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PHNX

Phoenix Group Holdings LSE:PHNX Stock Report

Last Price

UK£5.27

Market Cap

UK£5.1b

7D

-9.7%

1Y

-17.2%

Updated

30 Sep, 2022

Data

Company Financials +
PHNX fundamental analysis
Snowflake Score
Valuation5/6
Future Growth5/6
Past Performance0/6
Financial Health2/6
Dividends5/6

PHNX Stock Overview

Phoenix Group Holdings plc operates in the long-term savings and retirement business in Europe.

Phoenix Group Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Phoenix Group Holdings
Historical stock prices
Current Share PriceUK£5.27
52 Week HighUK£7.04
52 Week LowUK£5.08
Beta0.72
1 Month Change-12.55%
3 Month Change-10.19%
1 Year Change-17.25%
3 Year Change-20.95%
5 Year Change-30.50%
Change since IPO-33.32%

Recent News & Updates

Shareholder Returns

PHNXGB InsuranceGB Market
7D-9.7%-11.0%-4.1%
1Y-17.2%-30.7%-16.2%

Return vs Industry: PHNX exceeded the UK Insurance industry which returned -30.7% over the past year.

Return vs Market: PHNX underperformed the UK Market which returned -16.2% over the past year.

Price Volatility

Is PHNX's price volatile compared to industry and market?
PHNX volatility
PHNX Average Weekly Movement4.0%
Insurance Industry Average Movement4.5%
Market Average Movement5.3%
10% most volatile stocks in GB Market10.7%
10% least volatile stocks in GB Market2.8%

Stable Share Price: PHNX is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PHNX's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
17828,045Andy Briggshttps://www.thephoenixgroup.com

Phoenix Group Holdings plc operates in the long-term savings and retirement business in Europe. The company operates through four segments: UK Heritage, UK Open, Europe, and Management Services. It provides a range of pensions and savings products to support people across various stages of the savings life cycle.

Phoenix Group Holdings Fundamentals Summary

How do Phoenix Group Holdings's earnings and revenue compare to its market cap?
PHNX fundamental statistics
Market CapUK£5.11b
Earnings (TTM)-UK£1.05b
Revenue (TTM)n/a

-0.3x

P/S Ratio

-5.0x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PHNX income statement (TTM)
Revenue-UK£15.90b
Cost of Revenue-UK£14.99b
Gross Profit-UK£910.00m
Other ExpensesUK£139.00m
Earnings-UK£1.05b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Mar 13, 2023

Earnings per share (EPS)-1.05
Gross Margin5.72%
Net Profit Margin6.60%
Debt/Equity Ratio71.8%

How did PHNX perform over the long term?

See historical performance and comparison

Dividends

9.4%

Current Dividend Yield

-47%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is PHNX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PHNX?

Other financial metrics that can be useful for relative valuation.

PHNX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Book Ratio vs Peers

How does PHNX's PB Ratio compare to its peers?

PHNX PB Ratio vs Peers
The above table shows the PB ratio for PHNX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average1x
LGEN Legal & General Group
1.1x3.5%UK£12.6b
JUST Just Group
0.3x57.4%UK£586.3m
PRU Prudential
1.6x24.3%UK£23.6b
CSN Chesnara
1.1x59.4%UK£418.2m
PHNX Phoenix Group Holdings
0.9x90.6%UK£5.1b

Price-To-Book vs Peers: PHNX is good value based on its Price-To-Book Ratio (0.9x) compared to the peer average (1x).


Price to Earnings Ratio vs Industry

How does PHNX's PE Ratio compare vs other companies in the GB Insurance Industry?

Price-To-Book vs Industry: PHNX is good value based on its Price-To-Book Ratio (0.9x) compared to the European Insurance industry average (1.1x)


Price to Book Ratio vs Fair Ratio

What is PHNX's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PHNX PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.9x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate PHNX's Price-To-Book Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of PHNX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PHNX (£5.27) is trading below our estimate of fair value (£8.79)

Significantly Below Fair Value: PHNX is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Phoenix Group Holdings forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


90.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PHNX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.9%).

Earnings vs Market: PHNX is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: PHNX is expected to become profitable in the next 3 years.

Revenue vs Market: PHNX's revenue (23.1% per year) is forecast to grow faster than the UK market (4.4% per year).

High Growth Revenue: PHNX's revenue (23.1% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PHNX's Return on Equity is forecast to be low in 3 years time (10.1%).


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Past Performance

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

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-35.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PHNX is currently unprofitable.

Growing Profit Margin: PHNX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: PHNX is unprofitable, and losses have increased over the past 5 years at a rate of 35.9% per year.

Accelerating Growth: Unable to compare PHNX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PHNX is unprofitable, making it difficult to compare its past year earnings growth to the Insurance industry (-33.7%).


Return on Equity

High ROE: PHNX has a negative Return on Equity (-15.03%), as it is currently unprofitable.


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Financial Health

How is Phoenix Group Holdings's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PHNX's short term assets (£45.2B) do not cover its short term liabilities (£165.5B).

Long Term Liabilities: PHNX's short term assets (£45.2B) do not cover its long term liabilities (£126.1B).


Debt to Equity History and Analysis

Debt Level: PHNX has more cash than its total debt.

Reducing Debt: PHNX's debt to equity ratio has increased from 63.4% to 71.8% over the past 5 years.

Debt Coverage: PHNX's debt is well covered by operating cash flow (53%).

Interest Coverage: Insufficient data to determine if PHNX's interest payments on its debt are well covered by EBIT.


