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SOL, WASHINGTON H SOUL PATTINSON & COMPANY LIMITED
nipper
post Posted: Dec 7 2018, 01:13 PM
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QUOTE
The Company has not missed paying a dividend since listing in 1903 and WHSP is one of only two companies in the All Ords Index to have increased its regular dividend every year for the last 18 years.

Dividends are declared based on the Company’s regular cash inflows less regular operating costs.

This year we will pay out, 93% of the net regular cash inflows from operations.

and then there's this:
QUOTE
In accordance with the Australian tax legislation, certain tax information for the Washington H. Soul Pattinson and Company Limited tax consolidated group (WHSP) will be published by the Australian Taxation Office in the near future.

The information is for the tax year ended 31 July 2017 and discloses WHSP as a nil tax payer.

Income tax payable is determined by multiplying taxable income by the applicable corporate tax rate (30% for WHSP) and then deducting tax offsets, such as franking credits from franked divdends. WHSP’s tax payable was reduced to nil in the 2017 tax year as it received franked dividends from its investments which had already paid income tax.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 19 2018, 01:43 PM
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SOL has cracked $30 .... been pretty well straight up since steps were taken to stop the annoying Perpetual from snapping at its heels. Certainly the 'defensive discount' has gone.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 20 2018, 11:39 AM
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SOL didn't pull a rabbit out of a hat. Down 7%

QUOTE
profit has fallen 20 per cent to $266.8 million compared to $333.1m a year ago, despite gains across its portfolio. The company, which holds stakes in TPG Telecom, New Hope, Brickworks, Australian Pharmaceutical Industries and Ruralco, says its revenue from operations to the year to July 31 had grown 21.4 per cent to $1.17 billion, from $967.6m.

Soul Pattinson (SOL) has lifted its final dividend one cent to 33 cents per share, fully franked.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 19 2018, 03:56 PM
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Bell Potter Securities and Morgans Financial have been hired to oversee an initial public offering of NSW-based mining electrical engineer Ampcontrol, which is expected to be worth as much as $300 million.

Ampcontrol started out as a supplier of industrial electrical products to the Hunter region and has diversified into high-growth areas including tunnelling infrastructure and renewables.

It is 43.3 per cent owned by Washington H Soul Pattinson's private equity arm, Souls Private Equity Ltd.

It is understood the company has appointed Bell Potter and Morgans to structure and market a sharemarket listing, following a beauty parade overseen by Soul Patts' Pitt Capital Partners.

Sources said Ampcontrol founding shareholder Peter Cockbain was expected to seek to sell down his 43.3 per cent stake in the event of an IPO.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 21 2017, 07:13 PM
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QUOTE
, Soul Patts reported revenue of $967 million, up 56% on the prior corresponding period. Regular net profit, which excludes unusual items, came in at $282 million for the year to 31 July, up 59% from the same period last year.

Soul Patts is a conglomerate with large investments in select ASX-listed companies.

This year’s increase in profit came from higher contributions from its major investments, including New Hope Corporation Limited (ASX: NHC) which benefitted from a recovery in coal prices.

Meanwhile, TPG Telecom Ltd (ASX: TPM), in which Soul Patts owns 25% of shares outstanding, was helped by ongoing growth in its consumer and corporate segments. Brickworks Limited (ASX: BKW) and Australian Pharmaceutical Industries Ltd (ASX: API) rounded a strong year for Soul Patts, with profit contributions up 6% and 17%, respectively.

Todd Barlow, Soul Patts’ Managing Director noted that the profit result was the highest ever achieved by the company.

“In addition, the high non-regular profit demonstrates our nimble investment capabilities with investments in Pengana Capital and Hunter Hall International in the past year,” Barlow said. “Importantly, our diversified portfolio continues to deliver reliable cash returns which enables us to provide increasing fully franked dividends to shareholders.”

With a full-year dividend of 32 cents per share (fully franked) due to be paid on December 11th, the company has increased its yearly dividends every year for 17 years. According to Barlow, it is one of only two ASX-listed companies to have achieved this milestone.

In addition to its strong cash flows and upbeat profit result, Soul Patts detailed its push into the financial services sector. During the year, Soul Patts added to its sector exposure and is now the largest shareholder in Pengana Capital Group (ASX: PCG) and the small-cap investment company Urb Investments Ltd (ASX: URB).

Reflecting on the portfolio Soul Patts’ long-serving Chairman Robert Millner was quick to point out the regulatory pressure facing his company’s businesses, including TPG Telecom with the arrival of the NBN, as well as Brickworks’ rising energy costs.

