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Started: Megpricing, 11 Jan 2021 17:39
Last post: Megpricing, 11 Jan 2021 17:39
So the CEO is off. Successor in place ??
Started: RedNinja, 23 Nov 2020 16:03
Last post: firepisces, 3 Dec 2020 11:42
Not sure how many of you believe in technical analysis, but 50 MA crossed 200 MA suggesting bullish upturn last week. Seems to be holding. Let's hope trading update next month validates this. I still think this is a majorly undervalued stock at this price.
Having said that the price finished up if only by 0.1p
Looks like two 265k share buys today yet the price went down.
Is there a big seller I wonder ?
Started: shizsu, 12 Nov 2020 10:08
Last post: mark99999, 12 Nov 2020 13:25
this is cheap at mo, wonder if there is a possible bid coming??
Tangible Net Asset Value of the Group as at 31 August 2020 was 31p so a we may rise a little closer to that figure.
Good old opm. With a the massive movements we have recently had, opm never moved an inch. Now the market has retreated slightly, we go up by 8%. Brilliant. :-)
Started: MrJones, 28 Oct 2020 07:59
Last post: RedNinja, 9 Nov 2020 11:42
GPIM Limited acquired anther 1% of OMP according to todays RNS.
Yes, it's more good news, but Covid-19 2nd wave is putting a dampener on the TU.
"Since its launch, CBILS lending has become an important part of the Group's business loan and lease proposition with the initial lending allocation almost fully utilised. As such, the Group sought and has been approved for a significant uplift in its allocation. This will enable the Group to continue promoting and deploying the CBILS product through to the scheme's extended closure date."
I'd say this is more good news ;-)
Started: jollyspeculator, 23 Oct 2020 11:57
Last post: ismalia, 26 Oct 2020 20:19
A problem I see is that of margin on any lending with interest rates tending lower for some time.
Jolly. Not going to pay more than 10p
Not really that jolly are you.
The share price rise yesterday seem to have brought long suffering holders out to sell.
However, from the AGM statement things have progressed better than expected, admittedly there is the second and perhaps further waves to survive.
tp 10-11p
Last post: firepisces, 22 Oct 2020 11:17
I'm in. Decided to take a punt. I said in July (while this was at circa 18p) that it was too early to buy. This update caught me by surprise. Now here I am buying around 18p again.
Covid-19 is only starting it second wave so the pandemic is far from over.
However, OPM sounding a lot more encouraging than expected so bought some this morning.
Nice upbeat RNS today.. will be great if they manage to pay the deferred dividend. Net Tangible Assets + Cash standing at 2 times the Mcap gives me a lot of comfort.
Started: RedNinja, 22 Oct 2020 09:13
Last post: RedNinja, 22 Oct 2020 09:13
From todays AGM statement :-
"In the current economic environment the performance of the Group's lending book and the resilience of its balance sheet are paramount. The Group is therefore pleased to report that arrears have been reduced by more than £5m since its financial year end on 31 May 2020. Furthermore, the rate of new arrears has continued to reduce month on month, trending back towards the pre-Covid-19 levels from the peak experienced at 31 May 2020. The Group has also seen the level of write-offs in these four months remain relatively static and the historical rate of recoveries on amounts previously written-off being maintained at 70 to 80 per cent. of the impaired value. The Group's balance sheet continues to demonstrate its resilience with both net tangible assets ("NTA") and cash having increased from the 31 May 2020 levels with unaudited NTA as at 30 September 2020 now in excess of £28m and unaudited cash balances as at the same date in excess of £2m.
While the economic outlook is extremely difficult to predict at the moment this continued de-risking of the lending book and steady progress back towards historic levels of performance is considered grounds for cautious optimism by the Board.
Last post: RedNinja, 8 Oct 2020 16:40
Aeternitas Imperium Privatstiftung are buying OPM see RNS.
I bought in around 17p.
I appreciate those who bought around 50p have had a bad time, but a large degree of that is due to Covid - 19.
Covid -19 seems a valid reason to give for recent difficulties to me.
They made profit in last results despite taking a 5.4 million impairment charge. Hopefully they can remain profitable in current year although that is not guaranteed.
I am hopeful there loan securements will mean the impairment will not be quite as bad as it could have been.
Time will tell...
