Caledonia

[Dod101]

The massive discount should not worry anyone.

As has been said many times, it is caused by the large (very large) holding by the Cayzer family and the Cayzer Trust.

It should just be accepted as part of the deal.

On a 5-year view though, the current 36% discount for Caledonia (CLDN) is relatively high even by the long-term standards that you've highlighted -




Source - https://www.trustnet.com/factsheets/T/c621/caledonia-investments-plc/

Cheers,

Itsallaguess

Good entry point for Steveam then?

Dod

[Steveam]

Caledonia up 4.4% today. Results due 21-November.

Any guesses? Despite the apparent solidarity of the concert party there have been a couple of attempts to dismantle it. The current discount is awkward for an IT with no possibility of a discount control mechanism.

Every year or so I add a few more as I like buying assets at a discount.

Best wishes,

Steve

[Dod101]

Caledonia up 4.4% today. Results due 21-November.

Any guesses? Despite the apparent solidarity of the concert party there have been a couple of attempts to dismantle it. The current discount is awkward for an IT with no possibility of a discount control mechanism.

Every year or so I add a few more as I like buying assets at a discount.

Best wishes,

Steve

I have held these for about 30 years or so but I have heard of no real dissent amongst the concert party such as there was a few years ago. I think they are up simply because the shares have been well below their usual level for a long time. I think it was only a year ago that they were touching £40. I think they are as good a store of value as we are likely to get, especially given the perennial discount to NAV. The market is probably looking for a special dividend following the sale of 3M. I think that more likely at the time of the Annual Results next year.
Investors may also be taking account of the historically high discount shown in the earlier chart.

Dod

[SalvorHardin]

Half-yearly results are out. Dividend 18.93p (a 4.0% increase). NAV 5,203p as of 30th Sept 2023 (up 2.7% since 30th March 2023).

No mention of a special dividend, which some of us were speculating might happen using some of the proceeds of the sale of Seven Investment Management. The sale proceeds aren't due to be received until "early 2024" so I suppose that there might be a special dividend in the first half of next year.

https://www.investegate.co.uk/announcement/rns/caledonia-investments--cldn/half-year-report/7893079

[Steveam]

The board has declared an interim dividend of 18.93p per share, an increase of 4.0% on last year's interim. This will be paid to shareholders on 4 January 2024.

Steady as she goes.

Best wishes,

Steve

[Steveam]

https://otp.investis.com/clients/uk/cal ... id=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

[Dod101]

https://otp.investis.com/clients/uk/caledonia/rns/regulatory-story.aspx?cid=2554&newsid=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

Unaudited Results? Don't think so. Merely an update of matters to 31 December which is of course the end of their third quarter. Nothing new in the report as far as I can see.

Dod

[Steveam]

https://otp.investis.com/clients/uk/caledonia/rns/regulatory-story.aspx?cid=2554&newsid=1746572

Unaudited Results and Portfolio Update

Sale of 7IM proceeding with likely close January 2024. No update on the use of sale proceeds.

Full year results due in May.

Best wishes, Steve

Unaudited Results? Don't think so. Merely an update of matters to 31 December which is of course the end of their third quarter. Nothing new in the report as far as I can see.

Dod

Apologies. I meant Unaudited Net Asset Value and Portfolio Update.

Best wishes, Steve

[Steveam]

Sale completes
https://otp.investis.com/clients/uk/cal ... id=1757490
Best wishes,
Steve

[Steveam]

Unaudited net asset value and portfolio update

https://otp.investis.com/clients/uk/cal ... id=1807130

Unaudited NAV of £3.0 billion (5,369p per share) +7.4% NAV Total Return ("NAVTR") (31 March 2023: £2.8bn, 5,068p per share)

Nothing unexpected. All seems to be progressing well. They have a lot of cash at the moment.

Full year results in May.

Best wishes, Steve

[Steveam]

Final results:
https://otp.investis.com/clients/uk/cal ... id=1822487

Income and dividend
The board is recommending a final dividend of 51.47p per share which, if approved by shareholders, will be payable on 1 August 2024 to ordinary shareholders on the register on 28 June 2024. This represents a full-year dividend of 70.4p, an increase of 4.5% when compared to the previous year, and 57 consecutive years of increased annual dividends.

Best wishes, Steve

[SalvorHardin]

The Questor column in today's Daily Telegraph had a writeup on Caledonia Investments (behind the paywall).

Nothing surprising for those of us who've held for a few years. There's quite a bit in the article about the widening discount.

[url]"The problem is the shares do not fully reflect the outperformance the trust has achieved exceeding the UK benchmark in seven of the past nine years. At £33.50, Caledonia’s share price trades 37pc below the value of its investments with net asset value per share of £53.47 on 30 April. That discount has worsened in the past two years and is much wider than the 13 to 20pc range before the pandemic....

...As we have previously noted, excluding cash and listed stocks, Caledonia’s shares value its private equity investments nearly 60pc below their audited value. For such a steady, diversified fund that remains a massive bargain."[/url]

https://www.telegraph.co.uk/money/investing/stocks-shares/questor-vote-global-bargain-manifesto-growth-caledonia/

[richfool]

The Questor column in today's Daily Telegraph had a writeup on Caledonia Investments (behind the paywall).

Nothing surprising for those of us who've held for a few years. There's quite a bit in the article about the widening discount.

[url]"The problem is the shares do not fully reflect the outperformance the trust has achieved exceeding the UK benchmark in seven of the past nine years. At £33.50, Caledonia’s share price trades 37pc below the value of its investments with net asset value per share of £53.47 on 30 April. That discount has worsened in the past two years and is much wider than the 13 to 20pc range before the pandemic....

...As we have previously noted, excluding cash and listed stocks, Caledonia’s shares value its private equity investments nearly 60pc below their audited value. For such a steady, diversified fund that remains a massive bargain."[/url]

https://www.telegraph.co.uk/money/investing/stocks-shares/questor-vote-global-bargain-manifesto-growth-caledonia/

Thank you for a post on investment matters.

If Caledonia bought Diageo back in November, I can't see it was a good move, as DGE's SP has been falling ever since, and is currently at a lower price. Methinks, maybe I should buy into Diageo.

[gadgetmind]

I've had a decent run upwards with Scottish Mortgage in my ISA over the last year and I'm thinking of selling 50% and buying Caledonia with the proceeds. I won't be touching this money for between six years and my demise so I can afford to be patient.