Share Name Share Symbol Market Type Share ISIN Share Description
1PM LSE:OPM London Ordinary Share GB00BCDBXK43 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.50p +3.73% 41.75p 41.00p 42.50p 41.75p 40.25p 40.25p 545,624 16:14:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 5.5 1.6 3.7 11.2 34.97

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Date Time Title Posts
22/6/201721:231PM With Volume - Recovery to 0.25p ?732
08/11/201613:12ShareSoc Supper in Richmond (London)-
07/10/201617:30Ian Smith will be presenting (1PM) & Paul Scott-
19/8/201311:05New proven management begin recovery at 1pm36
19/6/201314:32OPM - On the up1,238

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1PM Plc Daily Update: 1PM is listed in the General Financial sector of the London Stock Exchange with ticker OPM. The last closing price for 1PM Plc was 40.25p.
1PM has a 4 week average price of 40.25p and a 12 week average price of 40.25p.
The 1 year high share price is 73p while the 1 year low share price is currently 40.25p.
There are currently 83,750,052 shares in issue and the average daily traded volume is 52,934 shares. The market capitalisation of 1PM is £34,965,646.71.
mustergreen3991: The factoring market is both competitive and mature. Gener8 is a well run factoring company but I do not see major growth with so many players in the market. Edward Rimmer the MD of the factoring division is very experienced and from Bibby a major player. They mention cross selling which can be quite risky as you are lending against debtors and assets and can therefore be over exposed when things go wrong. I understand that they are looking to buy another factoring company. I will be looking at the purchase closely. The fall in share price indicates lack of excitement in the move into a new sector.
glasshalfull: 1PM Feels like my own private investment thread ;-) I last posted a month ago following the earning enhancing iLoans acquisition. Cenkos upgraded earnings by (+6%) for 17/18, raising adj diluted EPS to 7.5p from 7.0p. OPM aren't let the grass grow under their feet & announced a further acquisition today of Bell Finance which adds scale to their Asset Finance Division. Their broker has consequently upgraded the upgraded earning figures by a further (+5%)!!! 1pm will hope to reduce Bell's existing funding costs through delivering economies of scale through the elimination of duplicate costs. Cenkos indicate that they acquired Bell on a multiple of 6.5x PBT & that it will be earnings accretive in 17/18. The new FY begins in June. They conclude, In FY18, recognition of a full year of Bell leads to a 5.3% increase in adj EPS to 7.9p p/s (was 7.5p p/s), with a dividend of 1.02p p/s (was 0.97p) now expected....Excellent value on book and earnings basis - 1pm trades on a FY18E PER of 7.4x and a p/book multiple of 1.1x. This represents exceptional value relative to alternative finance peers; such as closest peer P&CF (FY18E PER 13.7x, 1.9x book). --- Share price 59.5p (mid) & the latest upgrade places the shares on a prospective PER of 7.5 for 2017/18 which almost prices them at c.45% discount to peer PCF (Private & Commercial Finance Group) on both an earnings & also price to book basis. Look great value to me. Kind regards, GHF
glasshalfull: 1PM Another lovely quiet thread. Share price +14% in the last few days following the iLoans acquisition...and zero posts! Looks like a decent acquisition to me, with Cenkos upgrading forecasts & indicating that it will be +6% earnings enhancing in 17/18 - year end May, so negligible impact in remaining couple of months of the current financial year. Update from Cenkos indicates, "...iLoans brokers second charge (45%), commercial (40%) and bridging (15%) property loans to a panel of funders for commission income. Deals are originated from a network of introducers to small businesses and consumers seeking credit. By acquiring, 1pm is seeking to self-fund future bridging loans which offer short-term, low risk, and highly profitable rewards, while continuing to broke-on remaining business for commission. The deal also offers cross-selling opportunities with brokers to the existing 1pm business." "...iLoans’ business will be combined with existing Onepm Finance business loans (currently a £14m book) to form the Loans division. The division represents shorter term lending (3-12m) which will be backed by the more flexible SLNP in addition to existing block funding arrangements." The initial consideration represents a multiple of 3.0x EBITDA. iLoans received commission income of £1.5m (from 250 transactions) in the year ending 31 Jan 2017, which produced EBITDA of £0.4m and PBT of £0.3m. Cenkos have upgraded 17/18 forecasts for earnings upgraded by +6.0% which raises adj diluted EPS from 7.0p to 7.5p & places shares on a PER of 8.2 (based on mid-price of 62p). They retain 5.9p adj diluted EPS for the current year which ends shortly (31.05.2017). Cenkos conclude that OPM offers, "...Excellent value on book and earnings basis - 1pm trades on a 17/18 PER of 7.8x and a p/book multiple of 1.3x. This represents exceptional value relative to alternative finance peers; such as closest peer P&CF (FY18E PER 13.6x, 1.8x book)." --- Kind regards, GHF
