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I,ve held ADM for nearly 4 years, continued adding on the way up and chased it a little on the way down. Unfortunately like many (excluding dividends) like many I'm down (-23%) and even including dividends that still equates to a £5k loss.
I don't really believe the current SP and IMHO it seems oversold.
I'm holding and expecting (hoping) it will get back upto a SP around £25, but think it will take 2 or 3 years.
Interested to hear views from others.
I think there's some short term pain still coming for insurers with inflation affecting claims (see: DLG results today). Long term I like the company and think it's probably the best of the UK insurers.
SlickMongoose
I agree its one of the best insurers, I have also had my personal house and vehicle insurance with them for a good few years now, so that must say something about them.
I also hold AV., DLG and LGEN. Of the 4 DLG is the only one I'm a little uncomfortable with, and I've allowed myself to get a bit heavy in this sector as together they account for about 30% of my portfolio so I my trim out one of them over the next few years. It will probably be DLG as things stand but that may change. ADM is my largest single stock accounting for about 10% of my portfolio.
Insurers are just so unloved at the moment but I have great faith in the sector as a long term foundation for investment.
If I was you Paul , I would dump DLG ..
Look at Hargreaves Lansdowne website fundamentals for DLG
Annual profits , and net assets in decline , this is evidenced by the consistent erosion of their share price for a number of years . Despite this dividends keep rising ..it's unsustainable..classic value trap
Admiral better , all key fundamentals all rising
Conclusion ..Admiral is a growing company , DLG is in decline and the annual raising of dividends will only accelerate the speed at which it does
This is a fundamental misunderstanding of DLG business income - they are much more diverse than Admiral / their annual gwp for commercial alone was over 550m for 9 months ending sept - an increase of about 15% year on year and up over 50% in last 5 years - home is £300m for same period / Admiral are much more reliant upon motor and yet trade at half their market value - DLG ordinary divi is sustainable and this stock should climb to £3 next year when it will still be yielding over 8%
Re motor their premiums are guaranteed to rise 500m next q3 as they take over mobility from rsa
I’ve just checked Admiral’s half year results - their profit from home and travel was £5m yes five no profit at all from commercial and a loss on their personal loan book and foreign motor - compare this to dlg who managed over 100m profit from home and commercial - commercial profit was 55m a huge increase on 2015 levels
Reminder dlg are half the value of admiral presently - this will narrow in 2023
Reminder dlg owns NIG a major commercial insurance provider through brokers - the dividend is safe and likely to increase
If anything ADM I’d the value trapper high divi narrow focus no internal means of controlling inflation
Reminder Sufc to put your glasses on. Admiral total revenue and profit up year on year for the last 5 years. DLG declining in both for the last 5 years. And a dividend cover of just 1.08. Another set of declining results may force the management in to a dividend cut no matter what they say.
The only think we do know is that admiral’s 2022 profit will crash compared with 2021
sufc555
Its always good to hear other views, and judging by your post history you are heavy if not solely invested in DLG, so I don't doubt your conviction, and welcome your views.
I am invested in 30 stocks across several sectors, so don't get particularly attached to any stock despite holding most for several years.
I’m afraid so / frustrated because dlg has been picked up and manipulated by US hedge funds despite being v well run and highly profitable - hopefully the 750k increase in policyholders in oct will help close the shorts - the commercial book is a real positive
The SP is looking a bit more stable now after recent gains.
Hmmmmmmmm................
Paul you spoke too soon.
The Mr placement allows me to add although a smaller tranch than I would have planned as I used some of the funds yesterday for a buy as my other broker had technical issues.
**** off you slimmy low life
Munich Re Not Mr
I suppose Direct line news might have some read across too. They also cancelled their final Dividend.
Why is the SP going down here?
Munich Re selling off its £7.4 stake @2023p and probably a read across of direct line poor results
Check out the DLG price to see why this dropped. Now recovering.
@Gerry557... I thought the Munich Re sale of 7.4m shares at 2023p was completed 2 months ago (I think the year before they sold 12.1m shares at 2940p) and have undertaken not to sell any more until at least Nov 2023, so had no effect on today's SP fall (I might be wrong).
Today's fall was in response to Direct Line's abject trading statement this morning that cancelled this year's final and interim dividends. They blamed bad weather, but in my opinion it's a fairly decent business saddled management that are swimming way out of its depth.
The knee-jerk reaction allowed me to pick up a few more ADM shares at 1931p this morning. I'm not sure if that was a foolhardy move or not, but will probably have to wait until the results in early March to find out.
Good luck to all holders. Please DYOR.
IAPR, I think you are correct. I too was rushing to identify the reason for the drop and that came up on the news and I got dates mixed up.
The Direct line read across is probably worse news as it might effect earnings. Hopefully they can maintain a dividend even if any special is forgotten.
I suppose I could sell today's and take some funds off the table at a profit but more likely stick it out longer term.
Gerry557... Yeah, I'm holding on too and hoping the dividend is at least maintained.
Regarding Munich Re..
They took a stake of just under 10% (29.72m shares) on the first of Sept 2021 when the share price was over 3600p.
They reduced their stake at the end of October 2021 to just under 5% after selling 12.1m shares at 2940p and in November 2022 sold another 7.4m at 2023p. They have said they won't sell any more before November 2023, but as they now only hold 1.765% (just under 5.3m shares) it's pretty academic anyway.
I'm just pleased my average price is nowhere near the roughly 3600p that Munich Re's is :)
Good luck to LTHs.