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21-02-2024, 01:10 PM
#2001
I doubled down (up) at 70cents. From initial buy at 59 cents.
Todays update gave me great confidence in a 24 month hold. Should be excellent dividends and capital appreciation.
I had a mate that worked in upper management at TWR and i used to give him sh!t about the TWR results each time we caught up for a beer over the last few years.
He always laughed and then proceeded to tell me that internally the business had never been run better with better and better systems/operations and culture.
I think the fruits of those labours are starting to be seen with the expense ratio trending down and automation trending up. As highlighted in todays update.
TWR is in a 'good news up cycle'. My theory is that it is better to double up than say double down on something in a 'bad news down cycle'. Like dont buy cheap FBU, RYM, SLM etc Buy TWR.
Just my opinion. DYOR and stuff.
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21-02-2024, 01:30 PM
#2002
Originally Posted by Rawz
I doubled down (up) at 70cents. From initial buy at 59 cents.
Todays update gave me great confidence in a 24 month hold. Should be excellent dividends and capital appreciation.
I had a mate that worked in upper management at TWR and i used to give him sh!t about the TWR results each time we caught up for a beer over the last few years.
He always laughed and then proceeded to tell me that internally the business had never been run better with better and better systems/operations and culture.
I think the fruits of those labours are starting to be seen with the expense ratio trending down and automation trending up. As highlighted in todays update.
TWR is in a 'good news up cycle'. My theory is that it is better to double up than say double down on something in a 'bad news down cycle'. Like dont buy cheap FBU, RYM, SLM etc Buy TWR.
Just my opinion. DYOR and stuff.
Yes well.?
Having made a huge error with HCL in Aussie and losing a bit of faith in AFT [nz] and JYC [asx],I have decided to follow the old sage advice.
"Sell your losers,and add to your winners."
Wife and I have both added to our 2CC holdings..
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21-02-2024, 01:38 PM
#2003
"Don't pick your flowers and water your weeds"- some guru
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21-02-2024, 03:22 PM
#2004
Staissny also told the annual meeting in Auckland that buyers were not circling, “categorically” saying that Tower had not been approached about a possible sale…..NBR
Last edited by winner69; 21-02-2024 at 03:27 PM.
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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21-02-2024, 07:19 PM
#2005
Risk Manager for FTX
Originally Posted by winner69
Staissny also told the annual meeting in Auckland that buyers were not circling, “categorically” saying that Tower had not been approached about a possible sale…..NBR
Bit of a technicality but if you watched it the question was "have you been approached with an offer" and the answer was no. So he wasn't saying that buyers were not circling.
His comment around the review being board led, not shareholder led was also interesting. Probably more the case of a Bain nudge nudge then a push push then? The targets, though acheivable also look quite aggressive which is out of character for TWR so maybe they realise this is the end of the line and are simply pouring blood in the water to get those sharks circling.
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22-02-2024, 08:28 AM
#2006
Originally Posted by Gerald
…The targets, though acheivable also look quite aggressive which is out of character for TWR so maybe they realise this is the end of the line and are simply pouring blood in the water to get those sharks circling.
It certainly has got this goldfish circling
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23-02-2024, 01:59 PM
#2007
SP previously hugged the 60cent mark before recent updates.
Now seems to be hugging 70cent mark.
Ive checked the long range weather forecast for heavy rains/winds etc. Looks all good lol
That big unused $45m provision looks delicious. $12m of it was used by this time last year. By rights we can add $12m to guidance of $27m????
NPAT tracking to be $39m??? Market cap is $267m. i.e. trading on a forward P/E of 6.8?
Even on the underlying NPAT of $27m its a 9.8 P/E.
TWR looking cheap
TWR have goldman sachs looking for a buyer to unlock shareholder value
TWR have provided midpoint targets for underlying NPAT of FY25 $50M and FY26 $70M
TWR has to be the most undervalued NZX stock?
Disc. Holder
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23-02-2024, 02:20 PM
#2008
Member
Agree RAWZ.
This is a serial disappointer tho, so can TWR still pull defeat from the jaws of victory.
Anyway I am adding to holdings over the the next couple of months when I get a bit of cash. I mainly need this to be a winnner so as to advance my standings in the stock picker comp...
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23-02-2024, 03:38 PM
#2009
Member
Been calling this a turnaround story for a few years now.
Took a bit longer than I originally planned, given the terrible year just past.
Insurers are going to have lumpy income with large events, and yes those events are going to trend upwards.
All you need to do is have a good actuary and plan ahead.
Either the turnaround is just beginning, or my broken clock is finally chiming right.
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23-02-2024, 04:14 PM
#2010
Originally Posted by Antipodean
Been calling this a turnaround story for a few years now.
Took a bit longer than I originally planned, given the terrible year just past.
Insurers are going to have lumpy income with large events, and yes those events are going to trend upwards.
All you need to do is have a good actuary and plan ahead.
Either the turnaround is just beginning, or my broken clock is finally chiming right.
Both the Chair and CEO struck me as very upbeat when I spoke with them after the meeting.
And at the AGM it was explicitly stated TWR had acted to reduce it's risk appetite in the Pacific. Did you notice the riots in Port Moresby just 3 months after TWR sold out? And Vanuatu (conditionally onsold presently ) was a big contributor to "large event" losses last year. And the Solomon Is, also divested, is a highly unreliable legal jurisdiction, fraught politically, and exposed to cyclone/hurricane risk.
And the Suva hub has really just opened. 250 staff employed there is huge for Fiji and very economical for TWR. So the MER ( Management Expense Ratio ) which has fallen significantly may indeed reduce further going forward.
And there have been many steps taken incrementally in the last few years to simplify the business and move to an increased digital interface, with major reduction in the number and variation in products/policies offered, and better clarity of wordings, along with reduction of commissions paid after the purchase of legacy portfolios from third parties.
Plus the interest earned on the "float" has gone from virtually nothing to a much fairer investment return currently. So I think the turnaround is not just beginning but is in full swing!
Unless the so-called strategic review yields something requiring a disclosure announcement in the near term the next update will be the half year (to 31 March) results reporting in May. Absent a severe "large event" in the interim that may tell a real turnaround tale for all to then see. And no income tax liability until 26/27 according to the CFO.
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