M&G: new chief may yield value at lower risk than a break-up - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

M&G: new chief may yield value at lower risk than a break-up

Investors should wait for results of leadership change before pursuing a further demerger

M&G’s fund managers have supported numerous corporate demergers in the name of unlocking shareholder value. Indeed, the same logic was part of M&G’s separation from Asia-focused insurer and savings group Prudential at the end of 2019.

That move popped the joint valuation for a while. After this, Pru slipped on China worries and M&G moved sideways. Some investors are now mooting a further break-up of the UK savings and investments group.

Schroders mulled a bid for M&G at the beginning of last year. It would have hung on to asset management while disposing of the life and pension businesses. The deal foundered over concerns about a culture clash and slumping investment flows.

These turned positive in the first half of this year for the first time since the demerger. A higher price for the group’s most valuable division should be warranted.

At £5.6bn, M&G’s market value is just a hair below its listing value. A group valuation multiple of 10 times forward earnings is well below 14 times for Schroders. M&G’s lower rating reflects slower growth and its reliance on unfashionable savings and pension products.

These include a large back book of annuities and with-profit insurance policies, along with the flagship PruFund, which remains open to new business.

The with-profits businesses might be worth 20 per cent of own funds, or £3bn. Other insurance businesses could attract £4.5bn, including net debt, equating to 76 per cent of own funds, think analysts at RBC. Add in £2.4bn for the asset management business on a 14 times multiple and any savings a consolidator might find. That implies 40 per cent upside from a break-up over the current price.

However, a deal would have to be all or nothing. A partial sale of the back book, for example, would scupper a dividend currently yielding over 8 per cent. Meanwhile, M&G is tipped to benefit from Solvency II reforms. Its shares have outperformed peers by nearly 40 per cent this year.

Investors should wait and see whether a new chief executive can squeeze more value from M&G with lower risk than a break-up.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

哈梅内伊排除与美国政府直接对话的可能

伊朗最高领袖哈梅内伊态度强硬,指责美国意在迫使伊朗屈服,并称主张与美国直接谈判的伊朗政界人士“肤浅”。

私募股权集团KKR支持的音乐节因巴勒斯坦旗帜问题遭到抵制

多支乐队因主办方禁止现场展示巴勒斯坦旗帜而选择退出,主办方随后“诚挚道歉”。

汇丰瑞士私人银行清退部分中东客户

此前瑞士监管机构认定该行在反洗钱审查方面存在疏忽,禁止其接纳高风险客户。

决策者警告:富裕经济体将需要外籍劳工推动增长

央行人士称,全球最大经济体的低生育率正威胁生产率与物价。

中国科技亿万富翁欲打造美式“3月疯狂”风格的篮球联赛

在阿里巴巴亿万富翁联合创始人蔡崇信的支持下,亚洲大学生篮球联赛瞄准业余赛事的高利润市场。

央行精英的黄昏

在经济技术官僚享有数十年高度自主权之后,他们如今正承受来自特朗普政府的巨大压力。
设置字号×
最小
较小
默认
较大
最大
分享×