TP ICAP (#TCAP) has published their year end results indicating:
✅️ Revenue +6% to £2.35bn
✅️ Pre-tax profit +7% to £230m
✅️ Earnings per share +14% to 25.2p
✅️ Opererating costs -1% on prior year
I continue to hold.
Secure Trust Bank (#STB) has published their 2025 full year results indicating:
❌️ Return on equity -30bps to 14.3%
❌️ Pre-tax profit flat at £59.3m
✅️ CET1 ratio +60bps to 12.9%
✅️ Loan book +8.1% to £3.3bn
✅️ Book value +5.8% to £19.73
I continue to hold.
4/4 For income investors like me, the thesis still looks intact.
For those hoping for a sharp re-rating, today is a reminder that the market still doesn't fully trust the capital story...
3/4 The market zeroed in on the Solvency II ratio, which fell from 232% to 210%.
Still strong in absolute terms, but weaker than hoped, and enough to dent confidence in the balance sheet/ simplifcation strategy.
2/4 On the face of it, there's plenty to like:
✅ Core operating profit up
✅ Core EPS +9%
✅ Dividend +2%
✅ £1.2bn buyback announced
This isn't the profile of a business in obvious trouble BUT...
1/4 Legal & General (#LGEN)’s fall today looks more like a capital-confidence wobble than a broken investment case.
The issue isn't that the results are dreadful but capital strength is important...and has fallen....
Legal & General (#LGEN) has published the FY25 results indicating:
✅Core operating profit 6% to £1.6bn
✅Core operating EPS +9%
✅Solvency II capital generation +5% to £1.5bn
✅Solvency II coverage ratio of 210%
I continue to hold.
I've got a position in #VTY and am squarely in the "missed it" camp. Not sure I'm confident enough to load up but the shares do look undervalued after the precipitous collapse from Fitzgerald announcing his retirement...
Persimmon (#PSN) has published their year end results indicating:
✅️ Revenue +17% to £3.75bn
✅️ Pre-tax profit +11% to £397m
✅️ ROCE +60bps to 11.7%
Demand looks healthy, and #PSN is investing for expansion, which should support earnings growth.
I continue to hold.
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Taylor Wimpey (#TW.) has published their year end results including:
✅️ Revenue +13% to £3.8bn
❌️ Pre-tax profit -54%(!!!) to £146m
❌️ Basic EPS -55%(!!!) to 2.8p
❌️ Net cash -39% to 342.6p
I continue to hold.
Vistry Group (#VTY) has published their "in line with guidance" full year results including;
❌️ Revenue -4% to £4.15b
❌️ Operating profit -1% to £353.8m
✅️ Pre-tax profit +2% to £268.8m
✅️ Basic EPS +6% to 59.3p
✅️ Net debt -20% to £144m
I continue to hold.
Maybe AI DOES have sick days after all 😅....
A lot of it is coming from people outside of industries they talk about (or within them but not having to do any real work themselves).
AI has valid and valuable use cases but it's not the magic genie from Aladdin!
Agreed - it's going to take a while for the market to figure a lot of this out!
IMO their OpenAI/ChatGPT move is strategically sensible. They’ve signed an OpenAI enterprise agreement and launched a MoneySuperMarket app inside ChatGPT. Helpful for sentiment after the AI-led de-rating, but the real test is KPIs: adoption, conversion and unit economics vs. their owned channels.
Agreed. MONY’s net cash dip looks more like capital returns. Net cash ended FY25 at ~£4m, but they generated ~£93m cash and paid ~£97m dividends + buybacks.
Only really a problem if net cash turns into persistent net debt, cash conversion weakens, or buybacks/divis exceed sustainable FCF.
Mony Group (#MONY) has published their 2025 results indicating:
✅ Revenue +2% to £446.3m
✅ Profit after tax +1% to £80.7m
✅ Basic earnings per share +2% to 15.3p
❌ Net cash -51% to £4.1m
I continue to hold.
Bad luck Peter - sorry to hear this one didn't work out for you.
I find technology companies challenging to value as competition can arise seemingly overnight and destroy a market.
Do you think #SEE would be one you revisit in future?
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Snap! Joined you in #EXPN this week too - I'm less concerned about AI in this name than others due to the nature of their data. We discussed in more detail on the latest #TWINPETESINVESTING podcast
Rio Tinto (#RIO) has published their FY25 results including:
✅️ Net cash from operations +8% to $16.8bn
✅️ EBITDA +9% to $25.4bn
❌️ Free cashflow and profit nosedive -28% and -14% as investment ramps up.
❌️ Net debt up an eye watering 162% to $14bn.
I continue to hold.
Chesnara (#CSN) has announced an offer to acquire Scottish Widows Europe, a closed-life insurance business based in Luxembourg for €110m.
The deal is expected to generate €250m of lifetime revenue and adds ~€1.7bn in assets under administration.
I continie to hold.
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Very much in the same camp there Steve! I have to work really hard not to snatch at "falling knives" by mistaking them for diamonds on the floor 😅
I do too, sort of, James. The problem is that I can be too impetuous and so the challenge is to make myself wait until the situation becomes a bit clearer! I'm wary of the effect of AI in some instances but things are evolving v quickly. Some of the AI capabilities are quite impressive.
