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Tetragon Financial Group nieuwe kanshebber

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Stapelaar 31 juli 2014 09:30

quote:
benito c. schreef op 31 juli 2014 09:00:
Vandaag ex 15,5 cent kwartaaldividend.

Alex suggereert dat er over het dividend 15% bronbelasting wordt ingehouden, is dit juist? Het ding is toch gevestigd op een kanaaleiland.

Ik heb overigens gister nog bijgekocht dankzij het bericht van @Shaai op een ander draadje inzake de dividendverhoging en de ex-dividenddatum. Dus bedankt daarvoor.

Op hun site kun je je emailadres invullen om net zo snel als Shaai geinformeerd te blijven.

shaai 31 juli 2014 18:23

quote:
benito c. schreef op 31 juli 2014 09:00:
Vandaag ex 15,5 cent kwartaaldividend.

Alex suggereert dat er over het dividend 15% bronbelasting wordt ingehouden, is dit juist? Het ding is toch gevestigd op een kanaaleiland.

Ik heb overigens gister nog bijgekocht dankzij het bericht van @Shaai op een ander draadje inzake de dividendverhoging en de ex-dividenddatum. Dus bedankt daarvoor.

con mucho gusto,
goed om de dienst terug te keren nadat ik enkele keren jou ben gevolgd.

Stapelaar 31 juli 2014 18:52

Lastig deze beweging, vooral omdat deze valt in een zwakke markt.
Drie maanden geleden gebeurde min of meer hetzelfde. Ondanks vakantie nam ik toen gedeeltelijk winst en heb daarvan geen spijt gehad en vervolgens weer flink kunnen kopen.
Eind mei was de grote verkoper klaar en toch deed de koers daarna niet veel.
En dan nu dit. Veilgheidshalve heb ik toch maar alvast de helft verkocht.

shaai 2 augustus 2014 19:42

Ja, anderzijdskun je het ook zienalsinhalen van de stteds verder oplopende discount (koers gelijk, nav oplopend)
Of vooruitlopend op verder beleid om discount te verkleinen, zoals ik al vaak heb gezegd te hopen (meerdere tenders en/of continu opkoopprogramma)
Tetragon zegt ook actief de discount te willen verkleinen.
Maar ja, ik ben vaker teleurgesteld, dus zeker lastig.

Stapelaar 3 augustus 2014 10:16

Maar ja als de koers iedere keer bij een dividendbericht als door een wesp gestoken blijft worden dan weten we inmiddels wat te doen, toch?

DeZwarteRidder 5 augustus 2014 11:50

Orderboek
Bied Vol. Prijs
1.000 10,460
2.467 [10,470]
2.500 10,500
587 10,510
11 10,520

Laat:
10,640 600
10,650 2.000
10,690 53
10,740 3.900
10,750 2.647

DeZwarteRidder 8 augustus 2014 18:23

Er is duidelijk veel meer koopinteresse sinds bovenstaand bericht; misschien kleine beleggers of een of meer grote....????

Orderboek
Bied: Vol. Prijs

300 10,470
16.295 10,540
2.500 10,550
7.631 10,600
2.500 10,640

Laat: [10,890] 718
10,900 6.074
10,980 800
11,000 1.000

shaai 11 augustus 2014 08:10

Goed nieuws
www.tetragoninv.com/~/media/Files/T/T...

On August 7, 2014, in an opinion by Judge Richard J. Sullivan, the Court dismissed the Action in its entirety finding that Omega had “failed to state a federal claim”. In so doing, the Court expressly rejected Omega’s attempt to accomplish a “backdoor” route to a claim barred by prior Supreme Court precedent. The Court likewise refused to exercise its discretion to take cognizance of related claims asserted by Omega under Guernsey law.
TFG and its Board of Directors believe that Mr. Cooperman has been repeatedly untruthful in his dealings with the company and that the Action was ultimately brought by him in an attempt to gain undue influence over TFG and its activities. In an earlier order in this Action, the Court itself stated that “Cooperman may have been dishonest in his communications with Tetragon and that he may be prone to sophistry while under oath”.
TFG and its Board of Directors are pleased that the Action has been dismissed and remain focused on creating long term value for all shareholders.

[verwijderd] 12 augustus 2014 09:53

De koers gaat weer een beetje de goede kant op
op naar de 11 dollar

[verwijderd] 12 augustus 2014 11:51

quote:
RT 76 schreef op 12 augustus 2014 09:53:
De koers gaat weer een beetje de goede kant op
op naar de 11 dollar

de koers stond begin 2013 op 11.50
dik anderhalf jaar geleden .....
dus het mag onderhand ook weleens.

bedankt tetragon, voor de mooie tijden/de gigawinsten en dividenden in 2009/2010, maar binnenkort is het toch echt; houdoe en bedankt!

shaai 13 augustus 2014 18:13

conf call met presentatie
media.investis.com/T/Tetragon/investo...

transscript:
seekingalpha.com/article/2416685-tetr...

