Author Topic: JEF - Jefferies Group  (Read 583465 times)

Deepdive

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Re: JEF - Jefferies Group
« Reply #1550 on: June 22, 2019, 09:57:34 PM »
What's happened to their asset management business?  Wasn't LUK, I mean JEF, seeding fund manager just 4-5 years ago? 


ukvalueinvestment

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Re: JEF - Jefferies Group
« Reply #1551 on: July 08, 2019, 05:25:39 AM »
Do these recent results change anyone's views.

They are now earning 10% on tangible equity, one of their key competitors (Deutsche) is exiting the market.

Trading at big discount to tangible, still, and still buying back shares.

If they can have another good quarter of improvement, they will be earning more than their cost of equity, and this surely starts to trade nearer book?
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Parsad

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Re: JEF - Jefferies Group
« Reply #1552 on: July 08, 2019, 12:25:23 PM »
Do these recent results change anyone's views.

They are now earning 10% on tangible equity, one of their key competitors (Deutsche) is exiting the market.

Trading at big discount to tangible, still, and still buying back shares.

If they can have another good quarter of improvement, they will be earning more than their cost of equity, and this surely starts to trade nearer book?

They have also acquired some top teams from their competitors since the beginning of the year, fortifying their offerings and ability going forward. There is alot to like at Jefferies in the last couple of years.  Cheers!
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ABM

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Re: JEF - Jefferies Group
« Reply #1553 on: July 09, 2019, 12:41:05 PM »
Any views on the updated comp plan?  Unusual move to clawback prior year awards and revise targets and $ amounts of PY incentive plan.  Still a lower hurdle but added relative stock return component and boosted ROTE targets.  Not sure how the homefed TBV accretion impacts comp calc, though.  As a one-time accounting gain, my view is it should be adjusted out because with this transaction alone the 2019 hurdle is met.

Also, on the I banking biz, any strong views on their leverage levels? They seem to be heavily window dressing the QEs.