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Legal & General Half Yearly Results (part 1)

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idpickering
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Legal & General Half Yearly Results (part 1)

#242276

Postby idpickering » August 7th, 2019, 7:08 am

Financial highlights1

· Operating profit of £1,005m, up 11% (H1 2018: £909m)

· Earnings per share of 14.74p, up 13% (H1 2018: 13.00p)

· Return on equity at 20.2% (H1 2018: 20.3%)

· Interim dividend2 of 4.93p per share (H1 2018: 4.60p)

· Profit after tax3 up 13% to £874m (H1 2018: £771m)

· Net release from continuing operations up 29% to £858m (H1 2018: £663m)

· Solvency II operational surplus generation up by 17% to £0.8bn (H1 2018: £0.7bn)

· Solvency II coverage ratio4 of 171% (FY 2018: 188%), impacted by discounting the balance sheet at lower interest rates

And later;


Ex dividend date (2019 interim dividend)

15 August 2019

Record date

16 August 2019

Last day for DRIP elections

5 September 2019

Payment date of 2019 interim dividend

26 September 2019



https://www.investegate.co.uk/legal---3 ... 00041618I/

spiderbill
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Re: Legal & General Half Yearly Results (part 1)

#242407

Postby spiderbill » August 7th, 2019, 12:56 pm

Surprised that no-one has responded to this and wondering if anyone had the same thing as happened to me when I tried this morning. I sent a short reply and found that the board had attached my reply to a different post with a similar title (but with 1 of 4 at the end of it). I couldn't even find that post except by going to my own profile history. The other post seemed to have different figures being quoted. (I deleted my reply.)

Anyway, these results seem very good to me and I'm puzzled that the share price dropped by about 1.8% early this morning (though it has now revived a bit in a rising market, although still in the red).

Did the market really expect better results than this?
Despite being well-invested with L&G already I would consider buying some more at the current price following the "Trump trade war" drop of the last few days.

Spiderbill

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Re: Legal & General Half Yearly Results (part 1)

#242436

Postby daveh » August 7th, 2019, 2:11 pm

spiderbill wrote:Surprised that no-one has responded to this and wondering if anyone had the same thing as happened to me when I tried this morning. I sent a short reply and found that the board had attached my reply to a different post with a similar title (but with 1 of 4 at the end of it). I couldn't even find that post except by going to my own profile history. The other post seemed to have different figures being quoted. (I deleted my reply.)

Anyway, these results seem very good to me and I'm puzzled that the share price dropped by about 1.8% early this morning (though it has now revived a bit in a rising market, although still in the red).

Did the market really expect better results than this?
Despite being well-invested with L&G already I would consider buying some more at the current price following the "Trump trade war" drop of the last few days.

Spiderbill



I thought they looked a pretty good set of results with a nice increase in the dividend ( though that was a formulaic response to last years increase see quote below).

Dividend
Legal & General has a progressive dividend policy reflecting the Group's expected medium term underlying business growth, including net release from operations and operating earnings. There is no change to our dividend policy.
In line with Group's policy of using a formulaic approach to setting the interim dividend, being 30% of the prior year full year dividend, the Board has declared an interim dividend of 4.93p per share.


I'm hoping we will see a decent increase in the full year dividend too. I'd definitely invest more in L&G if it wasn't for the fact that it is already at ~2x median weight in capital terms (close to my limit for capital) and around 6.6% of this years so far declared income which is at the level at which further investment is not allowed. I've still got space within the financials super sector to make further investments and could top up one of the wo banks I own (Lloyds and RBS), both of which seem to be increasing dividends nicely at the moment and are remaining at a depressed price due to Brexit uncertainty.

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Re: Legal & General Half Yearly Results (part 1)

#242492

Postby Gengulphus » August 7th, 2019, 4:54 pm

spiderbill wrote:Surprised that no-one has responded to this and wondering if anyone had the same thing as happened to me when I tried this morning. I sent a short reply and found that the board had attached my reply to a different post with a similar title (but with 1 of 4 at the end of it). I couldn't even find that post except by going to my own profile history. The other post seemed to have different figures being quoted. (I deleted my reply.

