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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Manx Financial Group Plc | LSE:MFX | London | Ordinary Share | IM00B28ZPX83 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.50 | 2.44% | 21.00 | 32,211 | 13:31:25 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 20.00 | 22.00 | 21.00 | 20.50 | 20.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Personal Credit Institutions | 36.05M | 4.67M | 0.0405 | 5.19 | 24.25M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 13:31:14 | O | 25,000 | 21.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 02/4/2024 | 07:00 | UK RNS | Manx Financial Group PLC Notice of AGM |
| 26/3/2024 | 14:08 | ALNC |  Manx annual profit grows as revenue surges; cautiously optimistic |
| 26/3/2024 | 07:00 | UK RNS | Manx Financial Group PLC Final Results |
| 05/12/2023 | 07:00 | UKREG | Manx Financial Group PLC Exercise of Share Options & Employee RSU Award |
| 16/10/2023 | 10:16 | ALNC | IN BRIEF: Manx says Conister Bank has earned UK banking licence |
| 16/10/2023 | 07:00 | UKREG | Manx Financial Group PLC Conister Bank obtains a UK Branch Banking Licence |
| 21/9/2023 | 15:47 | ALNC | EARNINGS: Aurora Investment recovers; Chesnara swings to profit |
| 21/9/2023 | 07:00 | UKREG | Manx Financial Group PLC Unaudited Interim Results to 30 June 2023 |
| 17/7/2023 | 14:24 | UKREG | Manx Financial Group PLC Update regarding Issue of Ordinary Shares |
| 12/7/2023 | 07:00 | UKREG | Manx Financial Group PLC Issue of Shares pursuant to Scrip Dividend & TVR |
Manx Financial (MFX) Share Charts1 Year Manx Financial Chart |
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1 Month Manx Financial Chart |
Intraday Manx Financial Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 18/4/2024 | 15:59 | Manx Financial : 2012 turnaround potential | 2,224 |
| 22/9/2023 | 08:26 | Fast growing bank and financial services group | 17 |
| 31/7/2017 | 09:46 | MANX FINANCIAL 2016 , growing assets, profits and margins | 86 |
| 27/11/2013 | 15:50 | MFX Proposed action group to cancel the massive options | 14 |
| 16/12/2012 | 14:16 | MFX A PEACH OR A LEMON ASK JAMES MELLON | 535 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 12:31:15 | 21.00 | 25,000 | 5,250.00 | O |
| 10:57:33 | 20.80 | 7,211 | 1,499.89 | O |
| Top Posts |
|---|
Posted at 18/4/2024 09:20 by Manx Financial Daily Update Manx Financial Group Plc is listed in the Personal Credit Institutions sector of the London Stock Exchange with ticker MFX. The last closing price for Manx Financial was 20.50p.Manx Financial currently has 115,491,936 shares in issue. The market capitalisation of Manx Financial is £24,253,307. Manx Financial has a price to earnings ratio (PE ratio) of 5.19. This morning MFX shares opened at 20.50p |
Posted at 12/4/2024 15:07 by smithie6 (perhaps I correct myselfWhile NatWest profit was very good, imo, (& the share price has risen from 180p to 280p !!, as the Nigel Farage saga & chairwoman negligence faded in to the rear view mirror) The company's forecast for '24 does say this "Management has guided for a c 12% RoTE in FY24 with conservative interest rate assumptions and expects margins to bottom in H124 and improve in H2 and beyond" So, it looks like margins have also been under pressure at NatWest, not just at MFX, as I had thought. However I think that the nett interest margin at NatWest has stayed almost unchanged, despite apparently being 'under pressure' & as a result the share price has gone from 180p to 280p. Whereas at MFX the underlying profit % from normal lending has notably reduced. imo because the co. has offerred unusually high % interest in order to attract a rush in deposits, +~50%. Can MFX in 2024 get this money to produce an increase in underlying profit ? In 2023 the underlying profit fell, despite the massive increase in the size of the loan book ! |
