Deakin Financials: Übernahmekandidat? - 500 Beiträge pro Seite

[Crocodile_Dundee]

Week`s special

FINANCIAL PLANNERS ARE THEMSELVES HIGHLY ATTRACTIVE INVESTMENTS

By Jenny Prabhu and Gerald Stanley

The Financial Planning Adviser industry has seen several new listings in the last few months, indicative of their attraction as people chastened by their losses in the tech wreck begin to see wealth building as perhaps a more complex business than they had thought.

It is interesting to note that the accountancy/financial planner companies, whose job is advising people prudentially on their best wealth building opportunities, are themselves excellent examples of growth with security and are worthwhile investments in their own right.

The seven recently listed companies have either nil or negligible gearing.

Four out of the eight have no intangibles at all.


A booming sector set on a continued growth path

People are much more aware of the need for comprehensive investment advice - although advice on super is still their major focus and with 8% of a person`s salary now compulsorily invested in their super and an ageing population - the boom looks set to continue.

However, the sector is becoming congested, and is at present rather homogenous, so that rationalisation is seen as very much on the cards.

Australian Heritage managing director Tony Barton said fringe players in the Financial Planning Industry in Western Australia have had rely on revenue from selling tax planning products, not only is there no new ATO directives that will mean new business, but they have also had to wrestle with a few problems from the tax planning packages they have sold. "The big boys will get bigger and the small players will get squeezed" he said.

Count Financial Services managing director Barry Lambert pointed out, "While there is a limit to how much (hi tech or other products) a person wants to own, people can never have too much money", so that the sector will continue to boom.

Fiducian manager, financial planning Bill Hovey said that whilst technology and research is now widely available over the internet and people well educated in the financial area can make their own decisions, the complexity of offerings available for wealth building or getting a solid foundation for retirement means there will always be a place for trusted advisers.

Harts Australasia managing director Ric Hayter expects that while the Financial Planning industry has considerable room for growth, Financial Planners may have to become collectors of information, putting together portfolios and providing a monitoring service. Quality software and research and access to data base marketing will also become more important, he said.


Mergers and takeovers likely

Almost all of these companies make tempting targets for majors in the industry.

Challenger International chairman Bill Ireland forecast a couple of years back that there would be strong growth in the financial services stocks able to take advantage of two main factors - firstly that the superannuation and related retirement industry would probably quadruple from $500 billion to $2000 billion in the next 4 to 5 years, and secondly, a rapid consolidation taking place in the financial services sector. He had included CLI among likely targets.

Johnson Taylor Potter analyst John Reynolds said last Wednesday he saw Deakin Financial Services as a likely target.

The analyst said, "They now have a very large number of advisers and plans to get a lot more. They have a fantastic distribution network. Any organisation who wants to sell financial products can use the network to market their product. There is a very strong likelihood that someone will take them over to buy their distribution network".

Dicksons, pointing to the rationalisation within the financial services sector currently under way, said in December that Count Financial`s p/e is around half that of its peers.

Fiducian Portfolio Services` underwriting broker Ord Minnett (now JP Morgan Chase) included Fiducian`s corporate appeal among its attractions.


SOME STATISTICS

*Reserve Bank statistics record that from June 1996 to September 2000 superannuation funds (excluding life) doubled to $337 billion.

*There is a further $188 billion in life insurance funds.

* The growth in Australia`s micro super funds helped boost Australia`s superannuation assets by 16.6% in 1999. Over the year to December 1999 the micro funds, typically used by individuals or family companies, rose 25%.

*There are 80 fund managers with some 2800 products in Australia.

*Managed funds in the three months to September 2000, collected $5.8bn of net retail inflows according to ASSIRT.

*The ABS confirmed the latest available statistics, August 1999, record 6,476,500 Australians were covered by superannuation by their current employer in their main job.

Those covered by super other than by present employer numbered 167,800.

*The Financial Planning Association says there are approximately 15,000 financial planner companies operating in Australia, of which 12,500 are FPA members.

Non FPA statistics: There are said to be approximately 260,000 authorised representatives of Financial Planning Advisers, mainly with the banks and diversified financials such as AMP, NAB and Challenger International, with stockbrokers and also private companies.

