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Phoenix Group Holdings

LSE:PHNX
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PHNX
LSE
£5B
Market Cap
  1. Home
  2. GB
  3. Insurance
Company description

Phoenix Group Holdings, a closed life assurance fund consolidator, acquires and manages closed life and pension funds primarily in the United Kingdom. The last earnings update was 44 days ago. More info.


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PHNX Share Price and Events
7 Day Returns
1.4%
LSE:PHNX
4.5%
GB Insurance
1%
GB Market
1 Year Returns
-8.3%
LSE:PHNX
-4.1%
GB Insurance
1.6%
GB Market
PHNX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Phoenix Group Holdings (PHNX) 1.4% 1.9% 12.6% -8.3% -19.4% 6%
GB Insurance 4.5% 3.4% 13% -4.1% 14.6% 24.5%
GB Market 1% 2.3% 8.6% 1.6% 14% 5.9%
1 Year Return vs Industry and Market
  • PHNX underperformed the Insurance industry which returned -4.1% over the past year.
  • PHNX underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 1.6% over the past year.
Price Volatility
PHNX
Industry
5yr Volatility vs Market

Value

 Is Phoenix Group Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Phoenix Group Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Phoenix Group Holdings.

LSE:PHNX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= £6.20 * 7.2%
£0.45
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. £6.20
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:PHNX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.726 (1 + (1- 19%) (55.99%))
1.037
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.037 * 6.65%)
8.12%

Discounted Cash Flow Calculation for LSE:PHNX using Excess Returns Model Model

The calculations below outline how an intrinsic value for Phoenix Group Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:PHNX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.2% – 8.12%) * £6.20)
£-0.06
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= £-0.06 / (8.12% - 1.23%)
£-0.83
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= £6.20 + £-0.83
£5.37
LSE:PHNX Discount to Share Price
Calculation Result
Value per share (GBP) From above. £5.37
Current discount Discount to share price of £7.15
= -1 x (£7.15 - £5.37) / £5.37
-33%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Phoenix Group Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Phoenix Group Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Phoenix Group Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:PHNX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GBP £0.67
LSE:PHNX Share Price ** LSE (2019-04-18) in GBP £7.15
United Kingdom of Great Britain and Northern Ireland Insurance Industry PE Ratio Median Figure of 19 Publicly-Listed Insurance Companies 16x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 795 Publicly-Listed Companies 16.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Phoenix Group Holdings.

LSE:PHNX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:PHNX Share Price ÷ EPS (both in GBP)

= 7.15 ÷ 0.67

10.73x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Phoenix Group Holdings is good value based on earnings compared to the GB Insurance industry average.
  • Phoenix Group Holdings is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Phoenix Group Holdings's expected growth come at a high price?
Raw Data
LSE:PHNX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-10.4%per year
United Kingdom of Great Britain and Northern Ireland Insurance Industry PEG Ratio Median Figure of 16 Publicly-Listed Insurance Companies 1.58x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 563 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

LSE:PHNX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.73x ÷ -10.4%

-1.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Phoenix Group Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Phoenix Group Holdings's assets?
Raw Data
LSE:PHNX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GBP £7.85
LSE:PHNX Share Price * LSE (2019-04-18) in GBP £7.15
United Kingdom of Great Britain and Northern Ireland Insurance Industry PB Ratio Median Figure of 24 Publicly-Listed Insurance Companies 2.14x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,365 Publicly-Listed Companies 1.52x
LSE:PHNX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:PHNX Share Price ÷ Book Value per Share (both in GBP)

= 7.15 ÷ 7.85

0.91x

* Primary Listing of Phoenix Group Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Phoenix Group Holdings is good value based on assets compared to the GB Insurance industry average.
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Value checks
We assess Phoenix Group Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Phoenix Group Holdings has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Phoenix Group Holdings expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Phoenix Group Holdings expected to grow at an attractive rate?
  • Phoenix Group Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Phoenix Group Holdings's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Phoenix Group Holdings's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:PHNX Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:PHNX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -10.4%
LSE:PHNX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 60.9%
United Kingdom of Great Britain and Northern Ireland Insurance Industry Earnings Growth Rate Market Cap Weighted Average 11.7%
United Kingdom of Great Britain and Northern Ireland Insurance Industry Revenue Growth Rate Market Cap Weighted Average 18.3%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11.1%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:PHNX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:PHNX Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 237
2022-12-31 147
2021-12-31 7,441 864 317 1
2020-12-31 7,206 893 295 1
2019-12-31 6,980 560 255 1
LSE:PHNX Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-12-31 -7,033 -353 367
2018-09-30 -1,499 206
2018-06-30 4,031 452 45
2018-03-31 5,059 787 9
2017-12-31 6,091 1,121 -27
2017-09-30 5,726 -113
2017-06-30 5,360 -3,231 -199
2017-03-31 6,343 -2,564 -150
2016-12-31 7,326 -1,897 -101
2016-09-30 5,979 334 26
2016-06-30 4,632 2,565 152
2016-03-31 2,580 940 177