Posted at 12/4/2024 13:56 by smithie6 Post in the process of being written====== Are we clever , & motivated, enough to compare MFX performance ratios with those for other banks (which means bigger banks since MFX is alone I think in being so tiny). (Data has been taken from the financials pages on advfn, in order to save time. This has the risk of not being correct data). NWG Lloyds MFX - (attributable or total ?) PAT as % of revenue 1) NWG. 4.6/14.8= 31% (need to check the data used, since 31% looks too high) 2) Lloyds 3) MFX . Incl. 100% of PA ltd (because the revenue number is for 100% of PA ltd) = 6.1/45.3 13.3% Total-gross minus the one off due to capital gain on treasuries of £1.9m pbt, say £1.7m pat (IoM) =4.4/43.6= 10.1% - costs as % of revenue 3) MFX (The accounts are 'poor', there is no summation give for costs such as labour costs & other costs) = 24? /45.3= 53% (The chairman gives a different % but since imo any text from the chairman can not be trusted I will ignore his number-calculation. eg. the number he gives for the PAT of PA ltd is £0.4m higher than what the auditted accounts give !! FFS !!) - nett interest margin (= The difference between income from financial assets (loans etc) minus interest (& related costs) cost of those assets (money paid out to depositors etc) 1) at NatWest this is given as ~2.9%, if it is for the same ratio. 3) MFX Income from loans= £45.4m +1.5 +4.0 (commissions received)= £50.9m Interest paid out to depositors= £14.5 + £7.3 (commissions paid out)= £21.8m Difference between these= £29.1m Amount of deposits = £390m Result = £29.1/£390m= 7.5% But final margin was £6.1m /£390m= 1.6%. a very low % !! This is PAT including 100% of PA Ltd, divided by the amount of deposits. If remove the capital gain on treasuries (£1.9pbt, £1.7m pat) due to being a one off, then £6.1m reduces to £4.4m. The resulting margin for that = £4.4m/£390m = 1.1% !! Terribly low !! Considering the risks of bad debts when lending out a big % of the deposited amount of £390m (~£350m was lent out) and other risks due to doing business then a nett PAT margin of 1.1% of the funds deposited is just unacceptably too low imo. (My guess is that other banks would not take on or do any lending that produced a net PAT margin of just 1.1% of the funds deposited). What do other people think ? ====== And if the ratios for MFX are not as good as at the other banks, can MFX take any action to reduce the difference? |
Posted at 12/4/2024 11:04 by smithie6 Questions for the Mello presentationIf someone is going perhaps they could consider to ask these questions. 1) Does the company reply to shareholders' e-mailled questions ? (I say it doesn't!) 2) Can the company justify the 21% increase in pay for the bod when the underlying profit is down versus 2022 ? 3) Does the company agree that the data & comparison with 2022 at the front of the 2023 AR is actually false data for the listed company LSE:MFX & what it owns (50.1% of PA Ltd & not 100%) ? 4) Does the company accept that the PAT for 100% of PA Ltd stated by the chairman on page 8 of the AR of £2.1m is not in fact true ? (Note 32 on page 90 of the accounts state that the PAT of PA Ltd is £1.7m, not £2.1m) And hence that the accounts do not give a true & fair report of the financial situation of the company as required by the Company Act 2006 ? 5) The amount paid in commissions has increased by £4m to £7m. This is a massive amount wrt the PBT of the company. The underlying profit has fallen versus 2022. The loan book has increased by about 50%, a massive increase. Has the company taken on a lot of new lending at loss making rates (including the £7m in commissions & the required increase in staff costs due to the high inflation) which has caused a fall in the underlying profit ? Would the company have done better to have grown its loan book by a smaller amount but at % rates that allowed a profit to be made ? Does the company think it can increase its % margin in 2024 or make a massive reduction in the £7m paid for commissions in order to recuperate the underlying profitability ? 6) The renumeration of the non-exec. director Gregory Bailey was doubled in 2023 to ~£59k. Yet he only participated in 5/8 board meetings. His background is not in banking & appears to only hold a board seat because he owns 15% of the company & is part of the concert party with the chairman JM. What are the reasons for his renumeration being doubled ? 7) The chairman has a number of related parties on the bod (such as Denham Eke (he is an employee at JM owned & controlled companies) & Gregory Bailey (part of the JM concert party). One could argue that they are yes men to give the chairman more power in bod meetings. Does that break the guidelines for good governance? (Pals & mates or employees are clearly not very good for doing a supervisory function. If Denham Eke went against JM then he risks losing his directors role at a number of JM controlled companies & hence most/all of his salary income !) 