There are also eight niche listed companies that are either focussed on FPA services or are accountants/fund managers cum FPA service companies.


People most likely to approach the FPA`s (according to the FPA`s commissioned Roy Morgan Research September 2000 survey, an ongoing tracking survey conducted since 1997)


Respondents who were separated, aged 35+ and single with or without children and those aged 35+ and married without children.

They tended to be in the highest socio-economic group with income of $40,000 or over.

People aged 50+, people who are separated and those who have tertiary education or belong to higher socio economic groups were more likely than the general population to consider FPAs as their source of financial guidance.

Financial Planners/Advisors were also more likely to be approached by the Socially Aware and Visible Achievement segments for financial advice.

The Roy Morgan tracking study conducted from June 1997 found 31.3% of respondents would consider approaching a Financial Planner or Advisor (at a bank or elsewhere).


What they seek

Investment Advice (53.2% Sep 2000)

Tax Advice (12%)

Insurance (6.9%)

Advice on loan/mortgages (4.1%)

Financial Advice (General) (5%)

Wills/Estate Planning (3.1%)

Advice on Stocks and Shares (3.6%)


What they would pay


While charges vary from state to state and whether the adviser is based in the suburbs or in the city, the first half hour or so of investment advice generally costs nothing.

After that investment advice can cost between $150 an hour to $300 an hour.


Superannuation investment done by the Financial Planning Company on behalf of a client is on a percentage based sliding scale, from say 1.5% of $100,000 downwards.


What they fear

While people seeking investment advice for their savings are generally confident about the competency and integrity of their selected FPA and expect to have revealed to them the commissions paid to their FPA on various products, hidden incentives (such as options over shares, `disincentives` such as a cut in commission if a bank`s products are not pushed ahead of others by its FPA`s) are revealed from time to time, arousing fresh bursts of cynicism.

NEW RULES FOR LICENSING AND CONTINUOUS EDUCATION FOR FPA`s

ASIC in its December 2000 update, "FSR (Financial Services Reform) News" said that although the Hon Joe Hockey MP issued a press release on Nov 29 announcing that the Financial Services Reform Bill has been deferred indefinitely, ASIC is continuing to prepare for it.

Under the Interim Policy Statement 146 "Training of authorised representatives" ASIC said the interim policy statement gives guidance to licensees as to how they can ensure that their authorised representatives providing financial services to retail consumers

(a) have undertaken education and training that meets ASIC`s requirements for knowledge, skills and integrity; and

(b) undergo continuing education.

The Interim Policy Statement 146 kicks in by June 30 2002 and there will be a two year transitional period for licensees and principals to comply with the policy.

The ASIC also provides guidance for training bodies for advisers. It recognises several authorised assessors that offer authorised training programs for various aspects of investment advice including superannuation, life insurance, financial planning and wealth creation, etc.

(Currently, the Financial Planning Association issues a Certificate, and continues to promote public awareness of "Certified Financial Planner" licencees).

Several Training Providers are listed by the ASIC, including AMP, Association of Superannuation Funds of Australia Ltd, Deakin University and Deakin Financial Services Group, the Financial Planning Association, the CPA, the Institute of Chartered Accountants.

The only group so far listed among the list of ASIC`S Authorised Training Providers to comply with the Interim Policy Statement 146 Compliance Assessment as well as the IPS 146 Gap Training Program (2000) is IntegraTec Pty Ltd, now part of WorldSchool - among several other courses it offers that are authorised by the ASIC.

THE LISTED MAJORS WITH FINANCIAL PLANNING ARMS

NAB leads the field after acquiring MLC

Westpac and ANZ, CBA, AMP, BT Funds Management (acquired by the Principal Group of the US) are major players, so is Challenger International, Macquarie, Tower, Trust Company of Australia and others.


Most Brokers have financial planning arms.

Among listed brokers,

Hartley Poynton JDV (HPL) provides end to end branded online solutions used by organisations including AMP`s Hillross Financial Planning Service, BT Portfolio Services, Quicken.com.au and Your Prosperity.

