BST:36P

Stock Analysis Report

Phoenix Group Holdings

Executive Summary

Phoenix Group Holdings, a closed life assurance fund consolidator, acquires and manages closed life and pension funds primarily in the United Kingdom.


Snowflake Analysis

6 star dividend payer with proven track record.


Similar Companies

Share Price & News

How has Phoenix Group Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 36P has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-14.9%

36P

-10.7%

DE Insurance

-9.1%

DE Market


1 Year Return

n/a

36P

11.3%

DE Insurance

2.9%

DE Market

Return vs Industry: Insufficient data to determine how 36P performed against the German Insurance industry.

Return vs Market: Insufficient data to determine how 36P performed against the German Market.


Shareholder returns

36PIndustryMarket
7 Day-14.9%-10.7%-9.1%
30 Day-12.2%-7.5%-7.2%
90 Day-10.7%-5.0%-6.5%
1 Yearn/a16.2%11.3%6.1%2.9%
3 Yearn/a45.8%28.1%3.5%-5.6%
5 Yearn/a74.5%39.7%8.0%-6.8%

Price Volatility Vs. Market

How volatile is Phoenix Group Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Phoenix Group Holdings undervalued compared to its fair value and its price relative to the market?

11.88x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 36P (€8.25) is trading above our estimate of fair value (€1.92)

Significantly Below Fair Value: 36P is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 36P is poor value based on its PE Ratio (12.3x) compared to the Insurance industry average (11.2x).

PE vs Market: 36P is good value based on its PE Ratio (12.3x) compared to the German market (19.9x).


Price to Earnings Growth Ratio

PEG Ratio: 36P's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: 36P is good value based on its PB Ratio (0.9x) compared to the DE Insurance industry average (1x).


Next Steps

Future Growth

How is Phoenix Group Holdings forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-8.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 36P's earnings are forecast to decline over the next 3 years (-10.5% per year).

Earnings vs Market: 36P's earnings are forecast to decline over the next 3 years (-10.5% per year).

High Growth Earnings: 36P's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 36P's revenue is expected to decline over the next 3 years (-17.3% per year).

High Growth Revenue: 36P's revenue is forecast to decline over the next 3 years (-17.3% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 36P's Return on Equity is forecast to be low in 3 years time (9.6%).


Next Steps

Past Performance

How has Phoenix Group Holdings performed over the past 5 years?

-1.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 36P has high quality earnings.

Growing Profit Margin: 36P's current net profit margins (3.3%) are higher than last year (1.1%).


Past Earnings Growth Analysis

Earnings Trend: 36P's earnings have declined by -1.7% per year over the past 5 years.

Accelerating Growth: 36P's earnings growth over the past year (824.4%) exceeds its 5-year average (-1.7% per year).

Earnings vs Industry: 36P earnings growth over the past year (824.4%) exceeded the Insurance industry 7%.


Return on Equity

High ROE: 36P's Return on Equity (8.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Phoenix Group Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: 36P has a low level of unsold assets or inventory.

Debt Coverage by Assets: 36P's debt is covered by short term assets (assets are 11.8x debt).


Financial Institutions Analysis

Asset Level: 36P's level of assets compared to its equity is very high.

Allowance for Bad Loans: Insufficient data to determine if 36P has a sufficient allowance for bad loans.

Low Risk Liabilities: 36P reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 36P has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 36P has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 36P has an appropriate level of bad loans.


Next Steps

Dividend

What is Phoenix Group Holdings's current dividend yield, its reliability and sustainability?

6.77%

Current Dividend Yield


Dividend Yield vs Market

company6.8%marketbottom25%1.5%markettop25%3.9%industryaverage4.0%forecastin3Years6.9%

Current dividend yield vs market & industry

Notable Dividend: 36P's dividend (6.54%) is higher than the bottom 25% of dividend payers in the German market (1.52%).

High Dividend: 36P's dividend (6.54%) is in the top 25% of dividend payers in the German market (3.92%)


Stability and Growth of Payments

Stable Dividend: 36P's dividends per share have been stable in the past 10 years.