8) Banking costs We're £0.9m in 2023. Money going out of MFX. MFX has 2 banking licences. Can MFX do this banking work in-house in 2024 & reduce the amount spent on the use of external banking services? 9) The 2023 H1 results had this text from the chairman "our foreign exchange advisory business thrives on these turbulent market conditions,.." In 2023 , in reality the profit from FX advisory business halved to £0.7m. A material loss of profit for the MFX group. Does the chairman accept that he intentionally lied in the H1 accounts ? 10) The chairman of all of sub-committees is a non-exec that was appointed in 2007. And now 73 years old. So, he has been on the bod for ~17 years !! Surely this blows a big hole in the good guidance recommendations, combined with the 2 related parties that the chairman has on the bod. I think the recommendation is that non-exec serve a maximum of, is it, 7 years, not 17 years. 17 years seems like a lifetime. Is it surely not time for renovation in this role ? 11) The AR says that the increase in interest rates in the last 2 years has caused the margin at MFX to reduce. At high street banks they have maintained their margin & "all" major banks have "increased" their profits & they forecast higher profits in 2024. The same is also true imo for virtually every bank in the EU. They are all doing better ! Yet, at MFX the chairman writes 'oh, it is all so challenging '. (However, sadly, we know we cannot trust what he writes). Why is the underlying profit performance at MFX not up, as has happened at all the other banks ?! (Underlying PAT has reduced, if remove the one off capital gain due to treasuries. And even worse if also remove the extra £0.85m due to owning 1/2 of PA ltd and worse still if also remove the extra income due to higher % interest received on tens of millions parked in UK Govt treasuries/gilts). |
Posted at 11/4/2024 19:08 by smithie6 Page 7 of the AR."...reflecting the full cost of consolidating Payment Assist Limited into the Group.." What costs have been incurred in consolidating PA Ltd in to the group ? I can not think of any such costs, none ! Conister in the IoM lends the funds to PA Ltd (at a distance in the UK, in sunny Melton Mowbray) and PA Ltd does it's stuff in lending out that money to fund the bills of clients at garages etc. If any of the lending work is offloaded by PA Ltd to MFX ltd because of a high workload then MFX/Conister would have charged for doing that !. What consolidation costs have occurred ? Sure, a director from Conister/MFX has to travel to the UK to attend board meetings at PA Ltd but that is surely a negligible cost and would be paid by PA Ltd. What other consolidation costs are MFX claiming have been created ? Has the PA Ltd office & staff moved to the IoM ? Of course not. Has the PA Ltd office & staff moved from Melton Mowbray to be in the Conister UK ltd offices in Basingstoke? Of course not, imo. ------ PA Ltd contributed £0.9m PAT attributable to MFX, versus , was it, ~£0.3m for the 3 months in 2022. An increase of contribution to MFX of £0.6m. And that is after including all costs at PA Ltd such as interest costs from MFX, commissions, the travel costs for the director from MFX/Conister.... "Consolidation costs" I don't see it at all. ======= Probably it is just poor use of English in the accounts. Sure, the data for PA Ltd has to be included in the numbers for MFX, before removing an amount from the PAT for the 49.9%of PA ltd not owned by MFX. The total for costs goes up but also the income, & of course the profit, £1.7-1.8m for 100% of PA ltd. There have imo been negligible consolidation costs, well, I can't think of any. |
