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When you think PFG cant get any worse - new lows are ploughed.
MArket view this management team with even more contempt than current govt.
Bold move bigpunt as shares having a dreadful day but reaction to trussonomics one assumes
Ignore my comment of Tuesday, I had to top up this morning
At these prices it begins to get interesting again, but is this the bottom or will Truss continue her madness
Provident Financial plc (LON:PFG) was the subject of conversation when ************* caught up with Fund Manager, Gervais Williams. We asked Gervais which companies had plenty of opportunity in light of current market conditions in The Diverse Income Trust plc portfolio.
“Provident Financial, and financial companies, in particular, sometimes, survive quite well when interest rates rise. They’re quite capital intensive. This business is really lending personal credit to nonstandard lenders – these are people who, for whatever reason, don’t have long credit histories and such like. The valuation is currently just over five times earnings, which is an unusually cheap valuation for a business which has a very strong balance sheet. As that cash is generated in the business, it’s able to pay a very good yield – it’s yield is around 6.8% (with a share price at 177.0p), quite extraordinary.
So, we are seeing not just good companies, but also in our view companies which are standing on very overlooked valuations. So, there’s plenty of opportunity for these in due course, as markets stabilise, as investors start to move beyond worrying about the short term recession or moves in interest rates, for these kinds of companies to not just recover, but to outperform going forward.”
Provident Financial plc (LON:PFG) is specialist bank for UK adults who are not served by mainstream lenders. Based in Bradford, England, it specialises in credit cards, online loans and consumer vehicle finance.
https://www.***************************/provident-financial-plc-on-overlooked-valuation-and-very-good-yield-says-fund-manager-lonpfg/4121084393
With the state of PLC audit I would be amazed if they couldn't report a significant uplift in profit before the inevitable decreased collections
However there are some extremely gloomy views within banking, including fixed rate mortgages being dumped on to SVR.
All of management's emphasis has been around quality of lending so the proof will be in the pudding. Still happy to be here, but there are a lot of good buys out there so I am no longer building my position
Theborn
Looks like you’re right
Almost got yo £2 now £1.73 in just two sessions
Very disappointing response given government interventions but assume interest rate rise is biggest risk factor for default and borrowing
326,800 at 195.123
100,000 and 400,000 at 183.75 reported 7/12 minutes later and prove down 9.2% which is most of the last 3 weeks gain wiped - disappointing doesn’t cover it!!
I’m holding as cannot countenance selling at this level but the company better come out with a positive set of results and a profit of £100m for the year or the management should pack it in and look for a buyer !
IMHO it’s the rise I. Interest rates that’s trashed the share price as the assumption is borrowers will not be able to repay and impairment will up
Conspiracy or not. Right on cue, down 8% and hurtling back into the 170s.
On similar drops in FTSE250 last week this was rising or flat.
So I'm standing by my suggestion.
I think you are looking for conspiracies where they don't exist. Chill.
Market makers are crooks. They know divi reinvestment is likely on the dividend date so in the couple of days before they've hiked the price knowing most people don't look. So rather than buying in at 180p per last week, we pay 195p. Pfg will be back in 180s next week. No reason for the rise in the market save for further shafting shareholders.
Yes spotted that Thanks
Did consider reinvesting when SP in 160s but didn’t know enough about why it’d fallen so far but happy to hold and see losses decreasing as topped up in 180s and have what for me is a decent size position
In my IWEB account today for automatic reinvestment. Maybe better pocketing the cash.
Barrie....bit more cash in your pocket then dividend payment should be in your acc , unless you reinvest....
ATB
Shares creeping up slowly - only just over £3,000 out of the money now!!
Says Daily Mail. It could be Redwood Capital Management, LLC hence rise?.
Big turnover in PFG on Friday accompanying significant move upward - be nice if it is start of a recovery / re rating of the company as sometimes I feel I’m worshipping at the altar of the unknown share
No sooner has the ink dried on this pist it’ll have gone down again but I was pleasantly surprised to see a 3.8% rise today
Then again :-)
Disappointing move today
I guess rising interest rates and general market gloom is to blame .
We need positive news this month not prevarication
Two sizeable ordinary share trades of 417193 today but shares down with wider U.K. market following Wall Street
It is to be commended as start in the right direction.
MLM does feel the PFG story is misunderstood (you think) and a series of investors updates
are planned for the end of the year.
In terms of 'guidance' PFG 'hope' to show 'measured progress' across the business. I'd imagine that the extent of this progress should be about the same length as that of a bit of string.
It was a safe conversation amongst friends. However if the penny has dropped, if PFG recognise that their pitch to the market has been weak/waffly and there are prepared to address this going forward I'll take it as a positive.
We’ll it’s been a better week though maybe a few people picked up on MLM statement.