Noall Group (NGL), formerly Alliance Properties Ltd and now the parent company of financial services and stockbroking company William Noall Ltd, Hudson Securities (HSC) and Sanford Securities (SFD) all have Financial Planning arms.


EIGHT LISTED SPECIALIST FINANCIAL PLANNING/ACCOUNTANCY COMPANIES

Name
AHT
BFS
COU
DKN
FPS
HTS
IGP
SKD

Last Traded price
58c
43 c
49c
31c
$1.48
$1.04
$3.10
$2.03

Shares Issued
36.0m
40.6m
220.0m
38.4m
36.1m
117.5m
39.8m
201.9

Market Cap
$20.9
$17.5m
$107.8
$11.9m
$53.4m
$122.2
$123.5
$409.8



AHT First Traded 12/12/2000.

COU First traded 12/12/2000


Year ended June 30, 2000. Values in Millions$

INCOME
AHT
BFS
COU
DKN
FPS
HTS
IGP
SKD

Op Revenue
0.8
4.6
43.5
11.9
7.7
21.1
28.5
72.5

Op Profit
0.6
2.0
5.9
0.8
1.0
7.0
4.4
14.8

Net profit
0.6
1.4
3.9
0.6
0.4
3.5
2.6
9.5 est

EPS (Cents)
2.5
4.4
1.9
1.7
2.5
5.1
9.2
na

Dividend (Cents)
nil
1.5
0.8c
nil
nil
1.0
6.0
na

PE Ratio (times)
12.6
9.8
25.8
17.8
59.7
20.2
33.7
na



AHT: Income period was Feb 16, 2000 to August 31m 2000. ie 197 days Full year eps 4.59 cents

COU: Declared dividend of 0.8c on Jan 9 for payment Jan 31 in respect year 2000 as outlined in Prospectus. (Cost $1.76m)

as at June 30, 2000 values in Millions

BALANCE SHEET
AHT *
BFS
COU *
DKN
FPS
HTS
IGP
SKD *

Current Assets
2.7
4.6
10.1
9.6
3.2
37.8
20.4
32.8

Non Current Assets..
4.4
13.0
13.6
4.7
0.0
61.9
28.9
98.6

Current Liabilities
0.0
5.6
11.5
0.7
1.1
14.9
9.1
9.0

Non Current Liabilities
0.0
2.0
0.2
0.2
0.1
3.9
1.2
1.3

Net Assets & Shareholders` Funds

7.1

10.0

11.9

13.4

2.0

80.9

39.0

121.1

Intangibles
0.0
0.0
Nil
3.9
0.0
59.5
25.9
93.8

Net Tangible Assets
7.1
10.0
11.9
9.5
2.0
21.4
13.1
27.3

Gearing (Net of Cash) %
nil
15.0
Nil
nil
nil
nil
nil
nil

NTA per share (cents)
19.7
24.6
5.4
23.0
5.6
21.0
36.8
15.0

Shares Issued (Millions)
36.0
40.6
220.0
41.1
36.1
102.2
35.6
181.7



Notes: * denotes Pro-forma per Prospectus

*SKD - projections under section on company

*
*
*
*
*



Australian Heritage Group (AHT) listed on December 12, closed at $1.01 on 2.27m shares, a gala debut against a float price of 40c before coming back to around the 60c level currently.

In a "Buy on Opening upto 60c" D J Carmichael analyst Brian Beros said the company`s primary objective is to create wealth for shareholders over a medium to long term time frame. The float price was 40c.

Apart from the 50% stake held in DJ Carmichael and a 19% stake in VRI BioMedical (which lists on Dec 14), the company through Mineral Securities Ltd has 22.39% of the options in Compass Resources, 5% shares and 5% options in Platinum Australia and 16.5% of First Mineral Resources Ltd. First Mineral Resources was granted Exploration Licences on October 15 1999 for a period of five years in the West Musgrave Ranges, which lie within Aboriginal Reserve A17614.

Australian Heritage`s Financial Planning involvement is through stockbroker DJ Carmichael, which has been advising clients on their investments for nearly 100 years. Dealers are Proper Authority Holders, and many wear two hats, doing a bit of financial planning and also dealing in stocks.

Some twelve months down the track, AHT plans to set up a special situations fund management business in small to medium WA stocks.