Posted at 04/4/2024 08:20 by smithie6 ...good to have some debate.---- I think we all us PIs agree that we would like to see better presentation/communi I think the co. has received the message & is interested to try to communicate more to the market. The quick agreement recently to present/participate in a Mello event in about 10days shows that. And well done to any shareholders involved in that (perhaps CT & davidosh). ---- PA Ltd I don't think PA Ltd directors should sit on the MFX board. But it is perhaps an idea. Some MFX board members are getting old (Denham Eke is 72 etc) so at some time some replacement perhaps needs to happen. However, the PA Ltd exec directors are getting paid in cash not in any MFX shares so they are currently not fully aligned to the interests of MFX shareholders, they are aligned to PA Ltd & growing PA Ltd so that they collect the full £5m. At present they would get paid £3.4m (2 X £1.7m) so they need to grow the PA Ltd profit some more. Personally I'm happy with the structure of the deal to buy PA Ltd. However.....!, it might need altering, perhaps, in the future in order to keep the PA ltd directors to keep growing PA ltd & not 'to just turn the handle' (English, brilliant language we have :-) ) once they get the average nett profit of PA Ltd up to £2.5m/year. But that can be quite easily processed, if needed, at the time, such as by buying PA Ltd in advance or agreeing a further incentive to the purchase contract. If an alteration was beneficial to PA Ltd & to MFX then I am sure that it would be considered & if needed done. But we haven't got to that point in time & there is imo no need to specify it in advance. ----- Dividend increase. I think I would be in favour of 20%. A doubling of the % of that PAT that is paid out as a divi. If not, then the bod to agree to reduce bod renumeration back to £800k. ;-) Personally I don't like the 25% increase in pay to the bod this year. If the bod think they have done especially well, then take a 1 off bonus (& subject it to vote at the AGM) & not an on going pay rise. Or explain in the accounts why 2 non execs saw their pay double. Gregory Bailey saw his pay double to ~£55k & he is based in Canada so I assume that he 'attends' bod meetings via video link. And he is a busy chap with director role in various companies (exec at at least one), how much time he has to do anything for MFX between bod meetings is a valid question imo. Perhaps he made major contributions to get his pay doubled, who knows, no info is provided to us shareholders in the AR. |
Posted at 01/4/2024 09:40 by smithie6 Nett asset value for MFXShareholder assets (the word "attributable" is, by definition, not needed ;-) ) = £35m Intangibles & goodwill = 4.3+ 10.6 = 14.9m So, nett real assets = 35-14.9 = £20m While the cap. value is £28m. ===== I don't agree with the Stockopedia value. Even if one subtracts property assets (~£6m) from the £20m NTAV you get to £14m, & it is still have a +ve NTAV value .....so Stockopedia's negative number is wrong imo. ===== 'if' one could buy the whole MFX group for the cap. value of £28 million the nett cost is arguably only £8m & for £8m you get £5.3m of PAT/year & a major material subsidiary which doubled its profit in 2023 !! :-) The PAT of that subsidiary at £1.7m (for all of it, MFX owns 50.1% but has an option to buy the rest for 2 X profit, :-). (~£0.85m the year before & 0 the year before that) While the overall PAT for TIME is £4.2m (2 X H1). One might wonder whether in X years time the profit for this subsidiary of MFX will be the same as that for TIME !! (& that the MFX subsidiary might then be worth the same as TIME, £36.5m, on its own !!. Who knows. We have to wait to see how the subsidiary grows in '24 '25). (very cheap, because it has only grown because MFX provided the pile of cash for it to lend out, & MFX funded it for years to get where it was) |
Posted at 31/3/2024 22:52 by smithie6 StockopediaEV ...perhaps depends exactly how one defines EV. MFX has a +ve TNAV, so imo the EV should be lower than the cap. value. MFX has numerous debts & credits, one has to careful when calculating the nett amount. Ok, the official definition of EV excludes assets such as owned buildings etc. The term EV is perhaps completely useless if one doesn't consider the NTAV in the same evaluation. Especially important for property shares, hire equipment shares etc. ----- Stockopedia has not yet updated for the '23 results, so the data is for '22, (+ any errors). That was a discussion X months ago about EV. ===== How can Stockopedia give a much higher "momentum" mark to TIME than MFX when MFX has gone from 17p to 24p , just in March ? +41%/month !! While TIME is going sideways recently!! TIME has gone from 38p to 39.5p in last 2 months ! 