CGF is one of the few large caps I like. This result has me considering taking a position if it can get the share price trending higher. Don't expect it will ever trade on a high teens PE as the market has never been confident around the future liabilities risk.
From Bell Potter this morning:
Challenger's COE Margin, despite some concerns, actually went up by 10bps from 1H15 to 2H15. They have reintroduced a Care Annuity product called CarePlus, which we noted in a recent report as a major key catalyst for the company given its strong sales potential. In addition to new CarePlus product, there is the new VicSuper white label, and Colonial Platform annuity product – which should add to growth in the September quarter. DRP introduced given move to 100% franking and strong growth rates in business. Funds Management FY15 EBIT of $44m, vs our $45m estimate.
Outlook: Life COE guidance for FY16 is strong. The company guidance is for FY16 range of $585m - $595m Life COE. However, this includes a reduced normalised growth assumption for equities from 6.0% to 4.5% which reduced guidance by ~$13m. Despite this, it still compares well to consensus. On a like for like basis excluding the revised normalised growth assumption, consensus was at $589m, company guidance would be at ~$602m and our top of the market estimate was $607m. This implies that the company expects book growth and margins to remain strong in FY16. Overall a strong result, a lot to be happy about. In reinforces our view that CGF remains a top pick in the space. Don’t expect much change to our top of the market estimates.
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$6.37 |
Change
0.150(2.41%) |
Mkt cap ! $4.402B |
Open | High | Low | Value | Volume |
$6.25 | $6.43 | $6.22 | $26.64M | 4.198M |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 880 | $6.35 |
Sellers (Offers)
Price($) | Vol. | No. |
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$6.37 | 999 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 65 | 6.280 |
2 | 3903 | 6.240 |
1 | 2400 | 6.230 |
2 | 10266 | 6.220 |
2 | 8048 | 6.200 |
Price($) | Vol. | No. |
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6.400 | 21000 | 2 |
6.470 | 267 | 1 |
6.490 | 1000 | 1 |
6.500 | 3979 | 3 |
6.520 | 9693 | 2 |
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