Key Directors:

Tony Barton, Exec Chairman

Sally Capp, Managing Director

Max Fowles

Leon Ivory

Major shareholders:

Tony Barton with 15.277%

Other seed capitalists approximately 50%

*
*
*
*
*



Beacon Financial Services (BFS) provides trustee, investment management and administration services to superannuation funds and other clients.

It sees itself - as a superannuation trustee, investment manager and asset consultant - as well positioned to benefit from the continued growth of funds in superannuation.

Listing on May 26 last year, BFS hit 48c on the first day and has traded between 38c and 50c, never above the issue price. The stock is tightly held.

Yesterday Beacon Financial Services announced a j/v with Power Capital Group and companies associated to undertake the administration of various superannuation master trusts. The agreement involves Beacon Financial taking a 51% interest in the venture at a cost of $350,000.

Beacon Financial Services is a holding company, Beacon Funds Management is BFS` Super Trustee Company and a licensed security dealer.

Auton Consulting within BFS is a consulting actuary licensee and has six Proper Authority Holders, only one of whom, managing director Roger Auton, is active in Financial Planning advice.

The company regards itself as a fairly aggressive investor, but very much a value investor although it doesn`t perhaps go for the traditional value stocks.

Key Directors:

Phillip Harry, chairman

Roger Auton, Managing Director

Edward Cartwright, company secretary.

Major shareholders:

Roger Auton`s family company has about 42%.

Through relationships with other shareholders Roger Auton would have a say in another 30%

*
*
*
*
*



Count Financial Ltd (COU), established 20 years ago, made a gala debut on December 12 last year, closed at 55c on 5.67m shares vs a 40c float price and is still trading thereabouts.

Dicksons Ltd analyst Stuart Cutler recommends Count Financial as a "buy for yield and growth".

The Dicksons analyst said Count, founded in 1980 by current managing director and major shareholder Barry Lambert, is the market leader in the provision of financial services to accountants in public practice, has a strong brand name, an extensive client base and a long profit history.

It has a team of some 100 staff and is well diversified with a national network of 470 franchisees, investing well in excess of $1bn per annum on behalf of 130,000 clients. Total funds now under advice exceed $5bn with no franchisee contributing more than 2% of total income.

Count is a licensed securities dealer providing financial services to accountants in public practice under a franchise system, operating under the name Count Wealth Accountants.

COU does not own the accounting part of their franchisees` business but focuses on the financial planning area, which managing director Barry Lambert sees as going to get a lot bigger.

Key Directors

Len Spencer, chairman

Barry Lambert, managing director

Maggie White, company secretary

Major shareholders:

Barry Lambert and associates 54.5%

*
*
*
*



Deakin Financial (DKN), formerly Pac Rim changed direction in August 1999 with the acquisition of Money Planners to focus on the Financial Planning industry.

A major acquisition program followed, including the Mawson Group (Vic), Melbourne based stockbroker Gillon Securities, acquired Personal Financial Planners P/L in Perth, established Ozzieshopper P/L and struck an alliance with the Hawthorn Football Club, formed a marketing agreement with GMHBA, one of the country`s largest health insurers to establish a private label health insurance product and became Deakin Financial Planning, which had its training course lodged on the ASIC Register of Compliant Training Courses.

Deakin Financial has 400 advisers, some 500,000 clients and it offers stockbroking, real estate, finance broking, financial planning and life insurance broking services.

The company also formed a strategic alliance with Online Trading Systems, which provides financial software and content products.

Deakin is growing its superannuation arm, which is expected to be a big money spinner.

The company intends to become a one stop national shop for financial services, including home brand products.

The company is also considering the issue of a member card to its clients offering discounts on financial services and extending into services such as discounts on hotel accommodation.

Deakin today announced a marketing alliance between Dale Hughes the principal of Practitioner Insurance Agencies which under the badge of Practitioner, will enable accountants, solicitors and medical practitioners to obtain Group Salary Protection at a considerable discount to standard policies - providing a further point of difference for DKN.

