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"The Group has received notice from the Prudential Regulation Authority (PRA) that it has approved the Group's application for a UK Group large exposure waiver which will enable Moneybarn No.1 Limited, the Group's vehicle finance subsidiary, to access retail deposit funding via Vanquis Bank with immediate effect. Moneybarn No.1 Limited has been partially funded by the bond market historically and the large exposure waiver will allow the Group's maturities in 2023, which amount to approximately £160m, to be refinanced using retail deposits as planned."
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221104:nRSD4018Fa&default-theme=true
Let us celebrate 500 one day ;-)
Yes been watching- touched 170 today which was my first stop loss before 130 I almost hit - holding
@Barrie: good move in the SP in the recent days -> never let your emotions decide if the price goes down on no clear reason (never speculate what is behind the move etc.) ... ;-)
Petr
Yes I see - will hold some for longer term but sell some along way
I was talking about 3+ years objective ;-)
Bigpunt
300-350/share would be my target too
The notion of £5 is very much post recession in my view and I’ll most likely sell before then as risks to downside would seem to increase with price
I saw the drop to the 130s and had hoped to add some more but I was tied up and had no capacity to move money around and place the order. I don't know why people back out when the price drops if your view of the business and its prospects hasn't changed - that is the time to add!
Sadly I think 600-900p is a stretch of the imagination but would be happy to see it. I am personally targeting 300-350p which would broadly equate to a 5% div yield with where I think the payout will be for this year based on 40% of adjusted earnings. I can see us getting there in the next 9-12 months if the credit card and loan books continue moderate growth and the collections remain strong
Thanks Pooks and Petr
You deliver very wise words - the shares do look to be incredibly undervalued
I think I just allowed myself to get into a negative mindset
As you say will be a rollercoaster for all sorts of reasons I won’t understand so will hang in and hope the company will start to communicate to shareholders
Well Said
Barrie, you shall not look on the chart daily.
You never know what is behind the price move (e.g manipulation etc.)
Now you are lucky that it rose 2 days in the row but it can happen that in 1 week the price is 100 and in two weeks 180.
You shall trust your strategy.
If you believe company can deliver solid figures, once it happens, sooner or later share price will follow it.
I still trust this company delivers within 3 years the profit of 150 mio pound -> 0.6 pound / share -> P/E 10-15 (changed image, investor will believe in further growth) -> 6-9 pound / share price
I was that close to bailing at just over 130 acknowledging it would be an absolute capitulation and now the shares are 158 so I’m grateful to all of you who presented the facts so I reached the conclusion it’d be daft
Pooks I stayed in pity I didn’t win EuroMillions or I’fve bought heavily :-)
Agree BigPunt … When CEO makes a statement like that he’s got to be pretty dam certain it will happen otherwise he’s out … plus he bought 19000 shares shortly before. I’ve got to say there’s more and more desperate sounding investors creating panic within but let’s be realistic it was always going to take time to create and remodel this business, anybody looking for a quick buck should look elsewhere.
hxulcolrdoh, the statement included confirmation that market expectation will be met. That is a very important statement to be aware of
Unfortnately for the past 5 years the bounces have been less frequent and less substantial than the falls.
hxulcolrdoh
You’ve confirmed my view about possible reasons market punishing shares
Interesting bounce today up 12.80 currently
PFG closed 2021 @359p and has since fallen 60%. The Q3 update has not stopped the slide. Why?
I have looked at the Q3 statement (again). As Alexei Sayle would have said it is as informative as the “What’s On” page of the Stoke Newington Gazette ( an otherwise blank page with the words – “F... All” )
While there is little in the Q3 statement to support any form of quantitative analysis / measurement of progress it at least pointedly does not throw up any red flags. In my opinion (DYOR) one of 3 things is happening …
- Management are grossly dishonest and should have made a material disclosure that they are aware of
- Management are grossly incompetent and should have made a material disclosure that they are NOT aware of
- In the foggy lack of guidance/transparency the market has despaired of trying to gain any visibility / put a valuation on the company and voted with their feet.
Take your pick. I’m hoping it is the latter and that it can be fixed.
If and when the Capital Markets Day happens – THERE IS NO POINT IN A CMD UNLESS the company are prepared to do a bit of self promotion and provide potential investors with sufficient information to enable them to make informed decisions!
The born … my thoughts precisely, the scripts were written before the update however when PF do knock the ball out of the park the potential uplift is massive coming from this low base … it’s now a waiting game, top up at this level and put them in the bottom drawer and forget about them .
Agree Pooks.
The reaction last week was as if 'analysts' had their recommendations ready to print and fully drafted at 7:01am without even reading the RNS Trading Update: view on the brand and sector = don't fancy it. Completely ignoring the discount to NAV (i.e. masive current undervaluation), dividend yield, EPS, repositioning of the book, the make up of the PFG loan book, the increased credit quality (all graphically demonstrated in the H1 deck 3 months ago), the provisioning ALREADY in place (again in the H1 deck with their stres assumptions) and finally, the point point they are on course to meet 'market' (not just internal, but market) expectations this year (these were set out in H1 deck and current analyst consensus is 35p EPS with 40% payout ratio).
If PFG just paid out current year EPS and their cash surplus you'd be pocketing more than current share price.
All this said, Management could do a far better job at managing this and improving guidance / perception. You look at PFG website and their is a load of guff about how seriously they take their financial calendar and keeping investors informed.....you look at the calendar - no dates. For anything. At least put CDM expected Dec-22 or something to that effect and give the impression you care about investors.
Totally agree but I think PF are suffering from a past image perception in low grade lending… I said some time back the best thing PF should have done is re brand ( change the name ) … give a dog a bad name
Banks also reporting some of their best figures in years, despite sensible increasing provisions where appropiate.
Banks startin off from a more sensible valuation before a slight drop.
PFG starting at 50%+ discount to FV before the recent falls.
Up this morning but nowhere near the type of recover it needs.
HSBC down -6.3 %
Standard Charter - 3.5%
The rest of the week could be interesting
Will do Pooks well done for research
Just had a word with my friendly broker about PF share price and after doing a bit of research they reckon it’s market perception that is dragging it down… Across all banking and financial they are factoring in some substantial defaults… it will be interesting to see this week how the markets react to the Banking sector reporting results. PF trade on a PE of 4 the sector average is 8 … hang on