Update on Challenger Limited!

  • Sep 13, 2018 AEST
  • Team Kalkine
Update on Challenger Limited!

Mixed Updates: Challenger Limited (ASX: CGF) has recently announced allotment of additional shares to CEO Brian Benari. As per the filing, transfer of 634,843 shares was done. With the latest allotment, Benari continues to hold the shares more than the Company’s minimum shareholding requirements. In another development, the Challenger board welcomed Duncan West to the company’s board of directors. Mr. West would be an independent non-executive director of Challenger Limited and Challenger Life Company Limited.

Challenger Limited recently announced a change of its substantial holding in the Vocus Group Limited. Under the current arrangement, the voting power of Challenger Limited in Vocus Group Limited stands at 8.61%. Further, UBS Group AG and its related bodies corporate became the substantial holders in Challenger Limited with the increased voting power of 5.16%. The company has altered its interest in Monadelphous Group Limited by increasing the voting power to 7.65% compared to previous 6.55%. Challenger Limited also furnished the details of its substantial holdings in Think Childcare Limited and according to the latest filing, the voting power now stands at 5.12%. 

The company posted total comprehensive income for the year after tax at $323.8 Mn in FY18 compared to $398.2 Mn in FY17. Diluted Earnings per share also came in lower at 52.2 cents in FY18 compared to 67.8 cents in FY17. The company recorded higher Net cash inflows from the operating activities at $1,977.4 Mn in FY18 compared to $1,597.2 Mn in FY17. Challenger Life is a market leader in Australian retirement incomes, having 73% annuity market share. It has also built an annuity relationship with Mitsui Sumitomo Primary Life Insurance Company Limited, a leader in offering the Australian dollar-denominated annuities in Japan.

Meanwhile, the share price has fallen 19.36 percent in the past three months as at September 12, 2018 and traded at reasonable PE of 19.20x. CGF’s shares traded at a current market price of $ 10.240 with the market capitalization of circa $ 6.33 Bn as of September 13, 2018.

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