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Yes I’ve a feeling you’re right
Getting close to my SL but might just shade it for 5p divi as in effect the first position I bought at twice the price I’m selling it which is pretty cr@p going as will check but not that long ago
I think you're crediting them with too much foresight and planning re share options and buying low. I'd love to be wrong.
Whatever happened the 'Capital Markets Day' that PFG said they arrange at the last interims ?
I was looking forward to the plummy voice of bluffer MLM and an explanation of the ballooning central costs,
concrete guidance on future business (MLM is an advocate of numeracy - so numbers would be good), generally an assurance that all is well.
Like Barrieprov it has crossed my mind that both MLM and the CFO get a % of their salary in shares - ie if PFG tanks then more shares. There could be method to the madness ?
Market flat. PFG down another 6%.
Management out.
Now.
Petr - agreed, and on the investor call the management glossed over this point alluding to 'expected increase'. Add this to the reshuffling of the accounts to move costs around so can't compare apples with apples from prior periods and you're left with the usual smoke-and-mirror act.
I'm frustrated I came back into this share as could have got out ok a few month back. I thought management might learn from past mistakes but turns out I'm wrong. Shame on me.
Hi Theborn
My stop loss is only for a portion of my position
If I were a conspiracy theorist I’d say it suits management that the shares are worthless so they can reward themselves with more and buybacks have more impact
I’m going to look at interims in depth at weekend as have a finance background but agree with your analysis that it’s the central costs that are a blight and potential brake on the potential earnings - nevertheless I can’t believe how deeply discounted these shares have become - they’re almost priced to anticipate a distressed sale leaving share holders in the cart
I still see the biggest issue in the last ER in the central cost of 30 mios.
(without those, it could have been nice beat...?)
If there was a solid explanation how those 30 mios can contribute to the larger gains in future, the earnings would have been perceived much better...
Theborn, I share your frustration. Not sure, what we, as retail investors can do about the situation. I would expect the largest shareholders to raise these questions to the management...? May be those largest shareholders are still convinced about the executive management strategy?
PFG will drop out the FTSE250 on next refresh. What a turd of a share.
I've reread the interms several times and I'm still aghast with the introduction that management are 'delighted' with their performance. This in light of undershooting market expectations and giving no clear guidance on what to expect in the future. Meanwhile they continually award themselves shares under their incentive plans.
Management should be ashamed and embarrased of how the market views their ability. Even since the wind down of troublesome doorstep business, and accepting general market downturn, they've massively undershot the market and sector. It's good someone except short sellers are "delighted" as longstanding shareholders are certainly not. Even analysts are unclear on what the company is doing / projecting following the last interims. Same old story depsite new management.
I expect they are hoping PRA to approve their request to use Vanquis deposits to fund the rest of the group. This would be a positive in reducing their cost of capital, but provides little value if management are incapable of implementing strategies to deploy it and increase their loan book and earnings. This is a sector where deployment has been growing steadily over the longer term, and the management themselves profess they're tapping into a larger, higher-quality, near-prime market space.....yet they can't grow their loan book! I'm the first to give credit for prudent underwriting but this now stinks of an excuse to disguise their inability to deliver as shareholders would expect.
Inflationary and recessionary enviroment should drive prime borrowers into near-prime space and borrow more. PFG themselves keep saying this. So growing their loan book within their risk parameters should be like selling ice to eskimos. But they are totally inept and can't do it. Baiting investors with a new version of doorstep business but providing no guidance on what this might add to the business doesn't help.
Praying for a white knight to swoop in and save them from themselves. Given the share price is STILL at a big discount to the asset value of their loan book and the fact they hold a banking license (which is of value to some investors, particulary as can given them access to cheaper funding) means I hold some hope this takeover scenario might happen. Until then, I'm too heavily invested to sell out.
Barrie - I fear your 175p stop loss will soon extract you from this clown car.
DYOR, above is my own personal view. Place no reliance etc etc
Agree bigpunt
Maybe people are starting to sense a bargain
Some buy side trades this morning - an odd number made up to an even 100,000!and two other similar odd numbered trades - let’s hope it’s the start of a gentle uplifting
Barrie why would the price increase after the ex-div date? In a stable market the price would usually retract by an amount equal to the dividend
Damn - put commentators curse on PFG as 830,000 and another large sale gone through though share closed slightly better up 2.60
I doubt there’s going to be much action on this share until we get a trading update that confirms profits and forecasts in line with first half trading so I’m going dark until someone comes up with a post! GLA hers to 200+ now it’s ex div
There were 3 ordinary trades of 50,000 shares bought earlier today which is positive.