Not sure when you bought in, but there’s a lot here that purchased at a high price with a lot of growth promises. Seems a bit like COVID could be the excuse to not fulfill them. Other non prime lenders are making a big go of it in these times especially through the support of CBILS. I worry that the lack of profitability will wash through into poor cash flow and be used to prop up bad debt. I don’t like their BD policy, it appears to suit accountants, not hard actual bad debt write offs. All imo.
Looks like a raft of buys in the 100,000s so may not get a better value buy after all.
I am a holder and thus biased.
However, listening to the webinar on investor meet company website I was impressed that they have kept trading and in a post covid world they should do well. They have put money aside for covid induced impairments and they secure their loans so should recover around 75% of those going bad.
I will buy more if they continue to fall, but in no hurry as it seems probable the markets will slide in Autumn/Winter, just my opinion of course.
Started: stevesteve1, 18 May 2020 09:46
Last post: Megpricing, 18 Jul 2020 12:49
If they didn’t pay a dividend, then I doubt anyone would even bother with this stock. If you’ve bought a while ago, it’s the only reason to hang onto it.
I'm happy with the fundamentals but agree I wouldn't like to be holding from 5 years ago. It's only 2 years ago that they introduced the progressive dividend and although this years is still deferred it hasn't been cancelled yet. Nice to see an AIM company that makes a profit and pays a dividend... I've no problem soaking up the shares at this level.
This stock has been over hyped for ages. Just look at the 5 yr graph. Back then ppl were saying it’s cheap, but that fails to hold water now. They’ve posted some good results over the years, but none of it bumps up the SP. Needs a takeover to stop it bumbling along the bottom. Bad news will potentially plummet it..
What about it’s shareholders ?
yes sadly can see this going to 16p next!!!
Last post: Shareshearcher, 12 Jul 2020 21:40
Heading that way ????
Could see 16p again
Looks like a pretty and sensible decent update.. surprised there hasn't been more buying this morning.
Started: Porsche911e, 5 May 2020 21:52
Last post: Porsche911e, 5 May 2020 21:52
Nice coverage on their news today - https://bit.ly/3bdTyyd
Paul
Started: Megpricing, 28 Apr 2020 18:58
Last post: Shareshearcher, 29 Apr 2020 09:34
Ismalia, I concur. Also he was the only one left with industry operational experience and thus no doubt had the skill set to add true value at this pressing time. From what I can see, with his departure & Mr Nolan now gone, I see no existing board experience that has weathered a storm in this sector..
Bad move, ER was good for 1pm. Down we go.
Does today’s RNS paint a long term picture ? Shedding of 1/3 of the op board is a pretty big decision. Not waiting until the current crisis is assessed. I guess there’s a ‘no growth’ expectation ahead. Maybe a profit warning !?
Nice to see some form of recovery going on here, unlikely to be sustained but positive that it isn't dead and buried.
late reply, but i dont think this site can handle the traffic at mo, im having similar probs with others. good luck.
Strange one that.
I don’t think you’ll get much of a response on this stock. They seem to have all disappeared since the SP/market crashed.
Can anyone tell me why this is showing as 28.5??
Started: Megpricing, 26 Mar 2020 19:55
Last post: Megpricing, 1 Apr 2020 20:38
Meant - in for the long haul..
I agree, this holding has been in the long haul and collect a dividend. For some reason, the regular people posting about this share seem to have disappeared ??
Probably no choice atm. However, a lot of investors of this stock have been sticking with it for the divi payment as it’s value has been in decline over the last few years. Probably stuck with it now. Or cut your losses and recoup elsewhere. There’s some bargains out there.
The right thing to do, no?
Thoughts on today’s RNS ?
Started: jollyspeculator, 17 Mar 2020 11:25
Last post: Shareshearcher, 18 Mar 2020 21:56
Having spoke to a few other finance houses, it’s a bit of Armageddon out there atm. No one wants to pay!
Doubt writing new biz will be on the agenda.
Time to possibly cut costs according (staff etc) and batten down the hatches?
This is now acid-test time and one out the blue.
Questions;
1pm will see a large increase in payment holiday requests from lessees - do they have the cash flow and reserves to support this period ?
Their funders (block discounters etc) may temporarily relax covenants to support such requests, but they won’t weaken their overall lending position. I doubt lending more at this stage is an option and therefore unused facilities will not be important.
Their loan book is largely aimed at pubs, restaurants etc and may therefore only be secured against PGs (worrying) Is this secure enough ?
If the business is robust and well managed (they keep stating that they’ve been in a stage of consolidation,) then they may survive unscathed.
As you state JS, make your own opinion.