DeZwarteRidder 13 augustus 2014 18:17

quote:
Jan Pal schreef op 12 augustus 2014 11:51:
[...]

de koers stond begin 2013 op 11.50
dik anderhalf jaar geleden .....
dus het mag onderhand ook weleens.

bedankt tetragon, voor de mooie tijden/de gigawinsten en dividenden in 2009/2010, maar binnenkort is het toch echt; houdoe en bedankt!

Het is altijd 'riskant' om dingen te verkopen die zwaar ondergewaardeerd zijn.

shaai 13 augustus 2014 18:35

quote:
Jan Pal schreef op 12 augustus 2014 11:51:
[...]
de koers stond begin 2013 op 11.50
dik anderhalf jaar geleden .....

NAV (en ook divd) flink opgelopen in die anderhalf jaar, dus...

DeZwarteRidder 13 augustus 2014 18:46

quote:
shaai schreef op 13 augustus 2014 18:13:
conf call met presentatie
media.investis.com/T/Tetragon/investo...

transscript:
seekingalpha.com/article/2416685-tetr...

---------

Let's now turn to our next key metric. Pro forma fully diluted NAV per share, which continue to grow in Q2 and brought through $17 for the first time, ending the quarter at $17.08 which was up $0.72 or 4.4% year-to-date. This metric is a measure of the value that's being built and retained within TFG, and is therefore up deducting dividends already distributed in cash form. You'll recall from our Q1 call, that the repurchase of approximately $15 million of TFG shares in Q1 also added around $0.28 to this metric.

Let's now review how TFG has returned value to shareholders in the form of dividends. The firm continues to pursue aggressive dividend policy with a target payout ratio within a range of 30% to 50% of normalized earnings, recognizing that the long-term sustainable ROE is around 10% to 15% per annum.

DeZwarteRidder 13 augustus 2014 18:58

Some highlights were: the fee income was $37.7 million, that's up 17% from the first half last year; EBITDA equivalent was $17.8 million, that's up 12% from the first half last year; and net economic income before taxes were $16.3 million, which is up 55% from the first half last year. And as Phil explained, this includes the revaluation of TFG's 23% of GreenOak as discussed. And finally, assets under management are $10.5 billion across the businesses, which is up 21% from the first half of last year.

So just a couple of points of note, very strong performance in many of the Polygon funds, and as I have mentioned, the details are in Figure 15 in the report. Polygon's assets under management and its open hedge funds have written to $1.09 billion and that's up 28% from the $855 million at the end of last year. LCM assets under management grew strong in first half, as it closed two new CLOs, LCM XV, which was $624 million in February, and LCM XVI, which was $725 million in May, and both of those were U.S. broadly-syndicated deals.

DeZwarteRidder 13 augustus 2014 19:05

Another question. Since the last tender offer was oversubscribed at the low end of the range, is the company considering additional repurchases of equity to take advancement of a widening disconnect between the stock price and the stated NAV?

Well I think that you more surprisingly have questions on share buybacks on every calls, and it is good that there was a topic for discussion. And I think what I've said in the past still stands, and that is to say that whenever we're looking at uses of case, which is as I said earlier today, an ongoing process, share buybacks are always on the table as a potentials along with new investments, dividends and other uses of cash. I don't think I can add to that on this, but that is always on the table, not always being discussed.

[verwijderd] 18 augustus 2014 14:59

Ik heb ze nog.
als je nu moest kiezen: Volta of Tetragon?

shaai 18 augustus 2014 22:59

seekingalpha.com/article/2433025-tetr...

Summary

CLO markets are hot again.
Tetragon Financial Group is a golden opportunity.
Heavily undervalued compared to own net asset value and peers.
Background

For almost six years, the Federal Reserve has been holding interest rates close to zero. The default rate has never been so low since 2008 and investors are crying for collateralized loan obligation (CLO) equity.

The CLO product has been to the graveyard several times over its 25-year history. Written off as dead, at least twice. The first time in the wake of the early-2000s default spike and the second time after the 2008 credit crunch. The complete structured finance market came under intense regulatory scrutiny, but has proven resilient yet again, and in fact is thriving like never before.

The CLO markets will continue to fly the coming months. Global volume stands at $89.86 billion year-to-date.

The number of managers that issue CLOs is on the rise again and increased to 101, from 92 in 2013 and 66 in 2012. An all-time high of 110 from 2006 is within reach.

A small player that IPO'd in 2007 at $10 per share is Tetragon Financial Group.

Investment Thesis

Tetragon Financial Group (OTCPK:TGONF) is a global alternative asset management business that currently is heavily undervalued compared to not only their own net asset value, but also compared to their peers. It offers a healthy dividend and is growing its asset base.

Company Description

Tetragon Financial Group Limited is a Guernsey closed-ended company traded in dollars on NYSE Euronext Amsterdam under the ticker symbol: TFG. Tetragon aims to provide stable returns to investors across various credit, equity, interest rate and real estate cycles. The company maintains two key business segments: an investment portfolio and an asset management platform. Both segments cover a broad range of assets, including bank loans, real estate, equities, credit and convertible bonds.

