Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (6 lettori)

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Rottweiler

Rottweiler

Forumer storico
Zorba ha scritto:
Alcuni dettagli sulla vendita di Groupama UK. Il prezzo è stato la metà del book value. Unipol quota 1/4 del book value...

*.*.*

Ageas agrees deal for Groupama UK arm​

By Alistair Gray​

Ageas has moved to bulk up its presence in the British general insurance market with an agreement to buy the UK operations of Groupama, the troubled French mutual, for £116m.
The Belgian financial services group, formerly known as Fortis, said the acquisition would make it the fifth-biggest non-life insurer in the UK with a 5 per cent market share.​


Groupama has run into some of the most notable financial difficulties of internationally significant European insurers in recent months, after enduring losses on Greek sovereign debt and stock market investments.
The French group, which until last year was the 15th largest in Europe by premiums, put its UK business up for sale to shore up its capital position.
The UK business employs more than 600 people. Eamonn Flanagan, analyst at Shore Capital, said redundancies “have to be inevitable, it’s a sad thing.
“This is not a highly aggressive, high-growth business.” Ageas said it was too early to say whether jobs would go.
The sale equates to little more than half of the company’s book value and 5 times 2011 earnings, according to Exane BNP Paribas – discounts to the wider UK general insurance sector.
François Boissin, Exane BNP Paribas analyst, said Ageas investors would be reassured by the price and strategic fit.
“Investors were concerned about acquisition risk and excess cash deployment after expensive acquisitions over the past years,” he added.
Groupama has already sold its Spanish unit to Grupo Catalana Occidente and property and casualty assets of its Gan Eurocourtage brokerage business to Germany’s Allianz.​
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Ciao Zorba,

il tuo commento ha guardato con un occhio a Groupama UK e con l'altro a Unipol. Io, che tengo entrambi gli occhi su Groupama, ho preso nota da stamane che il prezzo pagato a Groupama non appare granchè elevato. Mi sembra infatti che le precedenti transazioni abbiano permesso a Groupama di ricavare almeno l'equivalente del book value, con alienazione a valore pieno anche degli Intangibles. Nel caso britannico gli Intangibles sembrerebbero rimasti, a prima vista, nella casa madre francese.
Occorre però dire che il quadro non è componibile con gli elementi a disposizione. Infatti, nella semestrale veniva riportato uno stato patrimoniale per l'insieme delle attività britanniche, delle quali il business rappresenta la parte maggiore, ma non la totalità. Parimenti non è dato sapere quali aggiustamenti (se non uno) siano stati apportati allo stato patrimoniale in vista della transazione.
In conclusione: ho l'impressione che l'impatto su patrimonio e solvibilità di Groupama potrà essere decifrato da noi comuni mortali solo a posteriori.


P.S. la transazione vista dalla parte di Ageas:

Regulated information - Ageas UK announces the acquisition of Groupama Insurance Company Limited (GICL)

21 September 2012

Following the announcement of exclusive discussions on 7 September 2012, Ageas today confirms the signing of an agreement to acquire Groupama Insurance Company Limited for a total consideration of GBP 116 million (EUR 145 million). The acquisition will propel Ageas to fifth largest UK Non-Life insurer (with a 5.2% market share); fourth largest Private Motor insurer (with a 11.7% market share); and fourth largest Personal lines insurer (with a 7.1% market share).[1]
The acquisition represents a strong strategic fit and complements Ageas UK's multi-channel distribution approach, strengthening its presence in the UK broker market. GICL offers a range of car, motorcycle, home, travel, personal accident and commercial insurance in the UK, further strengthening Ageas's existing portfolio as well as adding new niche product areas. This transaction excludes Groupama's UK broking operations.

The adjusted book value of GICL as at 31 December 2011 was GBP 211 million (EUR 252 million), reflecting the release of the Defined Benefit liability and the pre-transfer payment.[2] Based on 2011 Non-Life income of Ageas UK and GICL, the annual inflows (or gross written premiums) of Ageas UK as a result of the acquisition would increase by around 20% on a pro forma basis, amounting to over GBP 2.1 billion (EUR 2.4 billion).[3] In terms of operational performance, GICL reported a 2011 post tax profit of GBP 25.9 million (EUR 29.8 million) and a combined ratio of 97.8% (FY2011).