Was the thread viewtopic.php?f=15&t=18921 by any chance? Also a 4-part set of results, but with "part 1 of 4" at the end rather than "(part 1)" and while I haven't checked, I strongly suspect quoting different figures - it would be an amazing coincidence if Legal & General and Standard Life Aberdeen produced identical interim results! ;-P

Gengulphus

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Re: Legal & General Half Yearly Results (part 1)

#242496

Postby Dod101 » August 7th, 2019, 5:25 pm

spiderbill wrote:Surprised that no-one has responded to this and wondering if anyone had the same thing as happened to me when I tried this morning. I sent a short reply and found that the board had attached my reply to a different post with a similar title (but with 1 of 4 at the end of it). I couldn't even find that post except by going to my own profile history. The other post seemed to have different figures being quoted. (I deleted my reply.)

Anyway, these results seem very good to me and I'm puzzled that the share price dropped by about 1.8% early this morning (though it has now revived a bit in a rising market, although still in the red).

Did the market really expect better results than this?
Despite being well-invested with L&G already I would consider buying some more at the current price following the "Trump trade war" drop of the last few days.

Spiderbill



We have responded but it is on the Company Board under the heading Legal & General (LGEN) Why we have two threads running for this sort of thing I do not know.

Dod

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Re: Legal & General Half Yearly Results (part 1)

#242500

Postby monabri » August 7th, 2019, 5:47 pm

I see that the yield on offer is back to Christmas 2018 levels at 7%. (16.75 p divi...share price 237.7p).

idpickering
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Re: Legal & General Half Yearly Results (part 1)

#242587

Postby idpickering » August 8th, 2019, 6:10 am

monabri wrote:I see that the yield on offer is back to Christmas 2018 levels at 7%. (16.75 p divi...share price 237.7p).


It is a toss-up for me as to which to top up this month, LGEN or Phoenix Group. The later is lower in weight in my HYP with regards to capital value, so I'm leaning towards Phoenix maybe? Sadly I don't have the available readies in that account to do both, but I'm likely to top up LGEN in the future, a quality company IMHO.

Ian.

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Re: Legal & General Half Yearly Results (part 1)

#242597

Postby Arborbridge » August 8th, 2019, 7:35 am

idpickering wrote:
monabri wrote:I see that the yield on offer is back to Christmas 2018 levels at 7%. (16.75 p divi...share price 237.7p).


It is a toss-up for me as to which to top up this month, LGEN or Phoenix Group. The later is lower in weight in my HYP with regards to capital value, so I'm leaning towards Phoenix maybe? Sadly I don't have the available readies in that account to do both, but I'm likely to top up LGEN in the future, a quality company IMHO.

Ian.


Difficult one, but LGEN has the better dividend growth rate, though PHNX has a shorter history so that may be unfair. If you can topup the LGEN without the capital share becoming dangerously large, I'd go for that first, then PHNX later.
If you ran your HYP through HYPTUSS it would help, but I know you don't!

Arb.

idpickering
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Re: Legal & General Half Yearly Results (part 1)

#242600

Postby idpickering » August 8th, 2019, 7:46 am

Arborbridge wrote:
idpickering wrote:
It is a toss-up for me as to which to top up this month, LGEN or Phoenix Group. The later is lower in weight in my HYP with regards to capital value, so I'm leaning towards Phoenix maybe? Sadly I don't have the available readies in that account to do both, but I'm likely to top up LGEN in the future, a quality company IMHO.

Ian.


Difficult one, but LGEN has the better dividend growth rate, though PHNX has a shorter history so that may be unfair. If you can topup the LGEN without the capital share becoming dangerously large, I'd go for that first, then PHNX later.
If you ran your HYP through HYPTUSS it would help, but I know you don't!

Arb.


Thank you for your ever welcome input Arb. My buy date isn't until 15 Aug 19, so that'll give me time to Pickering it over.

Ian.

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Re: Legal & General Half Yearly Results (part 1)

#242601

Postby Itsallaguess » August 8th, 2019, 7:50 am

Dod101 wrote:
We have responded but it is on the Company Board under the heading Legal & General (LGEN) Why we have two threads running for this sort of thing I do not know.


It's not unusual for people to generate cross-posts, to help raise awareness on different boards to something that they think people might be interested in.

