DB:1BF

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

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

1BFIndustryMarket
7 Dayn/a-1.2%-0.9%
30 Dayn/a4.4%0.6%
90 Dayn/a7.2%2.9%
1 Yearn/a31.6%26.0%16.3%12.8%
3 Yearn/a66.8%46.7%15.8%5.7%
5 Yearn/a97.8%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

company8.9%marketbottom25%1.3%markettop25%3.6%industryaverage3.6%forecastin3Years8.3%

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

NamePositionTenureCompensationOwnership
Clive Christopher Bannister
Group CEO & Executive Director7.8yrsUK£2.90mno data
James McConville
Group Finance Director6.5yrsUK£1.83mno data
Antonios Kassimiotis
Group Chief Operating Officer0.8yrsno datano data
Quentin Zentner
Group General Counsel4yrsno datano data
Shellie Wells
Head of Corporate Communications0yrsno datano data
Simon True
Group Corporate Development Director & Group Chief Actuary0.9yrsno datano data
Stephen Jefford
Group Human Resources Director2.2yrsno datano data
Jonathan Pears
Group Chief Risk Officer0.9yrsno datano data
Gerald Watson
Group Company Secretary0yrsno datano data
Andy Moss
CEO of Phoenix Life & Group Director of Heritage Business4.6yrsno datano data

3.1yrs

Average Tenure

Experienced Management: 1BF's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Clive Christopher Bannister
Group CEO & Executive Director7.8yrsUK£2.90mno data
James McConville
Group Finance Director6.5yrsUK£1.83mno data
Karen Green
Independent Non-Executive Director1.4yrsUK£52.00kno data
Nicholas Stephen Lyons
Group Chairman0.3yrsno datano data
John Pollock
Independent Non-Executive Director2.3yrsUK£136.00kno data
Nicholas Shott
Independent Non-Executive Director2.3yrsUK£105.00kno data
Belinda Richards
Independent Non-Executive Director1.2yrsUK£26.00kno data
Alastair William Barbour
Senior Independent Director0.9yrsUK£153.00kno data
Wendy Mayall
Independent Non-Executive Director2.3yrsUK£118.00kno data
Kory Sorenson
Independent Non-Executive Director4.4yrsUK£116.00kno 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
36PDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMar 2008
-LSE (London Stock Exchange)YesOrdinary SharesGBGBPMar 2008
PHNXLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPMar 2008
1BFDB (Deutsche Boerse AG)Ord Gbp0.10DEEURDec 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2018/12/14 23:23
End of Day Share Price2018/12/13 00:00
Earnings2018/06/30
Annual Earnings2017/12/31


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.