Key Directors:

John McConnell, chairman

Garry Crole, managing director

Mark Simari, company secretary

Graeme Hannan, founder of Hannans insurance broking and readyplan insurance

Major Shareholders:

ANZ Nominees (offshore investors) 24%

Thomas Roeggla 7.3%

Garry Crole 7.3%

Colonial 5.1%


Fiducian Portfolio Services (FPS) listed on September 12 at $1.16 after an issue of 18.673m shares at $1.20 each.

The company has a unique strategy that is aimed at acquiring a loyal band of highly motivated and top class advisors through its share incentive scheme.

Fiducian plans to recruit upto 1500 planners in the next two years, making it one of the 25 biggest dealer groups in the country.

Currently Fiducian has 85 Proper Authority Holders and is bringing in another 8. These support 15 dealer groups.

Fiducian is seeking quality Proper Authority Holders who are being attracted (a) if they are a small producer, joining a large group and (b) if they are looking for a collegial atmosphere rather than one measured strictly on returns.

Fiducian is also creating a franchise of its own which is already attracting a lot of interest from dealer groups, accountants and mid range producers.

In a "buy" report issued on the listing day, underwriting broker Ord Minnett`s analyst Tim Hoskings said the company, established in 1996 is a young retail fund manager on an accelerating growth trend.

Key features include exposure to the managed funds industry, a strong, protected distribution network, annuity style low risk revenues, multiple growth options, high profitability and profit leverage, upside risk to earnings forecasts and corporate appeal.

Funds Management industry "insiders" would be attracted to Fiducian, understanding the quality of the income stream, the uniqueness of the Fiducian strategy, and other positives, the analyst said in the report.

Fiducian has built its business around two key premises, a financial planning service offering a large range of products and services, and equity incentives to its advisors in direct proportion to their net contribution to its income.

This pecuniary interest is fully disclosed to clients.

Because of the equity incentives at listing, advisors will own roughly 15% of Fiducian. This is expected to grow to 20% to June 2002 based on forecast earnings.

Key directors:

Robert Bucknell, chairman

Indy Singh, managing director

Alan Rich, company secretary

Major shareholder:

Indy Singh with about 27%

Adviser shareholders 13%

*
*
*
*



Harts Australasia (HTS) listed on May 24 at 92c, climbing the following day to $1.02, over the $1 float price.

The company has a staff of around 11,000, a client base of more than 200,000 who pay annual fees, and a database of 600,000 registered names.

The company was established in 1979 by Steve Hart.

Its core business is accounting, with some 70 more accounting firms to join the group over the next year. The company`s aim is to have sufficient financial planners to service accountancy clients` who seek investment planning advice.

Harts has 87 Proper Authority holders throughout Australia, half internal in the branches and half external, and is looking to recruit between 80 and 100 more financial planners over the next 7 months.

Superannuation information is probably the most substantial part of HTS` financial planning business.

Its focus is on the SME and professional sectors, a niche market largely overlooked by other Financial Planning companies.

Harts, like Deakin, is on an aggressive acquisition trail.

Prior to listing, Harts acquired the New Zealand based business of Reeves Moses Hudig & Co and Mobile Accounting Professionals (Australia) Pty Ltd.

Harts has acquired some 13 accounting firms and financial services businesses since listing. Most recently, Harts announced the purchase of Canberra based Wilson Watt Papandrea and Townsville firm Coast to Coast Accounting. Earlier Harts acquired The Business Results Group in New Zealand and before that the Cardinal Financial Securities Ltd, and Brisbane based First Mortgage Corporation Pty Ltd with over $100 million in mortgages under management.

The company says it is in discussions with over 70 accounting firms, seeking to consolidate as a leading provider of accounting and other financial services.

Key directors:

Ian Sinclair, non exec chairman

Steve Harts, exec dy chairman

Ric Hayter, managing director

Ian Stevens, company secretary

Major shareholder:

Steve Hart with 51%

*
*
*
*



InvestorGroup (IGP), has been on the acquisition trail since a backdoor listing in July 1997 in the shell of WBCM.

The focus is on acquiring leading accountancy practices - Accountancy One is a leading brand name.

Last year it purchased the Day Neilson and Cameron Kirk Rose accountancy practices, Rutherfords, Conways & Co, Darcy Kennedy and Walker Partners and Cressey Lynch and Todd Brindley accountancy practices.