Growing Dividend: 36P's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (80.4%), 36P's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 36P's dividends in 3 years are forecast to be covered by earnings (77.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.7yrs

Average management tenure


CEO

Clive Christopher Bannister (60yo)

9yrs

Tenure

UK£2,482,000

Compensation

Mr. Clive Christopher Roger Bannister has been Group Chief Executive Officer of Phoenix Group Holdings Plc since February 8, 2011. Mr. Bannister served as Group Managing Director of Insurance at HSBC Holdi ...


CEO Compensation Analysis

Compensation vs Market: Clive Christopher's total compensation ($USD3.20M) is about average for companies of similar size in the German market ($USD3.74M).

Compensation vs Earnings: Clive Christopher's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Clive Christopher Bannister
Group CEO & Executive Director9yrsUK£2.48m0.11% £6.6m
James McConville
Group Finance Director7.7yrsUK£1.58m0.035% £2.0m
Antonios Kassimiotis
Group Chief Operating Officer1.9yrsno datano data
Claire Hawkins
Head of Investor Relations0yrsno datano data
Quentin Zentner
Group General Counsel5.2yrsno data0.0057% £329.0k
Shellie Wells
Head of Corporate Communications0yrsno datano data
Simon True
Group Corporate Development Director & Group Chief Actuary2.1yrsno data0.015% £848.8k
Stephen Jefford
Group Human Resources Director3.3yrsno datano data
John McGuigan
Group Head of Customer1.4yrsno datano data
Jonathan Pears
Group Chief Risk Officer2.1yrsno datano data

2.7yrs

Average Tenure

59yo

Average Age

Experienced Management: 36P's management team is considered experienced (2.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Clive Christopher Bannister
Group CEO & Executive Director9yrsUK£2.48m0.11% £6.6m
James McConville
Group Finance Director7.7yrsUK£1.58m0.035% £2.0m
Karen Green
Independent Non-Executive Director2.6yrsUK£108.00kno data
Nicholas Stephen Lyons
Group Chairman1.3yrsUK£57.000.0028% £160.7k
John Pollock
Independent Non-Executive Director3.4yrsUK£127.00k0.0020% £118.0k
Nicholas Shott
Independent Non-Executive Director3.4yrsUK£107.00k0.0010% £59.0k
Belinda Richards
Independent Non-Executive Director2.3yrsUK£106.00kno data
Alastair William Barbour
Senior Independent Director1.8yrsUK£155.00k0.0014% £78.1k
Wendy Mayall
Independent Non-Executive Director3.4yrsUK£109.00k0.0042% £240.5k
Kory Sorenson
Independent Non-Executive Director5.6yrsUK£125.00k0.0029% £165.9k

3.4yrs

Average Tenure

60.5yo

Average Age

Experienced Board: 36P's board of directors are considered experienced (3.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 81.9%.


Top Shareholders

Company Information

Phoenix Group Holdings plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Phoenix Group Holdings plc
  • Ticker: 36P
  • Exchange: BST
  • Founded: 1782
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: UK£4.980b
  • Listing Market Cap: UK£5.782b
  • Shares outstanding: 720.53m
  • Website: https://www.thephoenixgroup.com

Number of Employees


Location

  • Phoenix Group Holdings plc
  • Juxon House
  • 100 St Paul’s Churchyard
  • London
  • Greater London
  • EC4M 8BU
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
1BFDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 2008
PHNXLSE (London Stock Exchange)YesOrdinary SharesGBGBPMar 2008
PNXG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 2008
PHNXLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPMar 2008
36PBST (Boerse-Stuttgart)YesOrdinary SharesDEEURMar 2008

Biography

Phoenix Group Holdings, a closed life assurance fund consolidator, acquires and manages closed life and pension funds primarily in the United Kingdom. It operates through four segments: UK Heritage, UK Open, Europe, and Management Services. It also provides financing services. The company was formerly known as Pearl Group and changed its name to Phoenix Group Holdings in March 2010. Phoenix Group Holdings was founded in 1782 and is based in London, the United Kingdom. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/28 22:36
End of Day Share Price2020/02/28 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.