The deal is subject to regulatory approvals and closing is expected before the end of 2012. On completion of the transaction, GICL will become a wholly owned subsidiary of Ageas UK.

Announcing the transaction, Bart De Smet, CEO of Ageas, said: "I welcome this acquisition on its strategic and financial merits and as an important next step in the execution of the Ageas Group strategy towards a well balanced portfolio in terms of Life and Non-Life business. Following on from the start of the partnership with Tesco Bank in 2010, and more recently the acquisition of Kwik Fit Financial Services and Castle Cover, this acquisition also reflects the multi-channel, multi-brand distribution strategy of Ageas as a group and more specifically in the UK. In terms of financial merits, the return on investment is expected to exceed Ageas's minimum return requirement of 11%."

Barry Smith, CEO of Ageas UK, added: "This deal is a great strategic fit in the continuing development of Ageas in the UK. Both Ageas and GICL have strong reputations in the UK broker market and this deal reinforces our ongoing commitment to brokers and their customers. We pride ourselves on strong relationships with brokers and today's announcement sends a clear signal that we will continue to support and work closely with them. The complementary strengths of Ageas and GICL will create an exciting business focused on customer needs whilst generating a greater return for our company."
 
amorgos34

amorgos34

CHIAGNI & FOTTI SRL
Rottweiler ha scritto:
Ciao Zorba,

il tuo commento ha guardato con un occhio a Groupama UK e con l'altro a Unipol. Io, che tengo entrambi gli occhi su Groupama, ho preso nota da stamane che il prezzo pagato a Groupama non appare granchè elevato. Mi sembra infatti che le precedenti transazioni abbiano permesso a Groupama di ricavare almeno l'equivalente del book value, con alienazione a valore pieno anche degli Intangibles. Nel caso britannico gli Intangibles sembrerebbero rimasti, a prima vista, nella casa madre francese.
Occorre però dire che il quadro non è componibile con gli elementi a disposizione. Infatti, nella semestrale veniva riportato uno stato patrimoniale per l'insieme delle attività britanniche, delle quali il business rappresenta la parte maggiore, ma non la totalità. Parimenti non è dato sapere quali aggiustamenti (se non uno) siano stati apportati allo stato patrimoniale in vista della transazione.
In conclusione: ho l'impressione che l'impatto su patrimonio e solvibilità di Groupama potrà essere decifrato da noi comuni mortali solo a posteriori.


P.S. la transazione vista dalla parte di Ageas:
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Qui l'opinione di JPM sulla transazione.
 
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fabriziof

Forumer storico
solovaloreaggiunto ha scritto:
Presente!! È un gioiello.. Seconda ENI australiana... Non paga se s&p dongrada il senior sotto investment grade . Cumulative
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attualmente è bbb+ con outlook negativo :
Outlook
The negative outlook reflects our view of the significant execution risks associated with the two-train GLNG development, given the transformational nature and sheer size of the development relative to Santos' existing base, in addition to the project's complexity and logistical challenges. The size of the capital expenditure and the concurrent development of two-train GLNG and PNG-LNG projects could pressure Santos' financial profile during the projects' peak construction stage, resulting in negative free cash flow after capital expenditure in the next few years.
The 'BBB+' rating incorporates our expectation that Santos will proactively protect its credit metrics during the GLNG construction period. To maintain its 'BBB+' rating while pursuing its growth aspiration, we expect Santos' adjusted FFO-to-net debt to be higher than 35% and adjusted net debt to EBITDA to be less than 2.0x. We also expect the company to maintain sufficient liquidity if it were to face negative free operating cash flow.
We may consider revising the outlook to stable in 12 months if the execution of the GLNG project remains on track and the company's prospective credit metrics are still in line with our expectation for the rating. We believe that in 12 months there will be more certainty about the costing and scheduling of Santos' PNG and GLNG projects after the peak capital spending in 2012.
However, the rating could be lowered if Santos experiences cost overruns or delays in its LNG developments, or generates weaker credit metrics. These would include its adjusted FFO/net debt falling to less than 35% or free operating cash flow deficits deteriorating more than our expectations. Delays in developing its sufficient proven reserve to satisfy the two-train GLNG production would also put negative pressure on the rating.
 
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