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Phoenix Group Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Phoenix Group Holdings's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:PHNX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Phoenix Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:PHNX Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.20 0.33 0.08 2.00
2022-12-31 0.23 0.31 0.10 3.00
2021-12-31 0.36 0.60 0.15 6.00
2020-12-31 0.34 0.56 0.14 9.00
2019-12-31 0.35 0.51 0.20 8.00
LSE:PHNX Past Financials Data
Date (Data in GBP Millions) EPS *
2018-12-31 0.67
2018-09-30 0.29
2018-06-30 0.11
2018-03-31 0.02
2017-12-31 -0.07
2017-09-30 -0.29
2017-06-30 -0.53
2017-03-31 -0.38
2016-12-31 -0.34
2016-09-30 0.07
2016-06-30 0.57
2016-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Phoenix Group Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Phoenix Group Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Phoenix Group Holdings has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Phoenix Group Holdings's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Phoenix Group Holdings's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Phoenix Group Holdings has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Phoenix Group Holdings has become profitable in the last year making it difficult to compare the GB Insurance industry average.
Earnings and Revenue History
Phoenix Group Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Phoenix Group Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:PHNX Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 -7,033.00 367.00 1,013.00
2018-09-30 -1,498.50 206.00 773.50
2018-06-30 4,031.00 45.00 539.00
2018-03-31 5,058.50 9.00 559.50
2017-12-31 6,091.00 -27.00 575.00
2017-09-30 5,725.50 -113.00 547.50
2017-06-30 5,360.00 -199.00 520.00
2017-03-31 6,343.00 -150.00 472.00
2016-12-31 7,326.00 -101.00 424.00
2016-09-30 5,979.00 25.50 422.00
2016-06-30 4,632.00 152.00 420.00
2016-03-31 2,580.00 176.50 416.50
2015-12-31 528.00 201.00 413.00
2015-09-30 1,931.00 154.00 427.00
2015-06-30 3,334.00 107.00 441.00
2015-03-31 4,223.00 162.50 433.00
2014-12-31 5,112.00 218.00 425.00
2014-09-30 5,097.00 282.50 430.50
2014-06-30 5,082.00 347.00 436.00
2014-03-31 4,612.00 263.50 440.50
2013-12-31 4,142.00 180.00 445.00
2013-09-30 2,154.00 279.50 494.50
2013-06-30 167.00 392.00 485.00
2013-03-31 715.00 399.50 525.50
2012-12-31 1,263.00 407.00 566.00
2012-09-30 4,109.00 98.00 572.00
2012-06-30 6,955.00 -211.00 578.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Phoenix Group Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Phoenix Group Holdings used its assets less efficiently than the GB Insurance industry average last year based on Return on Assets.
  • Phoenix Group Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Phoenix Group Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Phoenix Group Holdings has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Phoenix Group Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Phoenix Group Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Phoenix Group Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Phoenix Group Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Phoenix Group Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 8.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Phoenix Group Holdings Company Filings, last reported 3 months ago.

