I did buy a small number yesterday, having last had Tower when I sold at $2.08 in 2008.......
Printable View
I did buy a small number yesterday, having last had Tower when I sold at $2.08 in 2008.......
Sell high, (wait 16 years, fingers hovering over the keyboard), buy low.....
Respect
Sometimes I jump too soon. Sometimes I jump too late........
www.chrislee.co.nz
This week's "Market News" covers Tower.
26/04/2024 08:30
CREDIT
NOT PRICE SENSITIVE
REL: 0830 HRS Tower Limited
CREDIT: TWR: AM Best affirms Tower Limited's A- (Excellent) FSR
26 April, 2024
AM Best affirms Tower Limited's A- (Excellent) Financial Strength Rating
Global credit rating agency AM Best has affirmed Tower Limited's Financial
Strength Rating as A- (Excellent), with a stable outlook, after completing
its annual review. Tower's Long-Term Issuer Credit Rating was also affirmed
as a- (Excellent), with a stable outlook.
The ratings reflect Tower's balance sheet strength, which AM Best assesses as
very strong. AM Best expects Tower's risk-adjusted capitalisation to remain
at least at the very strong level over the medium term.
AM Best also noted Tower's adequate operating performance, neutral business
profile and appropriate enterprise risk management, in addition to the
company's strong financial flexibility, prudent reinsurance programme and
conservative investment strategy.
Tower Chair, Michael Stiassny welcomed the AM Best rating affirmation, noting
that it supports the confidence investors and customers have in Tower's
financial stability and performance.
Further details of Tower's AM Best rating can be found in the following link:
https://news.ambest.com/PR/PressContent.aspx?altsrc=2&refnum=34630
ENDS
General consensus of higher inflation. Stocks coming off today. Should be good for TWR float though.
We get half year report end of this month. At this point there will be 4 more months of trading until the year is complete (30 sept). So im thinking we will be due a profit upgrade? This time an add back of the large event allowance?
Also looking forward to a big juicy dividend. Any guesses on what that will be?
True but prudence suggests a conservative approach at the half year point. 4cps is still $15.2m paid out. Let us hope that the winds remain fair for HY2, the remediation is completed on budget, and the large events allowance utilisation is minimal. Then the Board can adopt a generous approach if they wish.
Maybe even another 10% share buy back is possible given that is potentially more tax efficient for holders?