This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Technical Observations – For
Technical Observations – Against
Attractive share price breakout. Central Banks tightening monetary policy means higher bond yields which in turn increases discount rates for pension liabilities, reducing liabilities, although it does also increase annuity rates too.
Recent FY results showed profits boosted by strong investment inflows as well as slowdown in life-expectancy improvements/higher mortality among pensioners, reducing pension payments.
Attractive 6% dividend yield. Potential for some of the more neutral brokers to upgrade and join the Buyers. The consensus 280p is in-line with our short term objective of revisiting January highs.
Next Event: Ex-dividend (11.05p), 26 Apr
Latest Broker 12-Month Consensus: 50% Buy, 25% Hold, 25% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | 4.4 | 2.0 | -1.6 | 1.7 | 8.3 | 14.4 | -6.7 | 26.9 | 56.1 |
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