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1PM Plc Share Discussion Threads
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Thank you for posting the above link. Interesting stuff.
|Interview with the CEO
|Bought back in to these this morning on the back of that positive TU, like the company and the business model and having consolidated for quite some time the revenue and profit forecasts now appear to indicate that further progress in profits will ensue, low pe, and a good peg for 1 and 2 years out|
|I agree with Kannerwas and always thought the forecasts were very light on profit expectation. I like under promise and then over deliver and suspect that is why the forecasts are pretty much kept the same for this current year even though the growth coming through suggests far better figures at the end result.
It is important that bad debt remains low...that is a key indicator of any problems and stress amongst their customer base. All going well I expect eps starting at 7p target at least and possibly 8p as economies of scale kick in following the scale up of systems etc last year.
A p/e of 8 would be far too low for a well run business growing at a steady 20 to 30% in revenues and converting even more significantly to profits.|
|It probably reflects an element of caution in earlier statements, and the effect of operational gearing as they increase turnover on a largely fixed administrative cost base. Under-promising and over-delivering.|
|Re your comments about why PBT is materially ahead whilst revenues are in line; Clearly this comment is made on the back of the fee income that is now generated from their acquisitions who brokered £7.8m of asset finance deals.|
|I'm intrigued as to how pbt are 'materially ahead' while revenues are 'in line'.
Presumably it's the revenue mix..more revenues from higher margin areas..plus maybe higher commissions which don't bring accompanying revenues onto the P+L ??
It can't be lower bad debts since they were minuscule already.Could the cost base be trimmed much? I can't imagine so.
All thoughts welcome....
Looks like more acquisitions might be coming.they mention 'strategic' as well as organic growth in the current year outlook.|
|Thank you kannerwas|
|WH Ireland increase their forecast for adjusted PBT from 3.1m to 3.5m, and for eps from 5.1p to 5.8p. They leave their 2017 eps forecast unchanged at 6.7p for the time being. Their target price is 91p (6.7 x 13.6).|
|Has anybody seen morning note coverage on OPM please? It would be interesting to know the scale of the upgrade on the previous profit and EPS forecasts for 15/16 and whether there are any changes for 16/17.|
Winners include 1pm.|
|trading update must be imminent now - 10 june last year|
|Agree fully Maddox. I did not realise Business's still paid circa 20% interest/or lease, for soft assets at an average of £9/£12k per finance deal for average 2 to 3 years. Its is much higher than I thought.
I wish Id asked the question about threat from Funding Circle and such like, or did I miss it?
|An excellent ShareSoc event and company presentations last night. What is far more useful than the opportunity to pose whatever questions you have yourself - it's the insight you gain from the other expert investors' questions. Their penetrating questions highlight areas you probably haven't even thought of.
OPM's Ian Smith stood up to this inquistion extremely well. Although, he was unable to answer the question that's been puzzeling me? Which is to explain why their share price has tracked sideways despite their strong results. Nothing was revealed that might give cause for concern.
|Ron's buying more @ 67p|
|A positive update from Private and Commercial today which should be a good read across Http://www.investegate.co.uk/private---38--comm--fin---pcf-/rns/trading-statement/201604140700071363V/
OPM are presenting next Tuesday at Sharesoc Http://www.sharesoc.org/seminarapr2016.html|
Just signed up for the ShareSoc seminar and really looking forward to meeting 1PM's management. 1PM appears to be trading very strongly:
'Commenting on the acquisition and current trading, Chairman John Newman, added:
“1pm’s trading performance in the first nine months of the current financial year, which includes a six month, contribution from Academy Leasing, continues to be strong and in line with management expectations for the financial year ending on 31 May 2016, This latest acquisition will help to enhance the trend of profitable growth delivered over recent years.”'
So with only a couple of months to go to the year-end it appears that a really good set of results are in prospect. We'll probably also get some further confirmation of this on the 19th. Its a great opportunity to judge the mood of the Directors - but the fact that they've made two acquisitions suggests that their confidence is high.
See you on the 19th,
|Yes probably a little unrealistic to have got to 80p.
IMHO the biggest issue facing OPM, now seemingly solved, was that funding its growth, and the previous acquisition, required discounted equity placings. These made it impossible for any EPS growth to be translated into improvements in the share price
Unfortunately, it was not at all apparent from RNSes, other than those associated with raising equity funds, that this was a major issue for OPM.
The considerable growth in lending in the last six months or so, and the fact that yesterday's acquisition was also debt funded, suggest that OPM's market credibility means that obtaining debt funding at reasonable rates is no longer an issue.
I would like to think this will be a major catalyst for the share price to start reflecting OPM's operational progress.
All the above IMHO. DYOR.|
|Shanklin....that is a wee bit unfair. The eps has been increasing steadily since Jan 14 and is forecast to be nearly 50% higher than the 2014 numbers when announced in July so I think the rating was probably too high when it got to a share price of 84p in 2014 but it can certainly get back there this year.|
|Just pleased there was not another discounted placing to finance the acquisition. These need to stop until management deliver increased shareholder value, something which has not happened share price wise since Jan-14.|
|Nice bolt on acquisition but no market reaction.
I guess value will eventually out but not today!|
I can exit for b/e again but feel that this is an unfair valuation given the growth I would expect it to be able to trade on a mid teens p/e multiple which would give you a share price of around 84p which is pretty close to WH Ireland estimate.
I guess I will hold for now and see if we get a decent bounce back|
|Sorry Maiken, taken a day or two to get round to this. WHI forecasts are PTP next two years £3m then £4.2m giving eps of 4.9p then 6.3p. They have divis of 0.5p in 2016 and 0.7p in 2017. At today's 56p offered, that is a multiple of 11.4x the year we are in, falling to 8.9x next year.
If you private message me yr email address, I can forward the note to you|
|Thanks Shanklin,would appreciate anything else you can tell us from W H Ireland note,especially forecasts for profits,divs etc.|
|I can only assume that there is a big seller in the background.
Profits have doubled over the last 2 years so there is no logic in the share price being lower than it was then.
The interest rate environment is very stable and no one is projecting it to rise over the next 12 months so I dont buy that argument.
I guess I will continue to hold as I am not ready to realise a substantial loss just yet!|