“The energy crisis in Australia has increased the cost of doing business,” Millner said. But concluded, “despite these challenges, we are delighted with the strong earnings growth exhibited across the portfolio.”

Looking ahead, Millner expects the portfolio to continue performing well, with higher coal prices. He added, “TPG’s entry into the mobile market in Australia and Singapore is a very exciting opportunity to significantly grow its business.”

Soul Patts’ shares are trading down today, but in my opinion, it is one of the more impressive companies on the ASX. While its holding structure is often criticised, the fact remains that it has produced stellar returns for investors over a long period of time with both capital gains and tax-effective dividends..
motley food

- had run up prior, so a retrace to be expected. No reason to sell, and love that out of cycle Nov and Jun dividend



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: rick001  
 
nipper
post Posted: Sep 1 2017, 10:18 AM
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SOL moves into the S&P ASX200 index -



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Jul 10 2017, 11:26 AM
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Thanks: 1880


QUOTE
Fund manager Perpetual has lost its legal bid to get rid of the cross-shareholding between Brickworks and Washington H Soul Pattinson. In long-running litigation Perpetual, which owns about 6.3 per cent of Brickworks, had asked the Federal Court to declare the cross-shareholding oppressive.

As part of an arrangement that has been in place for four decades — and would be impossible to enter into under the current law — Soul Patts owns 44 per cent of Brickworks while Brickworks owns 42.7 per cent of Soul Patts. Perpetual argued the arrangement was oppressive because it entrenched the control of billionaire Brickworks owner Rob Millner.

However, Federal Court judge Jayne Jagot this morning said Perpetual's attempts to prove "an agreement, arrangement or understanding between members of the 'Millner family' and/or various members of the boards of each company to maintain the cross shareholding in order to entrench control of the companies by the incumbent boards and thus the Millner family has failed".

"The cross shareholding may reasonably be seen as having provided each company with material benefits as a result of diversification which has reduced earnings volatility," she said. "Weighing all of the circumstances, reasonable directors would not consider maintenance of the cross shareholding to date to be unfair or oppressive. "Accordingly, Perpetual's claim must be rejected."

Perpetual has been ordered to pay the costs of the case, which included a seven-day hearing with silks on both sides

. ouch .



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 23 2017, 09:02 AM
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SOL announced its half year results ended 31 January 2017, reporting net profit after tax (NPAT) of $149.0 million for the six months, an increase of 56.1% on the $95 million recorded for the previous corresponding period. Regular profit after tax was a record $139.3 million for the half year, increasing 66.7% from $83.6 million for the previous corresponding period. WHSP considers regular profit after tax to be the better indicator of the underlying profit of the Group.

The net increase was attributable to;
• higher regular contributions from six of WHSP's seven major strategic investments, notably;
• New Hope Corporation Limited (up 264.4%) as it capitalised on a recovery in coal prices and its acquisition of an interest in Bengalla;
• TPG Telecom Limited (up 24.6%) with all divisions performing strongly, particularly iiNett; and

• Brickworks Limited (up 31.1%) which enjoyed record sales revenue from its building products business and increased contribution from its land and developments divisions.

WHSP Chairman Rob Millner said: "We are pleased with these results. We have seen most of the companies that WHSP is invested in experience strong earnings growth over the half year period, contributing to the record regular profit of the Group. "WHSP's diversified portfolio continues to deliver reliable cash returns which enable it to provide increasing fully franked dividends to shareholders." 22c ff


Managing Director Todd Barlow said: "The earnings growth and performance across the portfolio has been extremely strong over the first half and we expect most of our investments to carry this performance through for the full year. "We are always on the lookout for good quality investments at attractive prices which will provide income and capital growth for shareholders over the long term. We have focused on the financial services thematic for some time and have made investments in Pengana Capital, Hunter Hall Global Value and Hunter Hall International in the past six months," he added.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: Mar 10 2017, 12:27 PM
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SOL is expanding further into funds administration. Has always had a run with BKI and recently picked up a stake 45%? in Pengana - have some unlisted managed funds - with the aim of achieving success in housing Hunter Hall assets; part of the long running HHL story, with management of those unlisted funds plus hoping to wrest HHV away from Geoff Wilson's clutches.

And recently lining up an IPO of URB which is sort of hybrid property play.

Also, gained entry to S&P 300 in latest round of resets.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 10 2017, 01:55 PM
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SOL ceasing to be a substantial holder in MLT (dropped $5mill of stock last week)

SOL becoming substantial holder in HHV (been buying since 19/01 ... needed to top up the kitty?)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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