Share Name Share Symbol Market Type Share ISIN Share Description
Morses Club LSE:MCL London Ordinary Share GB00BZ6C4F71 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +5.00p +4.20% 124.00p 120.00p 126.00p 125.00p 118.00p 123.00p 614,759 16:35:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial - - - - 160.58

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Date Time Title Posts
18/8/201710:18Morses Club PLC109
13/6/201612:10Have I got news for YOU. (Share tip)19
18/3/200223:34Mountcashel worthwhile if TMT recovery holds20

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Morses Club Daily Update: Morses Club is listed in the General Financial sector of the London Stock Exchange with ticker MCL. The last closing price for Morses Club was 119p.
Morses Club has a 4 week average price of 105p and a 12 week average price of 105p.
The 1 year high share price is 137.75p while the 1 year low share price is currently 103.25p.
There are currently 129,500,000 shares in issue and the average daily traded volume is 434,872 shares. The market capitalisation of Morses Club is £160,580,000.
glasshalfull: I've also had a nibble here & see an investment in lenders such as Morses (MCL) & Non Standard Finance (NSF) as counter-cyclical investments, that should do well irrespective of the underlying economic conditions. Good thread here with plenty of links to interviews, presentations and the comprehensive Hardman research note. Of course, early stage collection businesses such as these have to contend with increasing regulation but neither are classified as providing high cost short term credit (such as Wonga & other pay day lenders). Page 26 of the Hardman note provides good commentary surrounding this. NSF is in the buy/build stage, offering greater risk but forecasted stronger earnings growth, while MCL offers steadier growth and prospect of a 6% dividend yield this year. Numis had this to say in October 2016 (share price same as today): - "...first half pre-tax profit exactly in line with our forecast of £8.6m. The income margin expanded to 83.4% from 80.0% as the loan duration shortened and this drove a corresponding increase in the impairment charge which was £10.6m against our forecast of £10.3m. Operating costs continue to be impacted by investment spend but nevertheless there was an improvement in the overall group Cost:Income ratio to 58.1% from 60.9% with underlying costs being slightly lower than forecast. The ROE (25.4%) remains very strong given the lack of leverage and the group's RoA is a sector leading at 19.5% and is well up on the 18.5% reported last year. The group is delivering on all of its key strategic objectives with strong territory builds of 114 in the period (the full P&L benefit of this growth should be reflected in H2) compared to the 68 achieved in the first half of last year. This growth increased agent commissions but we view this as a temporary burden while the new agents establish themselves. Card issuance is running ahead of plan having already exceeded their full year target of 5,000 and is now likely to be c.10,000 at the end of the year. Acquisitions were slightly weaker than forecast in H1 at £3.3m against our estimate of £3.5m but they have more than made up for this with £3.2m so far in H2 (timing is everything) and a further £1.6m of pipeline. The dividend was slightly better than our forecast of 2.0p at 2.1p with the dividend remaining a core part of the group's strategy of returning value to shareholders. We are modestly revising up our underlying pre-tax profit forecasts for next year to £19.1m from £19.0m and to £21.1m from 21.0m for the year after. We continue to believe Morse Club offers good value trading at a PE of 10.3x and a growing dividend yield of 6.0% based on next years forecasts". --- Both MCL & NSF have missed out in the market rally & look decent value IMHO. Kind regards, GHF
optimist at large: RCTurner2 The price of 85p for 5,000 shares is because the NMS (normal market size) is only 1,000 shares. I have found that usually there is no problem, buying or selling, up to 2,500 shares but for larger quantities a premium is normally required unless the MMs have excess stock. I think a major factor in the recent share price rise has been an increase in interest following the fairly significant directors' purchases. The share is somewhat illiquid which tends to make it very responsive to changes in demand. The market cap at today's close is still only about £7M. which is less than the current value of their known investments and cash even after excluding RED. I spoke to the FD today to try to find out if their RED shareholding had decreased but, as expected, got nowhere. However he sounded bullish and thought shareholders would be pleased with current developments in due course.
optimist at large: Yet another director buy today even though RED is further down. In the 'good old days' a MCL share used to be about 80% of the value of a RED share, its now about300% !
goldfinger: Mountcashel own 4.7% of Redstone Telecom. Redstone have just been handed potentially half a million customers in a deal with Natwest Bank PLC. Redstone share price has gone up by 50% this week. Mountcashel share price has stayed static, though some bug buys (relative to MCL) goign through today. Most interesting is the news in the last hour that Ian Hislop has made his first purchase as an Executive Director. I am not qualified to give advice and I am not saying BUY. I will leave that for you to work out, but I do own the shares myself. You heard it here first. Thank you. If you like the advice, please visit my site and reward yourself with some fun.
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