7 Dec 2017 07:00
Hardman Research: Loan growth, better impairments, more investment
NSF's Capital Markets day provided investors with a lot of detailed information on the business and highlighted three key themes. The detail is available from the presentation NSF Capital Markets Day. In this note we explore in more detail the key themes of (i) loan growth ahead of expectations (ii) improving asset quality and (iii) further accelerated investment. The net effect is a reduction to 2017/18 estimates, driven by investment, although we expect consensus 2019 to rise. The accelerated investment shows management confidence in the macro-environment (low incomes growing ahead of inflation) and its business model. Please click here for the full report:
http://hardmanandco.com/docs/default-source/company-docs/non-standard-finance/07.12.17-loan-growth-better-impairments-more-investment.pdf
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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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