12 Sep 2017 10:12
Hardman Research: Financing powerhouse: A lunchtime treat
Financing powerhouse: A lunchtime treat - 1pm offers a unique exposure to the attractive UK, non-bank, SME financing market. We believe it can deliver superior growth from: (i) focussed business units delivering high service levels, (ii) the market trend away from bank finance, and (iii) group synergies in funding, centralised processing and cross-selling. Credit risk is key and 1pm adopts appropriate controls in each of its units, and at the Group level. Funding risk is also tightly controlled. Recent acquisitions look well priced and create strategic optionality as well as earnings diversity. We forecast EPS growth of 27% 2019 on 2017, for which investors are paying a 2019e PE of c6x.
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http://hardmanandco.com/docs/default-source/company-docs/1pm-plc-documents/12.09.17-financing-powerhouse-a-lunchtime-treat.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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OPM.L (OPM)