LSE:PHNX

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

Fundamentals

6 star dividend payer and good value.


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


Market Performance


7 Day Return

8.1%

PHNX

5.6%

GB Insurance

1.9%

GB Market


1 Year Return

14.9%

PHNX

-1.4%

GB Insurance

2.4%

GB Market

Return vs Industry: PHNX exceeded the UK Insurance industry which returned -1.4% over the past year.

Return vs Market: PHNX exceeded the UK Market which returned 2.4% over the past year.


Shareholder returns

PHNXIndustryMarket
7 Day8.1%5.6%1.9%
30 Day2.7%0.3%-1.1%
90 Day-0.3%-8.1%-1.8%
1 Year23.2%14.9%3.6%-1.4%7.4%2.4%
3 Year27.7%-20.0%21.1%4.2%18.2%3.7%
5 Year76.9%-1.9%36.8%8.0%35.7%6.1%

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

Valuation

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

6.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: PHNX (£7.12) is trading below our estimate of fair value (£7.63)

Significantly Undervalued: PHNX is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: PHNX is good value based on its PE Ratio (12.2x) compared to the Insurance industry average (14.7x).

PE vs Market: PHNX is good value based on its PE Ratio (12.2x) compared to the UK market (16.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: PHNX is poor value based on its PEG Ratio (3.5x)


Price to Book Ratio

PB vs Industry: PHNX is good value based on its PB Ratio (0.9x) compared to the GB Insurance industry average (1.9x).


Next Steps

Future Growth

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

3.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PHNX's forecast earnings growth (3.5% per year) is above the savings rate (1.2%).

Earnings vs Market: PHNX's earnings (3.5% per year) are forecast to grow slower than the UK market (12.6% per year).

High Growth Earnings: PHNX's earnings are forecast to grow, but not significantly.

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

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


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: PHNX'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


Past Earnings Growth Analysis

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

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

Earnings vs Industry: PHNX earnings growth over the past year (824.4%) exceeded the Insurance industry 15.2%.


Return on Equity

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


Return on Assets

ROA vs Industry: PHNX's Return on Assets is below or equal to the Insurance industry average last year.


Return on Capital Employed

ROCE Improving: PHNX has significantly improved its Return on Capital Employed over the past 3 years.


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: PHNX has a low level of unsold assets or inventory.

Debt Coverage by Assets: PHNX's debt is covered by short term assets (assets are 11.786270x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

6.58%

Current Dividend Yield


Dividend Yield vs Market

company6.6%marketbottom25%2.0%markettop25%5.4%industryaverage5.0%forecastin3Years6.6%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: PHNX's dividend (6.58%) is higher than the bottom 25% of dividend payers in the UK market (2%).

High Dividend: PHNX's dividend (6.58%) is in the top 25% of dividend payers in the UK market (5.42%)

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

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: PHNX's dividends in 3 years are forecast to be covered by earnings (62.3% payout ratio).


Next Steps

Management

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

2.4yrs

Average management tenure


CEO

Clive Christopher Bannister (60yo)

8.7yrs

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 ($USD3.19M) is about average for companies of similar size in the UK market ($USD3.39M).

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


Management Age and Tenure

2.4yrs

Average Tenure

60yo

Average Age

Experienced Management: PHNX's management team is considered experienced (2.4 years average tenure).


Board Age and Tenure

3.1yrs

Average Tenure

60.5yo

Average Age

Experienced Board: PHNX's board of directors are considered experienced (3.1 years average tenure).


Insider Trading

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


Recent Insider Transactions

BuyUK£32,80026 Mar 19
Kory Sorenson
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director
Shares5,000
Max PriceUK£6.56
BuyUK£49,99808 Jan 19
Simon True
EntityIndividual
Role
Head of Corporate Development
Group Corporate Development Director & Group Chief Actuary
Shares8,786
Max PriceUK£5.69
BuyUK£27,82511 Dec 18
Kory Sorenson
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director
Shares5,000
Max PriceUK£5.57
BuyUK£43,68807 Dec 18
Kory Sorenson
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director
Shares7,500
Max PriceUK£5.83

Ownership Breakdown


Management Team

  • Quentin Zentner

    Group General Counsel

    • Tenure: 4.8yrs
  • Clive Christopher Bannister (60yo)

    Group CEO & Executive Director

    • Tenure: 8.7yrs
    • Compensation: UK£2.48m
  • Jim McConville (62yo)

    Group Finance Director

    • Tenure: 7.3yrs
    • Compensation: UK£1.58m
  • Tony Kassimiotis

    Group Chief Operating Officer

    • Tenure: 1.6yrs
  • John McGuigan (59yo)

    Group Head of Customer

    • Tenure: 1.1yrs
  • Simon True

    Group Corporate Development Director & Group Chief Actuary

    • Tenure: 1.8yrs
  • Stephen Jefford

    Group Human Resources Director

    • Tenure: 3yrs
  • Claire Hawkins

    Head of Investor Relations

    • Tenure: 0yrs
  • Shellie Wells

    Head of Corporate Communications

    • Tenure: 0yrs
  • Jonathan Pears

    Group Chief Risk Officer

    • Tenure: 1.8yrs

Board Members

  • Karen Green (52yo)

    Independent Non-Executive Director

    • Tenure: 2.3yrs
    • Compensation: UK£108.00k
  • Clive Christopher Bannister (60yo)

    Group CEO & Executive Director

    • Tenure: 8.7yrs
    • Compensation: UK£2.48m
  • Nick Lyons (61yo)

    Group Chairman

    • Tenure: 1yrs
    • Compensation: UK£57.00
  • John Pollock (60yo)

    Independent Non-Executive Director

    • Tenure: 3.1yrs
    • Compensation: UK£127.00k
  • Nicholas Shott (67yo)

    Independent Non-Executive Director

    • Tenure: 3.1yrs
    • Compensation: UK£107.00k
  • Jim McConville (62yo)

    Group Finance Director

    • Tenure: 7.3yrs
    • Compensation: UK£1.58m
  • Belinda Richards (60yo)

    Independent Non-Executive Director

    • Tenure: 2yrs
    • Compensation: UK£106.00k
  • Alastair William Barbour (66yo)

    Senior Independent Director

    • Tenure: 1.4yrs
    • Compensation: UK£155.00k
  • Wendy Mayall (61yo)

    Independent Non-Executive Director

    • Tenure: 3.1yrs
    • Compensation: UK£109.00k
  • Kory Sorenson (51yo)

    Independent Non-Executive Director

    • Tenure: 5.3yrs
    • Compensation: UK£125.00k

Company Information

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


Key Information

  • Name: Phoenix Group Holdings plc
  • Ticker: PHNX
  • Exchange: LSE
  • Founded: 1782
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: UK£5.137b
  • Shares outstanding: 720.48m
  • 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 Ope ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/16 21:11
End of Day Share Price2019/10/16 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.