Just looking through some of the financial sector.
CYS (Chrysalis VCT) has been a dull performer – although actually, it’s up 5.1% over 1 year, compared with the Footsie of down 8%. It’s dividends for the year has been 4p, which, based on a share price of 50p, amounts to 8%. So investors would have had a total return of about 13% over the year. Not a Buffett-beating amount, but not bad. For the y/e 31-Oct-2011 it reported a NAV of 84.0p, and currently trades at 51.5p, so that’s a discount of nearly 40%. It’s a small trust, though, capitalised at 15m, so don’t expect to be able to buy much. The directors take little nibbles at the company from time-to-time; and likewise for share buybacks.
Higher up the food chain is III (3i Group), with a market bap of £1.8b:
The Company is an international investor focused on buyouts, growth capital and infrastructure, investing in Europe, Asia and North America.
It’s trading on a PBV of 0.66. Over the last decade, it has traded on a PBV of about 1. Dividend yield is 1.9%.
ICP (Intermediate Capital):
Intermediate Capital Group plc is an independent mezzanine provider with investment portfolios in Europe, Asia Pacific and the United States. It structures and provides mezzanine finance, leveraged credit and minority equity. It operates through two business groups: The Fund Management Company (FMC) and The Investment Company.
It’s trading on a PBV of 0.74. Historically, it’s traded at 1.8. Yield’s a monster 7.4%.
INVP (Investec), the asset managers. PBV 0.60, historically on 1.1. FCAM (F&C Asset Management) – same deal.
All the banks are in the low PBV range, with only STAN (Standard Chartered) trading above book.
They can’t all be duff.
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