Executive Summary
Phoenix Group Holdings, a closed life assurance fund consolidator, acquires and manages closed life and pension funds primarily in the United Kingdom.
Rewards
Risk Analysis
Snowflake Analysis
Reasonable growth potential second-rate dividend payer.
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: 1BF has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
n/a
1BF
-1.2%
DE Insurance
-0.9%
DE Market
1 Year Return
n/a
1BF
26.0%
DE Insurance
12.8%
DE Market
Return vs Industry: Insufficient data to determine how 1BF performed against the German Insurance industry.
Return vs Market: Insufficient data to determine how 1BF performed against the German Market.
Shareholder returns
| 1BF | Industry | Market | |
|---|---|---|---|
| 7 Day | n/a | -1.2% | -0.9% |
| 30 Day | n/a | 4.4% | 0.6% |
| 90 Day | n/a | 7.2% | 2.9% |
| 1 Year | n/a | 31.6%26.0% | 16.3%12.8% |
| 3 Year | n/a | 66.8%46.7% | 15.8%5.7% |
| 5 Year | n/a | 97.8%58.3% | 19.7%3.3% |
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?
49.26x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: 1BF (€6.36) is trading above our estimate of fair value (€0.58)
Significantly Below Fair Value: 1BF is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: 1BF is poor value based on its PE Ratio (49.3x) compared to the Insurance industry average (11.9x).
PE vs Market: 1BF is poor value based on its PE Ratio (49.3x) compared to the German market (20.6x).
Price to Earnings Growth Ratio
PEG Ratio: 1BF is good value based on its PEG Ratio (0.8x)
Price to Book Ratio
PB vs Industry: 1BF is good value based on its PB Ratio (0.6x) compared to the DE Insurance industry average (1.1x).
Next Steps
Future Growth
How is Phoenix Group Holdings forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
61.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: 1BF's forecast earnings growth (61% per year) is above the savings rate (0.5%).
Earnings vs Market: 1BF's earnings (61% per year) are forecast to grow faster than the German market (13.2% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: 1BF's revenue (16.3% per year) is forecast to grow faster than the German market (4.8% per year).
High Growth Revenue: 1BF's revenue (16.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: 1BF's Return on Equity is forecast to be low in 3 years time (9.9%).
Next Steps
Past Performance
How has Phoenix Group Holdings performed over the past 5 years?
-52.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: Insufficient data to determine if 1BF has high quality earnings.
Growing Profit Margin: 1BF became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: 1BF's earnings have declined by -52.4% per year over the past 5 years.
Accelerating Growth: 1BF has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: 1BF has become profitable in the last year, making it difficult to compare its past year earnings growth to the Insurance industry (7.8%).
Return on Equity
High ROE: 1BF's Return on Equity (1.2%) 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: 1BF has a low level of unsold assets or inventory.
Debt Coverage by Assets: 1BF's debt is covered by short term assets (assets are 8.8x debt).
Financial Institutions Analysis
Asset Level: 1BF's level of assets compared to its equity is very high.
Allowance for Bad Loans: Insufficient data to determine if 1BF has a sufficient allowance for bad loans.
Low Risk Liabilities: 1BF reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if 1BF has an acceptable proportion of non-loan assets held.
Low Risk Deposits: 1BF has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if 1BF has an appropriate level of bad loans.
Next Steps
Dividend
What is Phoenix Group Holdings's current dividend yield, its reliability and sustainability?
8.90%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: 1BF's dividend (8.9%) is higher than the bottom 25% of dividend payers in the German market (1.38%).
High Dividend: 1BF's dividend (8.9%) is in the top 25% of dividend payers in the German market (3.53%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, 1BF has been paying a dividend for less than 10 years.
Growing Dividend: 1BF's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (416.6%), 1BF's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: 1BF's dividends in 3 years are forecast to be covered by earnings (63.9% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.1yrs
Average management tenure
CEO
Clive Christopher Bannister (59yo)
7.8yrs
Tenure
UK£2,902,000
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 ($USD3.65M) is about average for companies of similar size in the German market ($USD3.59M).
Compensation vs Earnings: Clive Christopher's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group CEO & Executive Director | 7.8yrs | UK£2.90m | no data | |
| Group Finance Director | 6.5yrs | UK£1.83m | no data | |
| Group Chief Operating Officer | 0.8yrs | no data | no data | |
| Group General Counsel | 4yrs | no data | no data | |
| Head of Corporate Communications | 0yrs | no data | no data | |
| Group Corporate Development Director & Group Chief Actuary | 0.9yrs | no data | no data | |
| Group Human Resources Director | 2.2yrs | no data | no data | |
| Group Chief Risk Officer | 0.9yrs | no data | no data | |
| Group Company Secretary | 0yrs | no data | no data | |
| CEO of Phoenix Life & Group Director of Heritage Business | 4.6yrs | no data | no data |
3.1yrs
Average Tenure
Experienced Management: 1BF's management team is considered experienced (3.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Group CEO & Executive Director | 7.8yrs | UK£2.90m | no data | |
| Group Finance Director | 6.5yrs | UK£1.83m | no data | |
| Independent Non-Executive Director | 1.4yrs | UK£52.00k | no data | |
| Group Chairman | 0.3yrs | no data | no data | |
| Independent Non-Executive Director | 2.3yrs | UK£136.00k | no data | |
| Independent Non-Executive Director | 2.3yrs | UK£105.00k | no data | |
| Independent Non-Executive Director | 1.2yrs | UK£26.00k | no data | |
| Senior Independent Director | 0.9yrs | UK£153.00k | no data | |
| Independent Non-Executive Director | 2.3yrs | UK£118.00k | no data | |
| Independent Non-Executive Director | 4.4yrs | UK£116.00k | no data |
2.3yrs
Average Tenure
59.5yo
Average Age
Experienced Board: 1BF's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.
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.
Ownership Breakdown
Dilution of Shares: Insufficient data to determine if shareholders have been diluted in the past year.
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: 1BF
- Exchange: DB
- Founded: 1782
- Industry: Life and Health Insurance
- Sector: Insurance
- Market Cap: UK£4.083b
- Listing Market Cap: UK£4.541b
- Shares outstanding: 720.87m
- 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| 36P | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Mar 2008 |
| - | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | GBP | Mar 2008 |
| PHNXL | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | GBP | Mar 2008 |
| 1BF | DB (Deutsche Boerse AG) | Ord Gbp0.10 | DE | EUR | Dec 2018 |
Biography
Phoenix Group Holdings, a closed life assurance fund consolidator, acquires and manages closed life and pension funds primarily in the United Kingdom. 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 headquartered in London, the United Kingdom.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2018/12/14 23:23 |
| End of Day Share Price | 2018/12/13 00:00 |
| Earnings | 2018/06/30 |
| Annual Earnings | 2017/12/31 |
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.