Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Thanks Echo im about £800. Mind you as they, say, only a loss when you sell. I dont think either of us will be doing that. Shams the FSA arnt looking into other compnaies.. like NSF! amigo etc.
Any way good luck mate
Another day of falls. Love this, keep going down, come on let’s see how much we can push this down further. (Obviously my sarcasm is coming out). I’m long on this share but for once it would be nice to see some honest valuation of this share, not day after day of decreasing value
so whens this going to stop. Feels like it will contiune to go down and down everey day, and if they could put a minus in front of the share price they would! complete nonsense!
down 7% whats happening now? Any news?
theborn, just bought some more and they dropped as soon as they did. Typical! well im keeping my fingers crossed for a small rise prior to the div. GL
its painful isnt it. Surely this has to start going back up? When do brokers generally review their ratings or is it as and when? I bought more today btw hope that was wise
yep true! :) I also had a cheeky punt on TCG which was more of a bet - take a look t that
theborn & romaron. Guys this SP is confusing me too, however I think we are all on the same page regarding this and me ee it drop futher. If we intend to hold for a while it should (hopefully) work out for us. Look at the price of previous dividends. What I wanted to do was buy on the dips to incrase my holding but im crap at that so have just stayed still. gl both
whats invesco's total stake> what are their intentions if you know?
absoultely - what can we do but sign and take a deep breath.. Keep your chin up and I will try to do the same :)
it’s really frustrating although im holding for a while , do you think the market is trying to price in the dividend?
I do however know someone who works in middle management at PFG and have been told this:
‘’all the lower competition is yet to be regulated to the same level as PFG, as soon as the FCA play fair it should unlock certain level of value’’
Hope that this helps
''He works for a hedge fund that's got shorts''.....persnonally, I prefer trousers :)
thanks mate. If you get info about who sold let us know. GL
Vanquis Bank, Provident's dominant earnings contributor, reported lower PBT (GBP85 million, down 12.6% yoy), largely as a result of GBP10 million lower revenue (yoy) from a discontinued repayment option plan (ROP) product, a shift in business mix towards better-quality ("nearer prime") customers negatively affecting the revenue yield and despite an improved annualised impairment rate (down to 15.1% from 15.7% in 1H18) and good cost control. Positively, the ROP refund programme was concluded in March 2019 and provisions for future claims remain substantial (GBP29.8 million at end-1H19).
While Fitch expects Vanquis Bank to continue to report solid profitability (the annualised return on assets stood at a sound 10.4% in 1H19; 11.2% in 1H18), it remains subject to regulatory challenges, notably with regard to the FCA's "persistent debt" initiatives: since late 2018, the bank has increased minimum due payments and increased efforts to implement higher recommended payments in an effort to reduce the 15% share of its customers that currently meet the FCA's "persistent debt" definition.
Provident's Moneybarn division performed well in 1H19 with a 46.2% yoy improvement in PBT (adjusted for a GBP3.7 million amortisation of acquisition intangibles) to GBP15.5 million, driven by sound customer and receivables growth,stable revenue yield, a moderately improved impairment rate and despite higher operating expenses and higher funding costs following an increase in funding costs outside Vanquis Bank.
Provident's funding profile remained broadly unchanged in 1H19 and headroom on committed debt facilities as well as a revolving credit facility (GBP235 million, refinanced in July 2019 and maturing in July 2022) is sufficient to fund maturing debt and projected growth until September 2020.
Provident's leverage remained broadly unchanged at end-1H19 (gross debt/tangible equity of 3.8x at end-1H19 compared with 3.6x at end-2018) but its consolidated common equity Tier 1 (CET1) ratio, the more constraining metric following a sharp increase in its total capital requirement to 25.5%, fell moderately to 28.2% at end-1H19 (from 29.7% at end-2018) largely as a result of the phasing-in of the IFRS9 impact, the first-time IFRS16 impact and exceptional costs incurred in 1H19. As a result, headroom above Provident's regulatory capital requirement shrank to GBP60 million (from GBP100 million), close to management's stated minimum buffer of GBP50 million.