The company currently has 35 financial planners. It has 10 accountancy based firms with financial planning as a part of their services and two specialised financial planning firms.

The majority of IGP`s income is from accountancy, but financial services is a key area of expansion for the group.

Superannuation investment forms 30/40% of the company`s financial planning business.

The company`s vision is to consolidate major accounting firms across Australia.

Key directors:

Terry Power, chairman

Kevin White, managing director

Merrily Keam, company secretary

Major shareholders:

Open register

* * *

*
*
*
*



Stockford (SKD) listed on November 28 last year, closing at $1.22 on 4.1m shares, a handsome premium to the float price.

SKD has since announced completion of the acquisition of several accounting and financial service groups.

Stockford pre listing had an annual turnover of $97 million with $1.5 billion in funds under advice.

St George, investing $10m for a 7% stake on the listing, said its objective is to build Stockford to an organisation with $5 billion in funds under advice within three years.

St George saw Stockford`s integrated accounting, business and financial advisory professionals complimentary to St George`s Wealth Management opportunities.

Stockford plans to generate 70% of its annual fees from accountancy, 20% from financial planning and 10% from information technology and business services.

Stockford founder Ian Davidson was the former secretary of Melbourne Stock Exchange, later founded Stenhouse Securities Ltd which grew to 200 branches and was bought by the Mercantile Mutual affiliated Adviser network 10 years ago.

Financials-Projections

Stockford (SKD) Projections per Prospectus

INCOME
2001
2002

Op Revenue
58.2
125.7

Op Profit
4.5 est
27.1 est

Net profit
2.9
19.0

EPS (Cents)
9.4

Dividend (Cents)
2.0
8.6

PE Ratio (times)
21.6




*Please note, EPS and P/e Ratio are our calculations

*Amortization of Goodwill of $93.8m over 20 years is a cost of 2.3 cents per share per year.

Key directors:

Peter Hall, chairman

Ian Davidson, managing director

Major shareholder:

St George Bank 8.84%






*
*
*
*



THE ONLY LISTED FPA EDUCATION COMPANY, WORLDSCHOOL

World School (WSX)

Last Traded price 14.5c

Shares Issued 89.0m

Market Cap $12.9m

Year ended June 30, Values in Millions$

INCOME
2000

Op Revenue
0.4

Op Profit
(11.7)

Net profit
(11.7)




as at June 30,2000

BALANCE SHEET
2000

Current Assets
21.4 *

Non Current Assets..
4.6

Current Liabilities
2.6

Non Current Liabilities
0.0

Net Assets & Shareholders` Funds
23.4

Intangibles
2.0

Net Tangible Assets
21.4

Gearing (Net of Cash) %
nil

NTA per share (cents)
24.1

Shares Issued (Millions)
89.0



* incl: Cash of 21.0m $5.8m was spent in the quarter ended September 30.

WSX made a disastrous listing on May 10 last year, the $1 issue price falling to 28.5c by the close and continuing further south, but achieved the enviable feat last week (in the current "tech wreck" scenario) of replacing its high cashburn rate with an assured income stream, through joint venturing its online K to Year 12 school education project (all aspects - curriculum support and student teaching support) with government owned Curriculum Corporation, the Australian government`s authority for schools.

WSX will share in revenue on a rising scale between 20% at $2m of income, 30% at $3m and 40% at $4m. There are 9,500/10,000 schools in Australia and since Curriculum Corporation covers all of them, an income stream to WSX is assured.

WorldSchool also has $12.9m cash in hand as at end November 2000.

WSX has now changed direction into education of Financial Planners and Insurance dealers through the acquisition of Integratech, one of the largest providers of licensing of financial planners and dealers as well as the acquisition of THP, the largest provider of education and licensing compliance to life insurance companies.

Under the new CLERP, all people dealing in financial planning will have to be licenced with continuous education and compliance a necessity.

In the same way, WSX is moving into supplying compliance licensing and testing for life insurance industry dealers.

Of the 26 Life Industry companies, 24 are WSX clients.

Integratec (now wholly owned by WorldSchool) lists a galaxy of majors among its clients.

