Busy times in the broking and banking world

Results in the last few days include a stockbroker and a pawnbroker plus the two largest surviving Integrated Lloyd’s Vehicles (ILV), as well asCharles Stanley discussing the possible sale of its Securities unit (sending their shares surging). Amlin and Hiscox both posted strong results for 2014 despite the further fall in premium rates that have put pressure on margins.
Hot off the Press today is the announcement by the Board of TSB Banking Group that it has received a preliminary proposal (at 340 p per share, in cash) from Banco de Sabadell which may or may not result in a formal offer for the entire share capital of the Company. As we go to press TSB shares are up 25% at 331p, with a knock on positive impact for others in the sector.
We have published a separate note in recent days on WH Ireland, a Small-Cap/AIM specialist and the third-largest NomAd by number of client companies: their core Private Client stockbroking/asset management division has both grown and improved in quality to the point where its rule of thumb valuation is more than double the whole group’s current Enterprise Value.