Most obv: credit quality of investees
Also liquidity (will providers of finance reduce lines)
===> almighty credit crunch????
DYOR, all
don't rely on anonymous poster(s)
Started: Wychcroft, 19 Feb 2020 09:06
Last post: astone, 20 Feb 2020 08:40
Good news on increased facility. Trade receivables and trade payables up were also up 10% year on years for Positive and Gener8 from May 18 - May 19 so looks like this growth is continuing. (RNS states 9% increase YOY to Jan 20)
At May 19 the trade payables for Positive and Gener8 (so mainly loan facilities) were already at the £37m, if they continue this organic growth they will need another 5m before long.
Also backed up by today's news re the IF line increase from Natwest:
(Alliance News) - 1PM PLC on Wednesday said it has further increased its back-to-back invoice finance funding facility with NatWest by GBP5.0 million, rising to GBP42.0 million.
The AIM-listed specialist finance provider said it intends to use the facility exclusively for the purpose of lending to UK businesses and providing its two invoice finance businesses, Positive Cashflow Finance and Gener8 Finance, with additional funding to meet demand from their growing number of small and medium-sized clients.
"I am delighted that the group has further strengthened its long-standing relationship with NatWest which continues to thrive and expand in our invoice finance division," said Chief Financial Officer James Roberts.
https://www.business-live.co.uk/professional-services/bibby-financial-services-close-entire-17596362
Just one of the offices losing staff
I couldn't see anything on this. Any links to articles etc?
It is worth commenting on competitors of the IF businesses and internal issues they are facing, Bibby IF are losing sales staff at a rapid rate and closing offices. Both IF businesses are direct challengers to Bibby and have seen an upsurge in new clients already. IF business is stable and profitable and will mitigate some of the higher risk book in other areas so the outlook looks solid in this regard.
Started: ggplyr, 14 Feb 2020 11:26
Last post: ggplyr, 19 Feb 2020 09:44
Not really, they don't have to put a cash flow in the individual stats as long as the group does a consolidated one.
I've looked at it a little but difficult to draw conclusions. I might take another stab at it.
Just a thought, have you looked at future cash flow in any detail ? Just a thought with the high non-performing debtors in the AF books
I have also calculated Profit after tax/ trade receivables for the businesses:
Positive 2018 = 4.3% (pro-rated to 1 year), 2019 = 5.5%
Gener8 2018= 5.2% (pro-rated to 1 year), 2019 = 4.9%
These are the IF businesses, very low risk of bad debt, so a nice steady percentage
1PM 2018 =4.5%, 2019 = 5.0% -
Academy 2018 = 10.0% 2019 = 7.5%
bradgate (inc bell) 2018 = 3.5%, 2019 = 3.4%
Intelligent 2018 = 10.6%, 2019 = 6.8% - relatively large impairment in 2019
car finance 2 u - not a relevant metric as all business is brokered on
Personally I think the IF businesses are strong and safe. The other businesses are still profitable, just more risk involved. Academy and intelligent have offset this risk with a larger margin in the last couple of years. 1PM and Bradgate's margin could be bigger.
All in all, it looks healthy enough so I think its nicely under valued.
The IF business do lend (Trade receivables of 26.9m & 15.7m) its just considerably lower risk than asset finance resulting in very small provision.
I cant see the split the between invoice factoring and invoice discounting which would be interesting to see. Although, revenue/ trade receivables is 18% of both IF businesses which I think means they have a large amount of invoice factoring (where Gener8 and/or Positive takes ownership of the companies trade receivables rather than just loaning the business money against their trade receivables) - although I might be miss understanding this.
Asset finance is always going to be higher risk, offset by the ratio of sales/trade receivables being higher too.
You can deduce the value of the trade receivables being in the non performing category for the group: 1.467m is the CLP in the may 19 annual report note 30, This is at 20%. so 1.467m/20% = 7.335m.
Of this 1.467 is already recognised in the P&L leaving 7.335-1.467= 5.868m. Of course, this isn't to say there is a hit of 5.868m coming in the future as we assume they will recover the other 80% but does highlight a risk if this should be 40% rather than 20% then it could be another 1.467m hit, although I find this unlikely.
Its also worth noting the shift in the balance sheet in the half year, there are considerably more current receivables/ non current receivables (ratio of 2.0 as at Nov 19, (1.47 at May 19), (1.77 at Nov 18)). This is a shift toward shorter term loans (in part this will be the lower risk invoice finance). This could just be capitalising on the demand for short term loans rather than a conscious shift in strategy.
