The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Big dip in the SP coming next week then?
Invesco own(ed) 89,318,263
RNS 8th July Woodford owned 74,591,242
If it was Woodford why keep 14 million so i think its Invesco
I can’t see it listed on Hargreaves Lansdown but that’s not to say it’s not true
A whopping trade though - we can only speculate as to what’s happening. Can’t see it being Woodford?
https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00BRJ6JV17GBGBXSSMU.html?lang=en
See after close trade 16.58.31. Either a misprint or a large amount changed hands. The sub-prime world is getting interesting.
I’ll get my coat
lets hope Barrieprov doesnt curse it again :) Only joking mate
Hopefully this is a steady upward trend this time.....not to be reversed on Monday as we had on Wednesday.
good post romaron!
Thanks Theborn. I could be wasting my time but wasn't sure if the two previous UT's were an aberration. (1m and 2m plus shares). What I do kinda like is that it shows that decent amounts are being traded at the fix/auction. Large amounts are regular with the likes of Lloyds, BP & Diageo at UT time which I am supposing helps the professionals get a decent price that few of their clients could argue with (open and to an extent public). It is human nature to think you are being ripped off with funds applying tops and bottoms rates. It is seen by some as a fairer way of dealing and it does accommodate size.
It could mean new money moving in and there are plenty of shares that can be picked up before hitting reporting thresholds. I see it as a positive sign. Lets see if it continues.
Regards the question of the moat. In the past some of the clearers got burnt with sub-prime and the field is left to the specialists of which PMO is the biggest in the UK. There is some US competition. NSF's attempt was doomed to failure with reliance on expensive, old fashioned methods with a huge amount of hubris from van Kuffeler. They have been picking up halfpenny's in front of a steam roller. I have no idea what serious funds were doing backing NSF but it did coincide with their own problems. Others come and go. Amigo may well be a flash in the pan as was Wonga. The business seems easy but failures are common. Remember Albemarle and Bond, Cattles? As long as PFG has learned its lesson, and I really believe that the business has cleaned itself up with regulators, then there is a very decent business here. PFG knows this business inside out. Technologies change; people basically don't. There will always be a demand for PFG products. It is a lot harder than it seems and they have the DNA and experience to retain the number one spot.
Thank you Kindly Galini!! This has helped, So credit cards are there main source of income, This company was highlighted to me by a Warren Buffet Type investor Wonder if/how its got a moat around it as most of his investments do??
Bought back into these this week as it seems the dust is beginning to settle but never thought that the SP would sink this low. The NSF bid did not help and Woodford's problems haven't either. However, as galiniwilbury states - positive sentiment will re-emerge. This is still a good business.
To my knowledge, no business was ever transacted on the doorstep. The original concept was Victorian and paternalistic in nature and, up to 1963, this was essentially a single product business, typically offering small ticket non-cash vouchers, with repayments collected weekly by branch-based self-employed agents and repayable over 21 weeks, with a flat interest rate of 5%. APRs had not been introduced then, and still is an inaccurate measure anyway on contacts of under a year's duration. The vouchers were exchanged in shops, mainly for clothing items. PFG went public in the 1960s and the home collected product range was extended to cash loans, which were issued and collected in the home, and the business boomed in the last 30 years of the last century. However home collected credit has been in decline since, as it is difficult to control and expensive to operate, and the balloon went up in 2017, when efforts to improve things backfired. Since the 1960s the company has diversified into many other areas before settling on the present day core businesses. Today the credit card business, which is transacted by modern digital methods, makes the biggest contribution to turnover and profit. Moneybarn and Satuma are also potential growth and profit areas. The home credit business is struggling to recover, and looks like it will continue to do so in the short to medium term.
Excuse my example I realise this isn't the case just don't understand doorstep lending as its put!!
In layman terms what type of lending do they do? Is it the same thing as a Tupperware party where they lend money. Have only borrowed a few times in life other than mortgage so struggling to fully appreciate the type of lending they do!! I have been a bad investor in the past but read about a top fund manager (not Woodford) buying these in the last year. I can sit on a investment for years but not keen on the idea of losing the lot or even 50%. I m waiting on another share to come good to buy here but liked what I herd regarding the turn around!! thanks Guys!!
150,000 by touching 390
Hi galiniwilbury - ditto. They have a moat.
*lot of late trades so I missed the UT amount of today. Does anybody have it?
I've dealt PFG since the early 1970s, so I've seen the share price range from under £1 to over £36, influenced by periodic adjustments for rights and scrip issues and even a 50% clawback when IPF was spun off. I have realised substantial profits over time, suffered eye-watering paper losses in a single day, and divested/reinvested several times over the years. The share price hasn't responded well to recognised supply, demand or trading performance factors for at least the last three years, during which time it has been ruthlessly hammered as a result of manipulatory interventions by market makers, so-called analysts, shorters and opportunists, institutional investors, political activists, a failed hostile bid and a maverick stockpicker. The inflexibility of increasingly austere demands by regulators, and the unsympathetic views of the social and mainstream media environments have also contributed considerable downward pressure. Bumpy ride doesn't even begin to describe it, No company is perfect, and PFG is hardly an exception, but it has battled through some difficult and turbulent times, which would have put many less robust firms out of business. Although less than happy, I'm prepared to continue holding the stock, mainly for dividend growth, in the firm belief that the underlying fundamentals remain sound, that the board has effected near-total regulatory compliance and geared the cost base to reflect the reduced size of the operation, that demand for responsible lending in the subprime market is unlikely to diminish appreciably, and that at some point, positive investor sentiment will re-emerge.
Companies sometimes publish financial diaries or the website dividend Max might be worth a look
I agree with Theborn that it’d be good to see announcement on Money barn FCA review but maybe we’ll have to wait until at least 7th Nov ??
Nerves are always the same with PFG....!
Forgot to add. With all the respect shown to 'professional' players and analysts the amount reportedly shorted in Amigo shares (above half per cent) was .62 and shares on loan was 2.85 in July. They missed Amigo and they will miss PFG, but in the opposite direction.
Amigo is number one in guarantor loans but who is number two? Our old friend NSF. After all our tribulations adherence to FCA guidance and employee control is paramount (pooh-pooed when van Kuffeler was actively poaching agents from PFG). You could almost say that the Sub-prime market is seeing a flight to quality.
yes your probably right theborn, cheers. How are your nerves these days? :)
I’d be careful referring to information received from employees of the company on here, regardless of how vague or obvious it may be, just in case it’s deemed as sharing insider info....
Guarantor lending has been a target for the FCA for a few months now and they’ve made it known in the press. Speaking of FCA, it would be good to have the final announcement that the PFG settlement is complete and confirmation of how much upside can be released on the provision.
is there another ex dividend date for this year? thought is was March next year? I did day a couple of weeks ago, that my contact in PFG suggested other copnaies would come under the spotlight of the FCA perhaps NSF next?