LSE:PHNX Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 5,949.00 2,881.00 4,152.00
2018-09-30 5,949.00 2,881.00 4,152.00
2018-06-30 3,634.00 1,760.00 4,299.00
2018-03-31 3,634.00 1,760.00 4,299.00
2017-12-31 3,155.00 2,810.00 3,127.00
2017-09-30 3,155.00 2,810.00 3,127.00
2017-06-30 3,188.00 2,011.00 1,768.00
2017-03-31 3,188.00 2,011.00 1,768.00
2016-12-31 3,333.00 3,196.00 3,152.00
2016-09-30 3,333.00 3,196.00 3,152.00
2016-06-30 2,806.00 1,748.00 5,621.00
2016-03-31 2,806.00 1,748.00 5,621.00
2015-12-31 3,004.00 3,195.00 1,602.00
2015-09-30 3,004.00 3,195.00 1,602.00
2015-06-30 2,832.00 2,108.00 3,245.00
2015-03-31 2,832.00 2,108.00 3,245.00
2014-12-31 3,278.00 3,824.00 2,804.00
2014-09-30 3,278.00 3,824.00 2,804.00
2014-06-30 2,885.00 2,285.00 8,692.00
2014-03-31 2,885.00 2,285.00 8,692.00
2013-12-31 2,687.00 3,677.00 9,962.00
2013-09-30 2,687.00 3,677.00 9,892.00
2013-06-30 2,517.00 2,527.00 11,933.00
2013-03-31 2,517.00 2,527.00 11,933.00
2012-12-31 2,382.00 5,360.00 11,335.00
2012-09-30 2,382.00 5,360.00 11,335.00
2012-06-30 2,279.00 3,110.00 12,409.00
  • Phoenix Group Holdings's level of debt (48.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (136.2% vs 48.4% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Phoenix Group Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Phoenix Group Holdings has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.55%
Current annual income from Phoenix Group Holdings dividends. Estimated to be 6.55% next year.
If you bought £2,000 of Phoenix Group Holdings shares you are expected to receive £131 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Phoenix Group Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.01%).
  • Phoenix Group Holdings's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.12%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:PHNX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Insurance Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 4.5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:PHNX Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.47 2.00
2022-12-31 0.47 3.00
2021-12-31 0.47 7.00
2020-12-31 0.47 10.00
2019-12-31 0.47 8.00
LSE:PHNX Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-03-05 0.468 6.759
2018-03-15 0.502 7.451
2017-08-24 0.502 6.579
2017-03-20 0.478 6.279
2016-08-25 0.534 6.883
2016-05-11 0.534 6.512
2015-08-20 0.534 6.179
2015-03-18 0.534 6.303
2014-08-21 0.534 6.822
2014-03-27 0.534 8.066
2013-08-22 0.534 7.256
2013-01-30 0.534 8.102
2012-08-23 0.420 8.092
2012-03-23 0.420 8.607
2011-08-25 0.420 7.920
2011-06-09 0.420 7.476
2011-03-29 0.420 6.311
2010-08-27 0.420 6.384
2010-03-31 0.151 2.283

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Phoenix Group Holdings has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Phoenix Group Holdings only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Phoenix Group Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
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Income/ dividend checks
We assess Phoenix Group Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Phoenix Group Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Phoenix Group Holdings has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Phoenix Group Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Clive Christopher Bannister
COMPENSATION £2,482,000
AGE 59
TENURE AS CEO 8.2 years
CEO Bio

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 Holdings plc from November 1, 2006 to March 31, 2010. He served as Chief Executive of Private Banking and General Manager at HSBC Holdings plc (HSBC Group Private Banking) from 1998 to November 2006 and its Member of The Group Management Board since August 01, 2006 and responsible for Group Private Banking from 1999 to 2006. He joined HSBC in 1994. He was Head of Investment Banking and Deputy Chief Executive Officer, HSBC Securities (USA) Inc. from 1996 to 1997, in New York, overseeing the Group’s debt and equity securities business in the Americas; and worked as Director, Head of Planning and Strategy, HSBC Investment Banking. Prior to joining HSBC in 1994, he was a Partner in the financial consulting practice of Booz Allen & Hamilton. He serves as Chairman of HSBC Insurance Holdings and Limited and HSBC Insurance Brokers Limited. He serves as Chairman of HSBC Private Bank (UK) Limited (these banks were renamed HSBC Private Bank in 2004 (formerly HSBC Republic Bank)) and HSBC Private Bank (Monaco) S.A. (these banks were renamed HSBC Private Bank in 2004 (formerly HSBC Republic Bank)), Director of HSBC Guyerzeller Bank AG and HSBC Private Bank France. Mr. Bannister has been an Executive Director of Phoenix Group Holdings Plc since March 28, 2011. He served as Director of Ping an Insurance (Group) Company of China, Ltd since May 2008. Mr. Bannister is also Chairman of the Museum of London. He served as Director of HSBC Private Bank (Suisse) SA until March 31, 2007. He acted as Special Adviser to the HSBC Group’s Chairman developing the Group’s Strategy. He has an MA in Politics, Philosophy and Economics from Exeter College, Oxford University in 1982.

