & Research on Chesnara plc: Happy new acquisition 09-Jan-2025 / 09:20 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Chesnara plc: Happy new acquisition After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step for the company. The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM. T...
Chesnara: 1 director
A director at Chesnara bought 10,000 shares at 258p and the significance rating of the trade was 52/100. 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 showing C...
Hardman & Co Q&A on Chesnara plc (CSN): 2024 interim results a steady ...
Hardman & Co Research Hardman & Co Q&A on Chesnara plc (CSN): 2024 interim results a steady performance 11-Oct-2024 / 09:50 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Life assurance Q&A on Chesnara plc (CSN) | 2024 interim results a steady performance Chesnara plc is the topic of conversation when Hardman & Co analyst, Brian Moretta joins DirectorsTalk. In this interview with Brian, key insights are provided on Chesnara plc following the release of its 2024 interim results. The interview touches on Chesnara’s...
- Brian Moretta
- Keith Hiscock
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: October 2024
Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th...
Hardman Talks Video | Chesnara plc (CSN): Presentation and Q&A with Ma...
Hardman & Co Research Hardman Talks Video | Chesnara plc (CSN): Presentation and Q&A with Management 01-Oct-2024 / 11:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Chesnara (CSN) Presentation and Q&A with Management In this episode of Hardman Talks, our Financials analyst Brian Moretta introduces Chesnara‘s CEO Steve Murray and CFO Tom Howard to discuss Chesnara’s recent interim results. Watch it here: Steve presents an overview of Chesnara's strong performance, highlighting cash generation, a robust balance sheet, an...
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...
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 ...
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