Hardman & Co Research on Chesnara plc (CSN):
A positive expansion in Benelux
Chesnara has announced that it is buying Scottish Widows Europe, a closed company with a book consisting of UK products that were sold, pre-Brexit, into Europe, primarily Germany. The consideration is €110m, which will be met from internal resources, notably the proceeds of last year’s Tier 1 bond issue. For this, it adds ca.€1.7bn of AuA and 46,000 policies. It also brings an estimated €250m of future cash generation as the book runs off, with €100m in the first five years. Scottish Widows Europe is based in Luxembourg. As a new country to Chesnara, synergies are limited, but it expands its strategic options going forward.
Please click on the link below for the full report:
https://hardmanandco.com/research/corporate-research/csn-a-positive-expansion-in-benelux/
If you are interested in meeting the company, you can register your interest by clicking on the above link.
To contact us:
Hardman & Co
9 Bonhill Street, London, EC2A 4DJ
Follow us on X:
Analyst:
Brian Moretta
Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.
About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an Appointed Representative of Palace Ventures Limited and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is FRN 433291. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.