Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The point is that this morning ANTO shareholders know EXACTLY how the company is performing up to this point.
PFG shareholders will have to wait for 5 months before any real light is shone on the numbers.
Theborn - I think what weighs on PFG's share price is the lack of transparency / visibility. MLM apparently has an interest in numeracy but never puts a number on anything.
Today for example ANTO also published a Q3 report. Compare and contrast. Numbers everywhere.
https://www.lse.co.uk/rns/ANTO/q3-2022-production-report-csflr5ya682oumn.html
Update didn't say anything at all so I see the SP reaction as an opportunity to add more at a decent price
It is nice to read that they are continuing to move away from 'any c**t finance'
Shore Capital, which acts as joint broker to Provident, said: "Contrary to market fears, Provident continues to demonstrate resilience in a challenging economic environment reflecting the significant and ongoing improvement in the quality of the loan book and extent of provisioning already in place."
Broker Peel Hunt said: “This is a reassuring update but the future impact of what happens as cost of living pressures bite deeper will continue to moderate share price upside, in our view.”
I just cannot understand how despite posting a market update which, despite the usualy MLM bingo, is at worst reassuring, annd at best an indication that full year results should be quite attractive despite the weight of the world pressing this share down, that the share price isn't at the worst flat, or at best back over £2. INSTEAD IT IS THE WORST PERFORMER IN THE FKING SECTOR AND BROADER MARKET?!?! WHAT IS WRONG WITH SENTIMENT ON THIS SHARE?!?!
PMSL. Fully expect MLM to be "satisfied to report" at the next update.
"I am pleased to report that the Group continued to perform in-line with management's expectations"
Having read the release I am no more informed today than I was yesterday. The fact that I am pondering over 'delighted' vs 'pleased' highlights that I'm struggling to pull something meaningful/concrete out of the RNS.
MLM's ability to string words together without revealing or committing to anything is quite remarkable.
The one potentially useful comment was "The Group remains on track to meet market expectations for FY'22" - if only I knew what these were.
Shareholders will just have to wait for a 'big reveal' in Mar/Apr 2023 when the final results are published.
I don't even think it's that Barrie. I think it's my earlier point pre 7am that news today is Hunt considering banking taxes, so whole sector gets hit.
This happened every time PFG have an update. There is some specific macro news story outside of their control which tars either whole UK market or PFG sector and the positive update is missed and just gets smashed with the general market.
If management expectation really is what analysts estimate then we are looking at a share on current price with a 10% dividend yeild and a 30% EPS. Trading on only a 3x PE multiple and at c. 60% of break up net asset value.
As a minimum it needs to be at Net Asset value which would mean a reprice to c. £3 and really should be on a 10x+ multiple meaning price north of £5.
Will hold and continue to lobby for management shakeup.
I guess lack of mention of PRA didn’t go down well after all
Or even “bingo”
Theborn
I heard you shout “bongo” at 7.01
It was uncanny reading MLM report as all I could think of w screaming your earlier post albeit the very modest growth in loan book I took as positive
The PRA omission may cost SP dear but I agree SP seems criminally low so let’s see if market concurs
Once again we have some management bingo. Growth in book is positive although I'd liked to have seen more.
Glaring omission is update on the PRA funding application, to use deposit funds across the group. I'm sure this was promised by now so not even to mention what is a material point to the group's cost of funding isnt acceptable. If process is ongoing that fine, say so. No comment creates a void that negative assumptions will fill.
Still, overall positive. And share is criminally undervalued.
Waiting on RNS but as always, PFG are announcing on a day where they'll get hit by bad news - inflation numbers and report of Hunt raiding banks and energy cos for extra tax.
Almost funny. On top of non transparent management they have down right terrible luck with all their announcement timings.
Let's see what rns says
JolietJake
I think you’ve pinched their cue cards :-;
But maybe there’ll be a hint that full year profits will hit £100m and that’d make shares look hopelessly under valued at least - GLA
Lets see what the results are and convert the Management speak into English.
What it will say What it actually means
"I am delighted with performance" "About as delighted as a Russian Army General"
"Delivered in line with Market Expectations" "Markets think we are crap -so we have proved them right..again"
"We have great capital strength" "That because we have fewer customers"
"WE recommended a Dividend of 5p" "Hopefully that means I get to keep my job for another year"
Fingers crossed that I am wrong.....
Theborn
OK it’s come down to the wire now
Tomorrow is results day and the shares already off 3 today
Last chance saloon I think as if management have nothing positive to say or chip the results I worry the shares will be a £1 in days but I’ll have sold before that happens
Fingers crossed GLA
Again. Ftse 250 up nearly 3%. PFG up only the same. Wait for the 3% ftse 250 fall and corresponding 15% pfg plummet.
Management better have something sensible to say 7am weds.
Good luck Pooks that’d be a good price
I’d weighed up and decided I’d be happy to pay up to 160 but price closed over my limit today.
Getting very close to results now ??
Some more reasonably large buys today
Said it 100 times. Pfg down on a 4x multiple when market dips.... When market recovers it goes 1x.
Ftse 250 up nearly 4% last 2 days. Pfg up only the same. Should be 16% risk back closer to £2.
Piece. Of. Turd.
My order is at 153p. It might not be filled but pre-results, price movements can accelerate quickly (in both directions)
Hi Pooks
Paid good price (159.90) and block is over 1% of issued share capital so pretty decent slice
Results in less than a week now do need to keep eye on trades
Somebody out there has confidence or in the know
That’s a large amount of the equity that just changed hands albeit shares down
Hi Bigpunt
You are very wise
Everything you’ve said in recent posts makes sense now and I guess I have allowed my cynicism to get in the way
Without in any way holding you responsible I think I’m going to scrape together enough cash to buy some shares at this level as unless the company is going bust it must be a value proposition st such a discount to NAV and I note there has been an uptick this morning but on no volume so will look carefully as 19th approaches and set a sensible buy limit to average position down
I’m enjoying the contribution you, Theborn and others are making on this BB and at least have a good gain on Shell to bolster me!
GLA and to everyone else DYOR as I’m not recommending a buy simply saying what I feel I want to do
To be fair Barrie, the central costs being lumped together to avoid comparability is an irrevocable election and you can take a cynical view (which I did at the time) but the other view is that they are controlling more and more from the centre now - this makes sense if the products and services are more digitised - in which case I am okay with that move, and the temporary increase in costs because these projects are expensive in restructure costs, operational balls-ups, and unanticipated inefficiencies.
I just can't see how PFG will not prosper over the next couple of years and therefore it is time to build the position now rather than when the good news arrives!