Balance Sheet


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Dividend

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

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


9.42%

Current Dividend Yield

Dividend Yield vs Market

Phoenix Group Holdings Dividend Yield vs Market
How does Phoenix Group Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (Phoenix Group Holdings)9.4%
Market Bottom 25% (GB)2.1%
Market Top 25% (GB)6.3%
Industry Average (Insurance)5.4%
Analyst forecast in 3 Years (Phoenix Group Holdings)9.9%

Notable Dividend: PHNX's dividend (9.42%) is higher than the bottom 25% of dividend payers in the UK market (2.15%).

High Dividend: PHNX's dividend (9.42%) is in the top 25% of dividend payers in the UK market (6.29%)


Stability and Growth of Payments

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.


Earnings Payout to Shareholders

Earnings Coverage: PHNX is paying a dividend but the company is unprofitable.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (21.3%), PHNX's dividend payments are well covered by cash flows.


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Management

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

2.4yrs

Average management tenure


CEO

Andy Briggs (56 yo)

2.5yrs

Tenure

UK£1,831,000

Compensation

Mr. Andrew David Briggs, also known as Andy, FIA, MBE, has been Group Chief Executive Officer at Phoenix Group Holdings Plc since March 10, 2020. Mr. Briggs served as Director at Aviva Life & Pensions UK L...


CEO Compensation Analysis

Andy Briggs's Compensation vs Phoenix Group Holdings Earnings
How has Andy Briggs's remuneration changed compared to Phoenix Group Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

-UK£1b

Mar 31 2022n/an/a

-UK£954m

Dec 31 2021UK£2mUK£800k

-UK£860m

Sep 30 2021n/an/a

-UK£654m

Jun 30 2021n/an/a

-UK£449m

Mar 31 2021n/an/a

UK£163m

Dec 31 2020UK£2mUK£717k

UK£775m

Compensation vs Market: Andy's total compensation ($USD2.04M) is below average for companies of similar size in the UK market ($USD3.30M).

Compensation vs Earnings: Andy's compensation has increased whilst the company is unprofitable.


Leadership Team

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


Board Members

Experienced Board: PHNX's board of directors are considered experienced (5 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

LSE:PHNX Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
28 Mar 22BuyUK£19,876Rakesh ThakrarIndividual3,133UK£6.34
11 Feb 22BuyUK£44,948Kory SorensonIndividual6,700UK£6.71
17 Jan 22BuyUK£20,246Nicholas Stephen LyonsIndividual2,950UK£6.86
17 Jan 22SellUK£20,243Nicholas Stephen LyonsIndividual2,950UK£6.86

Ownership Breakdown

What is the ownership structure of PHNX?
Owner TypeNumber of SharesOwnership Percentage
State or Government570,0760.06%
Individual Insiders803,8110.08%
Public Companies1,026,6050.1%
Private Companies1,129,1870.1%
Employee Share Scheme5,187,3580.5%
General Public53,853,8415.4%
Institutions935,710,04493.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 74.69% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.51%
MS&AD Insurance Group Holdings, Inc., Asset Management Arm
144,877,304£763.2m0%10.64%
10.69%
abrdn plc
106,680,881£562.0m-0.34%0.67%
8.33%
BlackRock, Inc.
83,146,001£438.0m15.98%0.01%
4.27%
Columbia Management Investment Advisers, LLC
42,602,006£224.4m-1.96%0.08%
4.01%
Kingdom Holding Company
40,016,311£210.8m112.32%7.55%
3.62%
Aviva Investors Global Services Limited
36,140,869£190.4m-5.38%0.44%
3.17%
Artemis Investment Management LLP
31,611,322£166.5m-0.38%0.89%
3.08%
The Vanguard Group, Inc.
30,784,114£162.2m8.1%no data
2.2%
Fidelity International Ltd
21,913,970£115.4m-0.46%0.07%
1.97%
Janus Henderson Group plc
19,712,414£103.8m3.26%0.07%
1.93%
M&G Investment Management Limited
19,256,902£101.4m-24.89%0.27%
1.88%
Aegon Asset Management UK Plc
18,812,571£99.1m-2.79%0.58%
1.88%
Invesco Ltd.
18,759,381£98.8m15.4%0.04%
1.79%
Norges Bank Investment Management
17,824,520£93.9m3.33%0.01%
1.64%
UBS Asset Management
16,340,583£86.1m-1.08%0.02%
1.34%
Legal & General Investment Management Limited
13,369,930£70.4m11.45%0.02%
1.27%
J O Hambro Capital Management Limited
12,709,619£67.0m12.04%0.46%
1.03%
State Street Global Advisors, Inc.
10,295,656£54.2m-12.54%no data
1%
HSBC Global Asset Management (UK) Limited
9,960,563£52.5m15.55%0.05%
0.98%
Martin Currie Limited
9,816,370£51.7m0%0.79%
0.98%
Societe Generale Group, Banking Investments
9,757,954£51.4m45.13%0.62%
0.86%
Smith & Williamson Investment Management LLP
8,561,622£45.1m3.07%0.64%
0.77%
The Bank of Nova Scotia, Banking Investments
7,670,001£40.4m-46.36%0.12%
0.75%
GLG Partners, Inc.
7,530,919£39.7m21.74%0.61%
0.75%
Friends Life Group Limited, Asset Management Arm
7,496,381£39.5m0.01%31.83%

Company Information

Phoenix Group Holdings plc's 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
  • Implied Market Cap: UK£5.111b
  • Shares outstanding: 998.28m
  • Website: https://www.thephoenixgroup.com

Number of Employees


Location

  • Phoenix Group Holdings plc
  • 20 Old Bailey
  • London
  • Greater London
  • EC4M 7AN
  • 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
1BFBST (Boerse-Stuttgart)YesOrdinary SharesDEEURMar 2008

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.