16 Jan 2018 10:18
Hardman Research: Interim results: delivering value-added strategy
Interim results: delivering value-added strategy - The results confirm 1pm is on track to deliver the substantial profit growth the market expects. We believe greater confidence in delivery will be a trigger for re-rating as the current May 2019E P/E of 6.5x and P/B of 0.8x are inconsistent with a profitable, growing company. The results also confirm impairment losses, although rising modestly, remain well controlled and more than priced into lending, and that provisions coverage is increasing. Funding continues to be well diversified and the average cost of funds is down nearly a third. We expect the second half to show a continuation of these trends, together with more integration benefits.
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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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