Restoring CCD's profitability remains a challenge for Provident and further material improvements in profitability would be required for Fitch to consider revising Provident's Outlook to Stable. Conversely, should the reintroduction of a variable component to the compensation of home credit staff not lead to an increased pace of improvement in the performance of CCD through a meaningful improvement in collection rates and lending volumes (as well as their cost-cutting initiatives and thus profitability), this woul
could be this??
(The following statement was released by the rating agency)
Fitch Ratings-London-July 31: Provident Financial plc's (Provident; BBB-/Negative) half-year results show the progress the company has made in restoring its business model following several material setbacks since mid-2017. However, Provident's previously dominant consumer credit division (CCD) remained loss-making in 1H19 and the company continues to rely on the adequate performance of its remaining businesses, notably Vanquis Bank Limited (Vanquis Bank, a non-standard credit card provider) and Moneybarn Group Limited (Moneybarn, a car finance provider). This has led to reduced earnings diversification and weighs on Fitch's overall assessment of Provident's business model, Fitch Ratings says.
Fitch has previously stated (see "Provident Financial: Dropped NSF Bid Removes Uncertainty; Operating Challenges Remain" published on 7 June 2019 and available on www.fitchratings.com) that Provident's ratings would be downgraded if the recovery in its CCD is not rapid enough to restore earnings diversification, which historically has underpinned Provident's credit profile.
In 1H19, Provident's statutory profit before tax (PBT) improved moderately (up 8.8% yoy) to GBP37.6 million. PBT (adjusted for GBP3.7 million amortisation of acquisition intangibles and GBP33.6 million in exceptional charges relating to GBP23.6 million defence expenses from the Non-Standard Finance plc bid and GBP10 million exceptional expenses related to the CCD recovery programme) remained flat at GBP74.9 million. Excluding bid-defence costs, PBT would have been around 77% higher yoy, which reflects materially lower other exceptional costs, narrowing losses in CCD and improved profitability in Moneybarn.
In 1H19, CCD narrowed its underlying loss before tax (adjusted for GBP10 million restructuring costs) to GBP15.1 million from GBP23.2 million in 1H18 (adjusted for GBP18.1 million restructuring costs), reflecting lower impairment charges and reduced operating expenses. Customer numbers dropped around 31% yoy to 531,000 at end-1H19 If around 200,000 customers who ceased to pay following the 2017 change to the operating model and have now been removed from the numbers are also excluded from the 1H18 number, then the drop would narrow to around 6%. CCD receivables were also materially lower yoy (down 16.4%) both as a result of lower customer numbers and a smaller average ticket size following the introduction of the Financial Conduct Authority's (FCA) high-cost credit guidance in 1Q19.
Management expects CCD's loss before tax to narrow further in 2H19 (and to break even in 2020) supported by the roll-out of the "enhanced performance management" programme for "customer engagement managers" (CEMs,) which reintroduced variable compensation and should improve collection rates and by further cost efficiency measures. Given the now materially smaller CCD franchise and continued pressure on revenue, Fi
yes agreed. I thought to myself that, what ever I think and do with the stock market, the opposite always happens! This shouldnt be the case with PFG for all the comments made (Theborn). Do you think Woodford is still selling?
nice to see the div paid a bit earlier as well. Theborn, thanks for all your comments, you have really helped my nerves!
Really good, practical common sense there. Well let’s see. For me I want a return of dividend - it’s nice to see sp going up as well but can’t have it all :)
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I really thought this would be holding up more, didn’t expect it to be so flat up until tomorrow. Perhaps they are not as good as anticipated?
what are peoples thoughts for next week? I know theborn thinks good news is coming.I hope so given the buys this week to support the sp. marginally better than predicted would be my call