The company points out that the 246,000 or so financial planners in Australia will all have to be licensed.

WorldSchool said based on historical financial results it expects its compliance, education and training businesses to contribute approximately $5m in revenue and $1.5m in earnings for the 2001 calendar year.

This together with the anticipated contribution from the Australian Schools Business, presents WSX with great opportunity for further growth.

Key Directors:

John Fries, chairman

Howard Woolcott, managing director

Robert Evett, company secretary

Major shareholder:

Open register


ends.

[DieBuergschaft]

Hast DU das alles gelesen? Kannst Du bitte eine Zusammenfassung hier posten? Was sind Deine Schlussfolgerungen?

Eric

[Crocodile_Dundee]

Fazit:

- Finanz-Planung ist ein Boom-Sektor in Australien
- Wie in allen Boom-Sektoren wird es auf Dauer zu Konzentration kommen
- DKN ist ein Übernahmekandidat wegen des großen Beraterstamms und Distributionsnetzwerks

Meine Hoffnung ist allerdings, daß eine Übernahme zu einem wesentlich höheren Kurs stattfindet (wenn überhaupt!).

[Prosalis]

@Crocodile Dundee: Ich glaube in Australien kaufen sich bereits größere Adressen ein. Heute gab es wieder hohe Umsätze. Mir ist unbegreiflich, wie man zu solchen Ausverkaufskursen seine DKN`s verkaufen kann. In den kleinen Werten scheinen wirklich nur Anfänger investiert zu sein, die froh sind, daß sie noch rauskommen..

[ramjam]

Leute, das muß man sich nochmal auf der Zunge zergehen lassen:

Johnson Taylor Potter analyst John Reynolds said last Wednesday he saw Deakin Financial Services as a likely target.

The analyst said, "They now have a very large number of advisers and plans to get a lot more. They have a fantastic distribution network. Any organisation who wants to sell financial products can use the network to market their product. There is a very strong likelihood that someone will take them over to buy their distribution network".

Ich denke, das war heute nur der Anfang
Many thanx, Mr. Reynolds!

ramjam

[MGN]

Pacific Rim auf der top-10-Liste der Auslandswerte bei n-tv;
allerdings nur 6500 Stück Umsatz heute (weniger als 2700 DM); Wahnsinn

[weitweg]

Jaja, typischer Übernahmekandidat - gute Firma mit schlechtem Management. Hoffentlich haben da nicht einige Größere den Kurs systematisch gedrückt, um den Laden spottbillig zu bekommen. Denn die ganzen Lemminge wären doch jetzt auch bei kleineren Kursanstiegen glücklich wie die Schneekönige....


weitweg

[nautilus]

so isses,soviel ich auch von meinem investment hier halte...
bin auch schon etwas länger dabei !!!
irgendwie ist da was faul an der sache...
zum schluß kaufen uns noch irgendwelche bankfritzen
pacrim fürn spottpreis untern nägeln weg...

hoffen wir das beste....

long and strong

nautilus

[queenbee]

Die Gefahr sehe ich nicht - die Top 20 Shareholder von Deakin halten ihre Aktien seit Monaten in festen Händen, die kriegt keiner zum Spottpreis.

QB

[ramjam]

Right, QB! Man muß nur mal nachvollziehen, welchen durchschnittlichen Einstandspreis Gary Crole für seine Anteile bezahlt hat. Die hat er schließlich am Markt eingesammelt. Kann mir nicht vorstellen, daß er sie für Lau hergibt. Ich kann mir dagegen eher vorstellen, daß mittlerweile auch andere Analysten über DKN nachdenken. Wenn die mit denken fertig sind, wird sich der Kurs anfangen zu bewegen. Ich bin guter Hoffnung, daß ich mindestens meinen Einstand wieder bekommen werde (Wow!).

Gruß, ramjam
(Nicht ohne einen Schuß Selbstironie)

[Crocodile_Dundee]

Na also. Auch Deakin steigt langsam unter steigenden Umsätzen. Mich wundert es sehr, daß zuerst Werte wie TVS, ASC etc. anspringen, während die australischen Qualitätstitel (MPH, DKN) noch fast in den Startlöchern stehen.