Fingers crossed the share price has stabilised at current level but I’ve set a stop loss at 175 just in case
Although I visited Moneybarn a couple of times I never got close enough to the business to understand it fully - so can't really give any insights into that side of the business. Sorry!
Thanks for that Jake
Without doubt there was a shift with the move from agent collections to insourced and remote collections, and the company held their hands up to that mistake. But that is CCD and that is now a closed business.
If you have any insights on how the vehicle finance business in particular is running, please do share
Thanks JolietJake
Interesting insight
Losing touch with your customers is the biggest failing of senior management in any business and second is not rewarding front line staff for doing their job well
Appreciate the sentiments and time will tell
I’m holding for full year results and crossing fingers
Hi Barrie
I used to work at PFG and had a great 20 years there. Have lots of friends who still work there and absolutely no axe to grind at all with the company or anyone working there - I really hope they turn things around but I vividly remember someone asking me what had changed in the company in my time there and the biggest change, in my opinion, was the Senior Management team had lost touch with its core customers. Home Credit is a unique industry so maybe now that has gone - things may improve. Fingers crossed.
Drop today not unexpected
GLA LTH
I’m considering adding at this level but DYOR
Just wanted to do a post where I could get maximum number of TLA in but seriously I hope all who have held faith with this company including me are rewarded for their loyalty and patience
Large buys and sells of 115,000 today
Maybe just maybe PFG has reached bottom and the share price has stabilised st a discount to NAV
I’m holding and would dearly like to be in a position to buy more but that’d probably put me in the invidious position of owning a much higher percentage of the equity of a listed company than I ever have and one that’s risky to say the least
GLA I expect this board will be quiet now until the company makes further announcements to the market hopefully with some advance warning maybe Q3
bigpunt
I guess on the basis all the bad news is behind us I would bet the ranch on this share as it does seem to be a case of buying £1 coins with the commemorative 70p platinum jubilee ones
Problem is I just don’t know if there’s more bad news to come either on cost control or impairment but you are right maybe a bit more time is needed to bottom that out
If the full year results aren’t clean I’ll reluctantly be heading for the exit but meanwhile have set a stop loss of 175 minus the interim dividend on part of my holding as if they fall much further somebody knows something I don’t
I don't understand this thread at all and it is incredibly unbalanced.
The sub-sector is on it's knees - look at Morses and NSF - Le May or whoever chose to exit CCD deserves huge credit and at least a good run of at least three years to show how they can grow whilst running off a division that previously was the entire business of the Group.
What would you rather: Your shares worth 5p or around 200p at a great time to buy as the dividend is reinstated?
Ubik , yes not much appetite here...low vols, missed the cream from 185p to 200p , sold...with the slimmest profit kept in shares.....not my best choice along with SN , good luck hope you get money back
This is crawling back up, so someone is buying. Still don't feel great about my £2.95 average. If this recovers I'm out and will not be getting back in.
Theborn
They shot the lights out alright and are now stumbling around in the dark - as you say the only consolation is I believe I’ve recently been buying pound coins with the new jubilee 70 pence pieces but sadly they’re in short supply being limited edition issue but a year ago it now appears I was buying two pound coins for a fiver - I agree with your assessment that it’s time to give someone else a chance that can reduce the central costs and hxulcolrdoh (cryptic handle BTW) that their communications are so recondite as to leave no option than to assume the worst which I think is costs are out of control and the possibility of a profit warning in the full year figures is already priced in or largely so plus the risk of rising impairments is higher than management have provided for?
I’ll hold now at my average of 275 but wished I could afford to buy my way to an average below 250 but am in for c £12K which for a small time investor like me is a big risk as I’ve currently got £32K in Shell but am £11K in the money do effectively have reinvested unrealised profit in what is proving a problematic share - time will tell but I’ll raise my stop loss on 1,000 of my holding to 175 if the share goes above 200 once it becomes ex div - GLA and happy to exchange views as the economic backdrop becomes clearer