1.5p/38p. +4%. +2%/month ...& yet Stockopedia says TIME is much better for momentum than MFX !! ...I won't be rushing to subscribe to Stockopedia ! ======= And imo if anyone looks at the comparisons with ratios between TIME & MFX, MFX wins in every department for things like profit per £ of share etc. TIME has done well for EPS growth in '23, a bit ahead of MFX, but one needs to smooth it out over 2-3 years , and then the TIME perf. drops back & MFX perf. rises. Arguably the p/e for these 2 companies should be about the same. The p/e for MFX has risen a lot in March, share price up 41%, perhaps it will keep going up ;-). Stockopedia didn't expect MFX shares to rise so much, I did, so I was buying . ;-) |
Posted at 30/3/2024 15:27 by smithie6 TIME vs MFX. !(If anyone wants to copy & paste ....& then fill in the bits I haven't done....then feel free) ----- (Have used mid prices. & undiluted total comprehensive EPS. ) Current cap. value, as % of shareholders' assets at 31 Dec 2023 TIME 36.5m /63.8m *3= 57% TIME. *5. (Valuing goodwill at 1/2) = 36.5/___= ____ MFX. 28m/35m= 80% *3. Includes a very big amount of goodwill. One would need to look at it to decide if it's quantity is valid or if it should really be lower. ====== current cap. value, as % of shareholders' assets expected at 31 Dec 2024 TIME. *3. MFX. = 28/41 = 68% *3. Includes a very big amount of goodwill. --------- cap. value as % of nett tang. assets. TIME 36.5 /____m = MFX. 28/__= ========== p/e TIME 39.5p/4.7 *2= 8.4 MFX. 24p/4.9p (*1)= 4.9 *1, this includes a gain in Govt bonds which has not yet been taken, but it exists. *2. 2 X H1 results, published January '24. ====== p/e diluted, after conversion of any CLNs TIME 39.5p/4.7 *2= 8.4 MFX. 24p/4.2p (*1 & *4)= 5.7 (*4 This assumes that purchase of the 49.9% of PA. Ltd happens at the same moment of the dilution, adding the PAT from 49.9% of PA Ltd. ~154 m shares after dilution due to the CLNs. PAT comprehensive + 2nd half of PA Ltd =5.6+ 0.9= 6.5. = 6.5/154= 4.2p) ===== Growth in basic EPS, PAT. For '22 to '23 results TIME. +35%. (Ref. H1 results) MFX. 3.8p to 4.6p, 0.8/3.8= +21% ============ Main Conclusions 1) the p/e of MFX looks too low wrt the p/e of TIME. 2) |
Posted at 03/3/2024 13:56 by smithie6 ...not that anyone believes what Hedgehog postsBut let me point out that - UK banks (& USA banks, & Spanish banks (including BBVA, Santander)...&.. - share prices for UK banks have been rising in the last few months. NatWest is up from 180p to 240p for example, an increase of 33% in a few months. (I bought some at 183p). - UK bank shares are at a low p/e, that is a good part of the reason for them rising in price. Still cheap. (The mkt also sees a reduced risk of an increase in bad debts). I'm hoping that the MFX share price will 'join the party'. |
Posted at 15/1/2024 13:00 by smithie6 In the past I have done some comparisons of valuations between MF & TIME. Both are lenders including to SMEs in the UK. Both are in the same sector for mkt cap. (£20-31million)Here are some valuation ratios. CONCLUSION:- that MFX is too cheap versus TIME. ------ MFX has a loan book double the size that TIME has, yet TIME is valued at ~£31m vs only £20m for MFX ? Looks illogical imo. And MFX surely/phps has a bigger nett interest margin because it pays out a lower % because most of its money comes from depositors at the bank which is part of MFX. ...does anyone agree with me that MFX is under priced wrt TIME ? TIME. p/e. ~7-8, if my memory is correct MFX. p/e. 4.5 (If the p/e for MFX went from 4.5 to just 6 that would be an increase of 33% wrt the current share price) Loanbook Time £170 million (May '23) MFX. £343 million (@ end June '23) Loanbook per £ of cap. value TIME. 170/31= 5.5 MFX. 343 m/ 20m = 17.2 MFX wins that ratio by X3 !!!!!! ------ PAT per £ of cap. value TIME. £3.4m /£31m= 0.11 MFX. £3.8m (2 X H1)/20= 0.19 MFX is much cheaper. For £1 of shares at MFX one gets ~50% more PAT than at TIME. ---- Revenue TIME. 27.6m MFX 42.8m (2 X H1) Revenue per £ of Cap. Value TIME . 27.6/31= 0.89 MFX. 42.8/20= 2.14 MFX wins this ratio by miles, by >X2 ! --- Cost of funds TIME MFX. 3.4% (A low cost of funds is of course good since it has a major impact on profit) |
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