A very comprehensive breakdown - well done.
Not surprised that the IF businesses in the group have no non performing debt - it’s not their on debt book that they collect.
However, the size of the under (>90 days) and non-performing (90+ days) Asset Finance book appears alarming does it not ?
Started: ggplyr, 12 Feb 2020 11:31
Last post: ggplyr, 13 Feb 2020 16:04
Guess not- just me
Are people still watching 1pm?
Started: DaveT1, 29 Jan 2020 09:59
Last post: Megpricing, 29 Jan 2020 14:21
That’s good news ! Fingers crossed for the SP to rise
"The directors will therefore recommend a final dividend for the year ended 31 May 2018 of 0.65p per share, which is a 30% increase over the previous year. Thereafter, the board will continue to recommend a 30% annual increase in dividends during the three-year period ending 31 May 2021."
Consolidating on market gains made isn't so bad especially if they keep to the previously declared dividend policy which has 2 more accounting years to run. This isn't dependant on growth but we all hope they can achieve that too.
Started: sorros, 1 Nov 2019 13:18
Last post: Megpricing, 17 Jan 2020 17:02
I’m not sure what your point is tbh. But if the business doesn’t now grow with all the increased infrastructure costs, then they can’t blame outside forces that are already apparent to them ie Brexit. If the business does not now deliver the growth, then what’s the point in adding costs to support growth? I get that they stated it was a year of consolidation, but they’ve also increased the running costs to increase performance. Plus, taken on more potential debt. So in short, now they’ve consolidated, it’s time for increased performance. These are their promises and therefore stock holders expectations.
OK so some excuses out the way but the uncertainty is still material.
In or out, 2nd referendum, Lib/Lab/Con leaders, dates etc etc
How are brexit excuses out the way? We haven't left and haven't negotiated a trade arrangement. Brexit is just getting started.
Their future prediction has happened though, and we already know that they won't make a bigger profit this year, so the next few months will be similar to the last few.
Last post: BruceJamieson, 11 Nov 2019 16:18
Except that Lloyds is a sell and OPM a buy
For me the dividend is a nice bonus, the real draw here is the upside potential. I say potential, but we all know it should be higher than current levels based on their current profits.
Make sure you do your sums... Lloyds divi looks better over a full year (i.e. Interim + Final)
Lloyds share price 60p, divi 3.26p = 5.4%
OPM share price 30p, divi 0.84p = 2.8%
Sorros I will not bet my house on it but given the figures I will invest a few pounds, I am in Lloyds and the dividend compared to Opm is rubbish
Last post: sorros, 28 Oct 2019 09:11
dont bet your house on a dividend
Interim divi was 0.28p, final divi is 0.56p (goes ex-divi on Thursday 31st Oct)... not super massive but progressive... a 30% intended increase has previously been declared for next year.
I came across this share over the weekend and read the RNS and could not believe the dividend it is paying I hope it is per share not per 100 shares as was the case one time i saw a share and what dividend it was paying but when i looked into it i thought it was to good to be true, so this morning i shall have a little chat with my bank manager to see how much he will let me borrow G.L.A.
Started: MrJones, 25 Sep 2019 09:17
Last post: DaveT1, 22 Oct 2019 17:03
At the current (cheap) price it makes perfect sense for them to buy-back.. all looking good to me.
What do people think about the share buy backs? They aren't sitting on huge amounts of cash so this would be financed by increasing loans? Also confirms no more acquisitions on the horizon I assume.
@ Hazat re: "That big enough for u GG?"
Not really, it represents 2.6% of Mr Russell's holding. I take your point on the CFO's personal financial position though.
Don't get me wrong, its good that directors are buying, but I just don't think the buys are big enough to expect people to make people take note.
(apologies for the delayed reply)
Big chunky buys today. Wouldn't surprise me if it's someone building a holding
I'm surprised the price hasn't moved more with all the buys today.
Last post: stevesteve1, 24 Sep 2019 16:58
I'm not expecting huge movements, we already know they made more money than the previous year, and they have already announced the dividend. As long as they continue to honour the progressive dividend they announced last year I'm happy with the return that gives until the price recovers. We all know this has a fair value of pretty much double where we are now.
Agreed.
Either way, the so will move by quite a lot (hopefully up) either way.
Yes they are. Hopefully they'll add a bit of excitement (in a good way) to the price.
Are the results out tomorrow (Wed 25th September)?