I do it quite often when posting something on the Financial Software Board, where I think it might be useful to readers of the High Yield boards, for instance.

What I also try to do in those circumstances though, to help avoid the specific issue you've raised, is to ask on the cross-post for any replies to take place on the original Financial Software topic, which helps to avoid the specific dual-discussion risk that you rightly raise above.

For obvious reasons, I'd prefer not to dive back into the 'why have a news-board' discussion, but just wanted to raise the above point as it's a solution I use to help avoid the specific problem that you've raised...

Cheers,

Itsallaguess

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Re: Legal & General Half Yearly Results (part 1)

#242651

Postby Dod101 » August 8th, 2019, 10:23 am

Thanks Itsallaguess, and how do I cross post?

Dod

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Re: Legal & General Half Yearly Results (part 1)

#242660

Postby monabri » August 8th, 2019, 10:48 am

Dod,
Your last post was #242651 (see just to the left of your moniker on your last post).

Click on the ~242651 (it will highlight in red - "copy post link to clipboard") and it should then say "copied" after clicking.

Now go to another board, open up a new post, and paste in the copied link (simply hold down the Ctrl key and then press the letter V - this should paste the link in).

done.

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Re: Legal & General Half Yearly Results (part 1)

#242663

Postby Dod101 » August 8th, 2019, 10:53 am

Thanks monabri. It is amazing what can be done if only you know how!

Dod

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Re: Legal & General Half Yearly Results (part 1)

#242693

Postby monabri » August 8th, 2019, 12:34 pm

Article in The Times ( headline only - article locked )

https://www.thetimes.co.uk/article/lega ... -q0mgjfwj6

"Legal & General has moved to calm concerns over its exposure to poor-quality corporate borrowers that might default amid a disorderly Brexit by revealing that it has a relatively modest £534 million invested in junk bonds."

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Re: Legal & General Half Yearly Results (part 1)

#242696

Postby Dod101 » August 8th, 2019, 12:48 pm

I read that as well. I just hope that L & G does not get complacent on the back of what has been a very good run of results (even although the share price has never quite matched them)

Dod

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Re: Legal & General Half Yearly Results (part 1)

#242776

Postby Pendrainllwyn » August 8th, 2019, 4:05 pm

I am happy with these results and if Legal & General can keep ROE around 20% or high teens then the stock is very good value in my opinion. I presume the market thinks it will not. I will look to add if the shares stay at current levels.

Pendrainllwyn

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Re: Legal & General Half Yearly Results (part 1)

#242780

Postby Itsallaguess » August 8th, 2019, 4:25 pm

Dod101 wrote:
....and how do I cross post?


Just to be clear Dod, I was just responding to your concern that multiple 'conversations' are sometimes happening on the news topics, where people are already creating the cross-posts, but where requests are not being made to keep conversations to one or the other of the 'twin' posts.

I was just letting you know that a method of helping to avoid such situations is readily available....

Given the regularity of such 'twin news posts', I think your 'twin conversation' concern is very likely to be a regular one if such a 'please post any replies to xxxx thread' request is not also made...

Cheers

Itsallaguess

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Re: Legal & General Half Yearly Results (part 1)

#242807

Postby Arborbridge » August 8th, 2019, 6:05 pm

Dod101 wrote:
....and how do I cross post?


I'm not totally sure myself, but what I do is just write my post on the first board, then copy the address bar and paste into the second board I wish to cross post to, with a little note "Cross post from xxx"

Arb.

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Re: Legal & General Half Yearly Results (part 1)

#242833

Postby Dod101 » August 8th, 2019, 7:42 pm

I am told if I click on the post number I can then move it to a clipboard and from there recall it and paste it in the new thread. Haven't tried it yet.
See monabri's post above (yesterday's date)
Dod

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Re: Legal & General Half Yearly Results (part 1)

#242846

Postby idpickering » August 8th, 2019, 8:53 pm

Dod101 wrote:I am told if I click on the post number I can then move it to a clipboard and from there recall it and paste it in the new thread. Haven't tried it yet.
See monabri's post above (yesterday's date)
Dod


I have done this a number of times and it works Dod.

Ian.


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