John Kingham

United Kingdom

Founder and Managing Director at UK Value Investor

Contributor at Seeking Alpha

Author of The Defensive Value Investor. I write about high-quality UK dividend stocks.

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Articles

Trump's Tariffs Contain An Important Lesson For Investors

2 weeks ago | seekingalpha.com | John Kingham

SummaryThis chaotic episode is yet another reminder that in an uncertain world, diversification is almost always king. With broad diversification as the foundation, you can then select companies with other defensive attributes, like consistently strong profitability, strong balance sheets and multiple decades of unbroken dividend payments. History is littered with the remnants of once-great empires, so if you're looking for multi-decadal stability, geographic diversity is essential.
Codecademy Portfolio Project: Recommendation Software

2 months ago | dev.to | John Kingham

This project was part of Codecademy's Computer Science "career path", and it comes at the end of a number of lessons on linked lists, queues, stacks, hash maps, trees, graphs, plus various searches like breadth-first and depth-first. The point of this project was to bring some of that together into a slightly larger project, where you can put your recently acquired knowledge to the test and build some coding muscle.
My U.K. Stock Market Forecast For 2025

Jan 23, 2025 | seekingalpha.com | John Kingham

Jan. 23, 2025 7:05 AM ET, , , SummaryHistory enables us to make fairly sensible statements about the fair value of indexes like the FTSE 100 and FTSE 250, as well as the odds that they'll go up rather than down over the next year. For the FTSE 100, its price is usually between ten and 25 times its ten-year average inflation-adjusted earnings, otherwise known as the cyclically adjusted P/E ratio or Shiller P/E.
How The U.K. Dividend Stocks Portfolio Performed In 2024

Jan 8, 2025 | seekingalpha.com | John Kingham

Jan. 08, 2025 2:35 PM ET, , , , , , SummaryThe portfolio’s primary goal is to have a high dividend yield, and on that front, it’s firing on all cylinders, with a dividend yield of 5.4%. The UK motor finance industry has been seriously impacted by regulatory and legal decisions. Schroders also held its dividend flat, as it faced headwinds from the rise of passive investing as well as pension funds moving assets to life insurers like Legal & General.
Direct Line: A Tale Of Dividend Cuts And Takeovers (DIISF)

Dec 11, 2024 | seekingalpha.com | John Kingham

Dec. 11, 2024 9:00 AM ET, SummaryAs investments go, Direct Line has been a mixed bag. The shares initially fell more than 50% shortly after I'd bought them, and then rebounded by about 100% following a recent takeover offer from Aviva. Although I do think Direct Line has the makings of a high-quality business, in 2022, it was still in the throes of its post-RBS turnaround. As investments go, Direct Line has been a mixed bag.
Selling Hargreaves Lansdown After Investors Accept A Low-Ball Takeover Offer

Nov 20, 2024 | seekingalpha.com | John Kingham

SummaryShareholders recently accepted a low-ball takeover offer from a private equity consortium, and HL is now expected to be taken private in the first quarter of 2025. I could have held onto my shares until they were prised, unwillingly, from my grasp next year, but I have decided to cut my losses now and reinvest the proceeds elsewhere. My current dividend model has HL’s fair value closer to £17 than £11. The acquisition is being funded partly with debt; £1.75 billion to be precise.
Simple Rules To Diversify Your Dividend Portfolio

Nov 14, 2024 | seekingalpha.com | John Kingham

SummaryDiversification isn’t really about how many stocks you own; it’s about limiting your exposure to specific risks. So, rather than thinking in terms of how many stocks you want to own, you should think in terms of how much exposure you want to any one risk. Once you’ve identified your maximum position size, you then need to think about your default position size, which has to be smaller than your maximum size. Why? Because you can’t open new positions at your maximum position size.
2 Ways To Value Dividend-Paying Shares

Oct 22, 2024 | seekingalpha.com | John Kingham

Oct. 22, 2024 10:31 AM ET, , SummaryI've switched from perpetual growth valuations to exit multiple valuations. HL is being taken private at a P/E ratio of just 18, compared to its ten-year average P/E of 27. On average, Schroders grew its dividend by 5% per year over the last ten years, which is good for a mature dividend-paying company. Exit multiple models tend to be more conservative, and that's good because it will help me avoid overpaying for quality stocks.
How I'm Hunting For U.K. Dividend Hero Stocks

Oct 11, 2024 | seekingalpha.com | John Kingham

Oct. 11, 2024 12:30 PM ET, , SummaryUnilever has the desire and ability to pay a progressive dividend through good times and bad, as the last 20 years include a global banking meltdown and a pandemic. Headlam’s management recently suspended the dividend for two years to fund an operational improvement programme, and that means it will soon break my rule around suspended dividends.
Next's Shares Are Up 100% Since 2022: Time To Buy Or Sell?

Sep 9, 2024 | seekingalpha.com | John Kingham

Next (OTCPK:NXGPF, OTCPK:NXGPY) one of the UK's leading clothing and homewares retailers) is an exceptional business by almost any standard, especially as it doesn’t seem to have any structural competitive advantages like market dominance or network effects. Despite this lack of structural advantages, Next has grown its earnings per share from 93p to 656p over the last 20 years, and its dividend from 35p to 207p.