CEO Compensation
  • Clive Christopher's compensation has been consistent with company performance over the past year.
  • Clive Christopher's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Phoenix Group Holdings management team in years:

2.5
Average Tenure
  • The tenure for the Phoenix Group Holdings management team is about average.
Management Team

Clive Christopher Bannister

TITLE
Group CEO & Executive Director
COMPENSATION
£2M
AGE
59
TENURE
8.2 yrs

Jim McConville

TITLE
Group Finance Director
COMPENSATION
£2M
AGE
61
TENURE
6.8 yrs

Tony Kassimiotis

TITLE
Group Chief Operating Officer
TENURE
1.1 yrs

Claire Hawkins

TITLE
Head of Investor Relations

Quentin Zentner

TITLE
Group General Counsel
TENURE
4.3 yrs

Shellie Wells

TITLE
Head of Corporate Communications

Simon True

TITLE
Group Corporate Development Director & Group Chief Actuary
TENURE
1.3 yrs

Stephen Jefford

TITLE
Group Human Resources Director
TENURE
2.5 yrs

Jonathan Pears

TITLE
Group Chief Risk Officer
TENURE
1.3 yrs

Gerald Watson

TITLE
Group Company Secretary
Board of Directors Tenure

Average tenure and age of the Phoenix Group Holdings board of directors in years:

2.6
Average Tenure
59.5
Average Age
  • The average tenure for the Phoenix Group Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Nick Lyons

TITLE
Group Chairman
COMPENSATION
£57
AGE
60
TENURE
0.6 yrs

Clive Christopher Bannister

TITLE
Group CEO & Executive Director
COMPENSATION
£2M
AGE
59
TENURE
8.1 yrs

Jim McConville

TITLE
Group Finance Director
COMPENSATION
£2M
AGE
61
TENURE
6.8 yrs

Alastair William Barbour

TITLE
Senior Independent Director
COMPENSATION
£155K
AGE
65
TENURE
1.3 yrs

Kory Sorenson

TITLE
Independent Non-Executive Director
COMPENSATION
£125K
AGE
50
TENURE
4.8 yrs

John Pollock

TITLE
Independent Non-Executive Director
COMPENSATION
£127K
AGE
59
TENURE
2.6 yrs

Wendy Mayall

TITLE
Independent Non-Executive Director
COMPENSATION
£109K
AGE
60
TENURE
2.6 yrs

Nicholas Shott

TITLE
Independent Non-Executive Director
COMPENSATION
£107K
AGE
66
TENURE
2.6 yrs

Karen Green

TITLE
Independent Non-Executive Director
COMPENSATION
£108K
AGE
51
TENURE
1.8 yrs

Belinda Richards

TITLE
Independent Non-Executive Director
COMPENSATION
£106K
AGE
59
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Phoenix Group Holdings insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
26. Mar 19 Buy Kory Sorenson Individual 26. Mar 19 26. Mar 19 5,000 £6.56 £32,800
08. Jan 19 Buy Simon True Individual 07. Jan 19 07. Jan 19 8,786 £5.69 £49,998
11. Dec 18 Buy Kory Sorenson Individual 10. Dec 18 10. Dec 18 5,000 £5.57 £27,825
07. Dec 18 Buy Kory Sorenson Individual 06. Dec 18 06. Dec 18 7,500 £5.83 £43,688
02. Oct 18 Sell Wendy Mayall Individual 01. Oct 18 01. Oct 18 -6,666 £6.79 £-45,292
11. May 18 Sell James McConville Individual 08. May 18 08. May 18 -70,000 £7.81 £-546,875
11. May 18 Buy James McConville Individual 08. May 18 08. May 18 70,000 £7.81 £546,875
X
Management checks
We assess Phoenix Group Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Phoenix Group Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should We Be Cautious About Phoenix Group Holdings's (LON:PHNX) ROE Of 6.9%?

Over the last twelve months Phoenix Group Holdings has recorded a ROE of 6.9%. … View our latest analysis for Phoenix Group Holdings? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Be Pleased About The CEO Pay At Phoenix Group Holdings's (LON:PHNX)

Clive Christopher Bannister became the CEO of Phoenix Group Holdings (LON:PHNX) in 2011. … See our latest analysis for Phoenix Group Holdings? … How Does Clive Christopher Bannister's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should Phoenix Group Holdings's (LON:PHNX) Recent Earnings Worry You?

