Mutual benefits Assurance Plc

[savvy]

Originally Posted by hispy99

I have 10.31B shares outstanding. You cant calculate PE because of the negative earnings

Thot as much
Thanks

[Oracle]

0707-2010 MUTUAL BENEFITS ASSURANCE PLC
Audited Year Ended December2009
P and L Info 2009 2008 %CHANGE
Turnover N5.283b N3.631b 45.52
Profit Before Tax And
Extraordinary Items N480.241m N602.839m 0.00
Extraordinary Items Nil N2.083b (100.00)
Taxation (N125.590m) (N44.995m) 179.12
Profit After Taxation N354.651m (N1.525b) (123.25)
Fixed Assets N1.022b N1.116b (8.44)
Trade Debtors N964.782m N1.047b (7.92)
Cash And Bank Balances N914.026m N1.402b (34.82)
Other Debit Balances N13.938b N6.361b 119.11
Short Term Borrowings N739.516m N214.535m 0.00
Other Credit Balances N4.641b N2.664b 74.19
Net Assets N11.458b N7.048b 62.56
Corporate ActionsProposed Div Nil Proposed Bonus Nil
Payment Date NilClosure Date NilAGM Date 25th August 2010AGM
Venue Aret Adams House Plot 233 Ikorodu Road at 11.00am

[motosh]

Originally Posted by Oracle

0707-2010 MUTUAL BENEFITS ASSURANCE PLC
Audited Year Ended December2009
P and L Info 2009 2008 %CHANGE
Turnover N5.283b N3.631b 45.52
Profit Before Tax And
Extraordinary Items N480.241m N602.839m 0.00
Extraordinary Items Nil N2.083b (100.00)
Taxation (N125.590m) (N44.995m) 179.12
Profit After Taxation N354.651m (N1.525b) (123.25)
Fixed Assets N1.022b N1.116b (8.44)
Trade Debtors N964.782m N1.047b (7.92)
Cash And Bank Balances N914.026m N1.402b (34.82)
Other Debit Balances N13.938b N6.361b 119.11
Short Term Borrowings N739.516m N214.535m 0.00
Other Credit Balances N4.641b N2.664b 74.19
Net Assets N11.458b N7.048b 62.56
Corporate ActionsProposed Div Nil Proposed Bonus Nil
Payment Date NilClosure Date NilAGM Date 25th August 2010AGM
Venue Aret Adams House Plot 233 Ikorodu Road at 11.00am

is this the sign of good things to come from insurance coys ? return to profitability
@ pump ,what do you think,am still hoping for some pleasant surprises from this sector

[knightofdelta]

Originally Posted by motosh

is this the sign of good things to come from insurance coys ? return to profitability
@ pump ,what do you think,am still hoping for some pleasant surprises from this sector

The stock did not shake body today. Signs of the times. I am sure this should be one of the stocks to watch if they can keep up the tempo. But a PE of >8x is not too fantastic though given that there are some other 50k insurance stocks with better PEs.

[pumping]

Originally Posted by motosh

is this the sign of good things to come from insurance coys ? return to profitability
@ pump ,what do you think,am still hoping for some pleasant surprises from this sector

I'm not sure. They had significant write-offs last year and some write-backs may be responsible for part of the good result. One strange thing though. How did net assets jump by over 60%? The more I look at these NSE results, the more I want to ignore them.

[nosa2]

Originally Posted by pumping

I'm not sure. They had significant write-offs last year and some write-backs may be responsible for part of the good result. One strange thing though. How did net assets jump by over 60%? The more I look at these NSE results, the more I want to ignore them.

A wise woman told me that if you want to enjoy Nigerian movies you have to watch it with "small pikin eye" like wise if you see NSE result dont scrutinise cause it most likely wont add up and when you do find discrepancies there's little you can do

[pumping]

Originally Posted by nosa2

A wise woman told me that if you want to enjoy Nigerian movies you have to watch it with "small pikin eye" like wise if you see NSE result dont scrutinise cause it most likely wont add up and when you do find discrepancies there's little you can do

Well, this makes too much of a difference. It changes the entire valuation of the stock. See what happened with First Inland earlier on.

