Author Topic: ELF.TO - E-L Financial Corp. Ltd.  (Read 50199 times)

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #30 on: February 04, 2016, 03:54:12 AM »
A very important recent development is the purchase of the minority stake in Empire Life at book value. It's important because it now allows E-L Financial to sell Empire Life at a premium like they did for Dominion. One of the reasons for selling Dominion was that it didn't have the scale to compete and the same could be argued for Empire Life. A sale would likely be done at a premium to book thus making the NAV higher than the accounting book value as all of the major Canadian life insurers would compete for the asset.

A way to get a clue on what else ELF owns is to look at the holdings of UNC and EVT. Both are closed end funds that ELF manages and has giant stakes in. Actually, buying EVT might be a cheaper way to acquire ELF as EVTs biggest holding is ELF and EVT trades at a big discount to NAV.

Long ELf and EVT.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A


bbarberayr

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #31 on: February 04, 2016, 05:55:37 PM »
You could be right about selling Empire Life.

Since Hal Jackman got out of the business and the son took over, a lot of things are lining up - the consolidation of Empire Life you mentioned, but also the sale of Dominion and the change in dividend policy in EVT to distribute all dividends, not just a token one.

There is not a lot of value in being public for this group of companies as they continue to slowly buy up the outstanding shares reducing the float.  They also never come to market to raise capital.  Would be cleaner to just run as a family business and not have to deal with 3rd party shareholder and they could get rid of the costs of being public.

StubbleJumper

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #32 on: February 04, 2016, 07:07:53 PM »
So, they sold Dominion and if they sell Empire Life, what's left?  Algoma, United and Economic?  I don't get it.  Makes no sense unless the Jackman family just wants to own passive investments and live a comfortable life from their billions in capital...

bbarberayr

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #33 on: February 05, 2016, 05:12:33 AM »
Exactly.  And focus on the things you like your charities or whatever you like.  Maybe the son has different interests than the father did.

Tough to be a mid-sized insurer in Canada these days.  You don't have the scale of the big 3, but you don't have the focus and cheapness of the small ones like Lutheran Life for example.

Mutual Life, London Life, Canada Life, Standard Life, Zurich Life, etc. are all gone and you are left with Manulife, Great West and Sunlife controlling 80% of the market and then Empire Life trying to still go alone.  I was talking to a broker and he likes working with Empire because their prices are good, but tough to compete on price when you are the small guy.

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #34 on: March 02, 2016, 12:22:23 PM »
Pretty good quarter out of ELF with book value up to $1089 vs the $635 price and a 1000% increase in the dividend to $1.25/quarter from 12.5 cents/quarter.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

NormR

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #35 on: March 02, 2016, 01:19:03 PM »
Pretty good quarter out of ELF with book value up to $1089 vs the $635 price and a 1000% increase in the dividend to $1.25/quarter from 12.5 cents/quarter.

That sweet 0.2% yield ;-)

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #36 on: March 02, 2016, 01:44:36 PM »
0.8% yield! That's a quarterly dividend!

Obviously not a meaningful yield but a big change for them in terms of policy as the quarterly dividend has been 12.5c/quarter for at least 20 years.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

NormR

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #37 on: March 02, 2016, 02:51:08 PM »
0.8% yield! That's a quarterly dividend!

Obviously not a meaningful yield but a big change for them in terms of policy as the quarterly dividend has been 12.5c/quarter for at least 20 years.

Hot damn, that'll teach me to not skim the press release!  I'm waiting for the 10-for-1 share split  :)

Studesy

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #38 on: March 03, 2016, 07:24:24 AM »
Pretty good quarter out of ELF with book value up to $1089 vs the $635 price and a 1000% increase in the dividend to $1.25/quarter from 12.5 cents/quarter.

That sweet 0.2% yield ;-)

Apparently someone doesn't like the news.  I've had limit orders in the $627 range unfilled for the last 2 months.....to my surprise they were filled yesterday!  Not that this is a large decline... just seems unusual that this occurred alongside a solid earnings release and div increase....or am I missing something??

KinAlberta

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #39 on: November 23, 2016, 01:14:10 PM »
Any following ELF lately?

A bit of a bump up likely on qrtrly results.