Understanding how Phoenix Group Holdings (LON:PHNX) is performing as a company requires looking at more than just a years' earnings. … Today I will run you through a basic sense check to gain perspective on how Phoenix Group Holdings is doing by comparing its latest earnings with its long-term trend as well as the performance of its insurance industry peers. … Check out our latest analysis for Phoenix Group Holdings?

Simply Wall St -

Is It Too Late To Buy Phoenix Group Holdings (LON:PHNX)?

Phoenix Group Holdings (LON:PHNX), a insurance company based in United Kingdom,. … Let’s take a look at Phoenix Group Holdings’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change … What's the opportunity in Phoenix Group Holdings

Simply Wall St -

Why Phoenix Group Holdings's (LON:PHNX) CEO Pay Matters To You

See our latest analysis for Phoenix Group Holdings What has PHNX's performance been like? … Most recently, PHNX delivered negative earnings of -UK£27.00M. … Usually I would look at market cap and earnings as a proxy for performance, however, PHNX's negative earnings reduces the effectiveness of this method.

Simply Wall St -

How Does Phoenix Group Holdings (LON:PHNX) Affect Your Portfolio Returns?

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … PHNX's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … As a result, the company may be less volatile relative to broad market movements, compared to a company of similar size but higher proportion of fixed assets.

Simply Wall St -

Who Are The Major Shareholders Of Phoenix Group Holdings (LON:PHNX)?

In this article, I'm going to take a look at Phoenix Group Holdings’s (LSE:PHNX) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Check out our latest analysis for Phoenix Group Holdings LSE:PHNX Ownership_summary Apr 25th 18 Institutional Ownership PHNX's 67.28% institutional ownership seems enough to cause large share price movements in the case of significant share sell-off or acquisitions by institutions, particularly when there is a low level of public shares available on the market to trade. … Next Steps: PHNX's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

How Did Phoenix Group Holdings's (LON:PHNX) Earnings Growth Stack Up Against The Industry?

Measuring Phoenix Group Holdings's (LSE:PHNX) track record of past performance is an insightful exercise for investors. … See our latest analysis for Phoenix Group Holdings Commentary On PHNX's Past Performance I look at data from the most recent 12 months, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … For Phoenix Group Holdings, its latest earnings (trailing twelve month) is -UK£27.00M, which compared to last year’s level, has become less negative.

Simply Wall St -

Should You Buy Phoenix Group Holdings (LON:PHNX) Now?

Phoenix Group Holdings (LSE:PHNX), a insurance company based in United Kingdom, saw significant share price volatility over the past couple of months on the LSE, rising to the highs of £8.15 and falling to the lows of £7.26. … Let’s take a look at Phoenix Group Holdings’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Another thing to keep in mind is that Phoenix Group Holdings’s share price is quite stable relative to the rest of the market, as indicated by its low beta.

Simply Wall St -

Should Phoenix Group Holdings (LON:PHNX) Be Part Of Your Dividend Portfolio?

In the past 8 years Phoenix Group Holdings (LSE:PHNX) has returned an average of 7.00% per year to investors in the form of dividend payouts. … Check out our latest analysis for Phoenix Group Holdings 5 checks you should do on a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is their annual yield among the top 25% of dividend payers? … Relative to peers, Phoenix Group Holdings produces a yield of 6.31%, which is high for Insurance stocks.Next Steps: Taking all the above into account, Phoenix Group Holdings is a complicated pick for dividend investors given that there are a couple of positive things about it as well as negative.

Simply Wall St -

Company Info

Description

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.

Details
Name: Phoenix Group Holdings
PHNX
Exchange: LSE
Founded: 1782
£5,145,927,308
720,213,759
Website: http://www.thephoenixgroup.com
Address: Phoenix Group Holdings
Juxon House,
100 St Paul’s Churchyard,
London,
Greater London, EC4M 8BU,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE PHNX Ordinary Shares London Stock Exchange GB GBP 18. Mar 2008
OTCPK PNXG.F Ordinary Shares Pink Sheets LLC US USD 18. Mar 2008
DB 1BF Ordinary Shares Deutsche Boerse AG DE EUR 18. Mar 2008
BST 36P Ordinary Shares Boerse-Stuttgart DE EUR 18. Mar 2008
BATS-CHIXE PHNXL Ordinary Shares BATS 'Chi-X Europe' GB GBP 18. Mar 2008
Number of employees
Current staff
Staff numbers
4,088
Phoenix Group Holdings employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:29
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/12
Last earnings filing: 2019/03/05
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.