Tag Archives: Lloyds Banking

Short cuts: Lloyd’s Banking (Sold), Admiral ( Add) & Silver Chef (Add)

Lloyd’s Banking

Some readers might have noticed that I sold my Lloyd’s banking position (with a loss of -16% in EUR7 -8,4% in GBP) in order to partially fund the new Record Plc position.

So why did I sell Lloyd’s ? For this it makes sense to go back to the original write up in April 2015. At the core, I liked the business and the bank as such and thought that government selling and election uncertainty provided an attractive entry price:

Anyway, to me Lloyd’s banking Group looks like an interesting special situation at this time. The share overhang and selling should clear at some time, profits will most likely increase. Over 3-4 years I look for an upside of around 50% plus dividends or ~15% p.a. if my assumptions turn out to be correct.

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