Structure

TFG's asset management platform ("TFG Asset Management") currently consists of Polygon Global Partners ("Polygon"), LCM Asset Management LLC ("LCM") and GreenOak Real Estate, LP ("GreenOak").

(click to enlarge)

Results

TFG achieved a net economic income of $86.0 million, or $0.90 of earnings per share, in the first half of 2014, giving an annualised return on equity (ROE) of 9.5%. Below the company's target of 10-15% ROE per annum.

Performance was positive in both the TFG's investment portfolio and TFG Asset Management.

Before tax, the investment portfolio generated $73.6 million of net economic income before tax ($0.77 of earnings per share) and the asset management businesses generated $16.3 million ($0.17 of earnings per share).

The Q2 2014 dividend was declared at 15.5 cents per share, giving a rolling 12-month dividend increase of 13.3%.

Returns were particularly strong in Q2 2014 in TFG's U.S. CLO 1.0 transactions underlying performance was supplemented by gains on sales and discount rate reductions, which was a welcome pick up from a somewhat below-average first quarter. The reverse was true in equities, where TFG gave up some of the gains achieved in Q1 2014.

TFG Asset Management performed well, with steady AUM growth in all businesses and good fund level performance, which hopefully bodes well for future management and performance fees.

(click to enlarge)

Net Asset Value

Net Asset Value increased to $1,808.5 million and fully diluted per share came in at $17.08.

(click to enlarge)

Portfolio Composition And Investment Portfolio

TFG's net assets totaled $1,808.5 million at the end of Q2 2014.

(click to enlarge)

CLO investments represent more than 50 percent of Tetragon's assets. U.S. CLO 1 and CLO 2 come from deals originated prior to 2010 that may be valued conservatively.

(click to enlarge)

Cash Flows

TFG's cash flows from operations decreased by 28.1% to $131.8 million in H1.

Cash flows generated by the CLO portfolio continued to be the primary source of operating cash. The decrease of cash flow was due to the deleveraging of much of the U.S. CLO 1.0 portfolio as well as the sale of some deals. TFG took advantage of a buoyant level of market interest in CLO equity during Q2 to sell $153.1 million of CLO equity interests at or above their carrying value

Peer Comparison

TFG's peer group consists of those companies that have a combination of alternative asset management business and balance sheet capital who are looking to expand and diversify both their assets and their investment business. We identified five competitors in the U.S. who serve the same market: Blackstone (NYSE:BX), Carlyle (NASDAQ:CG), Apollo (NYSE:APO), Och-Ziff (NYSE:OZM) and Fortress Group (NYSE:FIG).

Name
Ticker
Price
Market Cap
AUM
NAV/Book value
Div.Yield Forward PE
Blackstone
BX
32.98
38.06B
279B
11.01
4.15% 9.41
Carlyle
CG
31.45
9.99B
202.7B
16.40
1.99% 10.24
Apollo
APO
24.48
3.65B
168B
18.03
2.45% 9.34
Och-Ziff
OZM
13.09
2.25B
45.7B
-0.28
6.96% 7.93
Fortress
FIG
7.31
3.17B
63.8B
1.68
4.29% 8.01
Tetragon
10.82
1.47B
10.5B
17.08
5.73% 6.67
In the table above, you see that Tetragon is the only company that trades below net asset value (book value), has a low P/E ratio and healthy dividend.

Final Note

If the assets perform as expected and Tetragon buys its own shares, the stock price has to double from here. The net asset value is more that 70% higher than the current stock price of $10.80.

The growth in AUM in TFG Asset Management's businesses: LCM, Polygon and the GreenOak joint venture will be beneficial for Tetragon because management and performance fees could grow accordingly. All threes businesses continued to perform well through the end of June 2014, which bodes well for the rest of the year.

We think that the valuation gap will slightly disappear going forward.

Caveats

The fees Tetragon paid to Polygon (2009 and 2010) in the past, corporate governance issues and the way it treated shareholders has harmed investors' appetite in the stock price and has brought criticism from big investors.

In a 2011 interview with Bloomberg, Leon Cooperman of Omega Advisors Inc. described Tetragon as "abusive to stockholders as anyone I've ever seen."

Through increased equity from the Polygon acquisition in 2012, the manager's interests are now more aligned with the shareholders of Tetragon.

Sources

Tetragon Financial Group Limited (TFG) Performance Report for Period Ended 30 June 2014 with Interim Financials

www.leveragedloan.com

www.tetragoninv.com

Editor's Note: This article discusses one or more securities that do not trade on a major exchange. Please be aware of the risks associated with these stocks.

Additional disclosure: I am long TFG

shaai 18 augustus 2014 23:02

Bovenstaande welkome aandacht voor Tetragon onder de mooie titel:

Tetragon Financial Group: A Heavily Undervalued CLO manager

Lk-33 19 augustus 2014 07:40

He shaai, uit de tabel in het SA artikel kan ik niet direct de onderwaardering t.o.v. peers ontdekken. Misschien verkeerd weergegeven?

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