[MalamImam]

Mutual Benefits Posts N402m Profit - Proshare

[omydee]

Good Morning,
Please does anyone have the annual reports of Mutual Benefits for 2009 in pdf? Do be kind enough to make this available. It would be most appreciated.
Thank you.

[chrisekpo]

Originally Posted by pumping

I'm not sure. They had significant write-offs last year and some write-backs may be responsible for part of the good result. One strange thing though. How did net assets jump by over 60%? The more I look at these NSE results, the more I want to ignore them.

Am still trying to figure it out, a rough look shows that the CL seems to have increased but the Current Asset incresaed at a higher value. gues that is it. i.e. Other Debit Balances was N13.938b from N6.361b showing a 119.11% increase and a value increase of o'er N7billion, while that of the Current Liability was bout N2billion increase. I THINK the financials are some how okay.

[aysok1]

Mutual Benefits Assurance Plc grows PAT by 105.7% in Q3 2010 result - Proshare

[hispy99]

Originally Posted by aysok1

Mutual Benefits Assurance Plc grows PAT by 105.7% in Q3 2010 result - Proshare

I hope they keep this up in Q4

[MalamImam]

Originally Posted by aysok1

Mutual Benefits Assurance Plc grows PAT by 105.7% in Q3 2010 result - Proshare

Impossible is nothing! This is mouth-watering and great turn-around for Mutual Benefits. This may be the best time to scoop their shares before they release their full year result

[Babs_O]

Originally Posted by MalamImam

Impossible is nothing! This is mouth-watering and great turn-around for Mutual Benefits. This may be the best time to scoop their shares before they release their full year result

Agree. What are your insurance bets. Mine are INTENEGINS, UNIC, SOVERINS, WAPIC, ROYALEX and now I am reconsidering MBENEFIT not too keen because of a past experience with dividends. They declare but it doesn't come sharp sharp. Unlike INTENEGINS who pay dividends sharp sharp.

What are your insurance bets ?

[Babs_O]

Originally Posted by aysok1

Mutual Benefits Assurance Plc grows PAT by 105.7% in Q3 2010 result - Proshare

Look at the huge short term borrowing. What do they use short term borrowing for. In these days of high interest rate on loans this drains PAT.

[faithgonuel]

Originally Posted by aysok1

Mutual Benefits Assurance Plc grows PAT by 105.7% in Q3 2010 result - Proshare

I just hope NEM and AIICO grow their PAT by 250 percent both in Q3 and FY.

[hispy99]

Originally Posted by Babs_O

Look at the huge short term borrowing. What do they use short term borrowing for. In these days of high interest rate on loans this drains PAT.

More worrying is the "Other Debit Balances" of N10B from N1.2B. What is stashed in here?

[knightofdelta]

Originally Posted by hispy99

More worrying is the "Other Debit Balances" of N10B from N1.2B. What is stashed in here?

Thank you oh!

I saw a PE of 2.88x and PBV of 0.56 and was about to scream only to see the other debit balances. That debit balance looks like a place to put "bad bad things", a cookie jar to make PAT look very strong and a cookie jar that will not turn into cash. We need to see the cashflow of this company first before arriving at a conclusion.

With this other debit balances doubling net assets, if the cookie jar should blow, we may be looking at a net asset of negative N5 billion!! So this 0.56x of PBV may be smokes and mirrors.

[austine42007]

Mutual Benefits Assurance Plc forecasts N1.2 billion PAT for Q2 2011 - Proshare

[MalamImam]

Originally Posted by austine42007

Mutual Benefits Assurance Plc forecasts N1.2 billion PAT for Q2 2011 - Proshare

Mutual Benefits is firing on! This stock may end up as the most attractive insurance stock this year!