glasshalfull: Jamielein / Spig69 - Thanks for your comments. As an OPM investor pre-consolidation I made the decision to come back on board a week or so ago when a lump of stock became available at 55p. The interims contained a few issues which you've touched on, but as Academy and BBFL have ramped up the self-funding aspect of deals, this has sacrificed the up-front broker commissions, reducing margins & immediate earnings. So for me it's was important to ascertain if they will deliver as per full year estimates after lukewarm interims. Bad debt write-offs have increased to £0.25m from low base of £0.15m. An area to watch but again I would expect this to rise given the increase in lending. The future provision also increased to £1.2m representing 1.64% of total receivables versus £0.92m in the previous year which represented 1.57% of total receivables. Again, % consistent with the previous years provision. Cenkos indicate, "Going forward, we expect 1pm’s impairment rates to continue to impress however, it is expected some addition to impairment provision will be made given current economic uncertainty. It is expected that the impairment provision will be maintained at c1.5% of total receivables to factor in additional prudence." For the current year to May 2017 Cenkos maintain £16.5 turnover / £4.3m PBT / 5.8p Adj EPS (PER 10). So as mentioned, stalling EPS growth although +22% EPS growth factored in for 2017/18 with 7.1p EPS forecast. IMHO the current price offers decent re-entry point while I understand your reticence given the static earnings progression. Finally, Cenkos note, "On an earnings basis, 1pm lags the peer group average P/E of 12.7x earnings and in particular its closest peer, P&CF (16.9x). Should the peers average be applied to 1pm earning’s, a market capitalisation of £43.2m equivalent to a price of equivalent to share price of 79.2p per share (34% upside)." Best wishes to you both. Kind regards, GHF
spig69: Jamielein, I have also held for many years. Your comments regarding the bad debts and provisions worry me too. Why they have bought so many companies diluting shareholders in the process without increasing EPS is a mystery. The EPS makes very poor reading. I sold a lot last week and I have been here for more than 6 years. Anyone can increase turnover but at what cost? And a placing around 60p to fund these purchases has not produced much at all. At the end, it is all about EPS and share growth. 1PM should have stuck with the original business - that seems to be performing well. I am another disappointed investor - these were in my SIPP and I reluctantly sold as there has been no movement in share price for a few years now.
kannerwas: At first sight the interims are a bit disappointing. Revenue up 52% Cost of sales up 57% Administrative costs up 86% So, PBT up only 23% Weighted average shares in issue up 18% (that we knew anyway) So, eps up less than 6%. Unlikely to set the share price alight. (Please may I be wrong)
kannerwas: Personally I think you have to look at the results, not at the share price. The co has done nothing wrong. It is in an unfashionable sector of the market following Brexit. The price action does make me wonder whether an acquisition and placing are imminent. Hope not.
kannerwas: The results are exactly in line with expectations set by the July trading statement. Attention now turns to 2016-17 and so far I have not seen any guidance as to what to expect. The only quantified indication I can find in today's statement is: 'In total the Group originated £49.7m of asset, business loan and vehicles transactions in the year to 31 May 2016. On an annualised basis, including a full year for the acquired companies, this equates at present to an approximate run-rate of £70m.' Growth of 40% would be welcome indeed. One senses that the board is itching to make further acquisitions. If they are to be funded by share issues, personally I would prefer they didn't, at least until the share price has entered territory decisively above the level of the last placings. The increased dividend is welcome.
maddox: 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. Regards, Maddox
kannerwas: Maiken, it's always a good idea to look at what could go wrong, and you do us all a service by doing so. Just to put a figure on it, bad debts would have to rise to over 6% in a full year to reduce PBT to zero. That is based on a portfolio value of £57m, PBT of £1.66m for the half year, and the assumptions (a) that the co will do the same (bar bad debts) in H2 and (b) that bad debts flow straight through to the bottom line with no other financial consequences. I think 6% would be a pretty extreme figure for any lender. I also think 1PM may be better placed than some lenders to avoid very serious bad debts: (a) lending in small amounts to a large number of borrowers, with (I think) no borrower owing more than 50k; (b) lending on the security of assets which it has legal ownership of itself (in the case of the leasing business). Also 1PM does not have the typical bank financing profile of short-term deposits financing long-term loans. There was some discussion on this board a while back as to whether the company should be paying a dividend at all at its current stage of development. I am very glad that it does. I think the best indication a company can give of having its shareholders' interests at heart is to distribute some real money to them, and I think the dividend, though small, may bring shareholders on board who would not otherwise be there. It is only natural that the first dividend should have been small and I hope it will be progressively increased, though not faster than earnings. As to acquisitions, I guess one can never rule out the possibility of management making a duff one. My sense is that, rightly or wrongly, the management here has a little work to do to win the full confidence of investors, and I suspect that the effect of this will be to put a brake on any acquisitive ambitions for the time being. Having supported two placings at 61p and 60p, I think investors will wish to see that last year's acquisition is a clear success, and will wish to see the share price well above that level, before they support another placing.
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