Share Name Share Symbol Market Type Share ISIN Share Description
P2P Global Investments LSE:P2P London Ordinary Share GB00BLP57Y95 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 799.50p 798.50p 800.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 38.4 26.1 47.6 16.8 671.41

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Date Time Title Posts
23/2/201709:50P2P Global 426.00

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P2P Global (P2P) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
27/02/2017 17:15:04784.0077,367606,557.28O
27/02/2017 17:15:04785.0078,000612,300.00O
27/02/2017 16:35:05799.5014,740117,846.30UT
27/02/2017 16:29:54800.0040320.00AT
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P2P Global Daily Update: P2P Global Investments is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker P2P. The last closing price for P2P Global was 799.50p.
P2P Global Investments has a 4 week average price of 800.38p and a 12 week average price of 793.82p.
The 1 year high share price is 950p while the 1 year low share price is currently 0p.
There are currently 83,978,966 shares in issue and the average daily traded volume is 97,452 shares. The market capitalisation of P2P Global Investments is £671,411,833.17.
aroon001: Im wondering who is selling at a 20% discount and furthermore its in the face of a buyback program. Bizarre isn't it. Someone out there feels its better to sell at this price than hold onto them. I don't think you should knock technical analysis - I'm not a firm believer but we all use it subconsciously - eg looking at the recent highs and lows is technical analysis. If others follow such indicators then the can become self fulfilling. Re daily volume, the average daily vol for past 3 months has been 100k, the same as average volume for the last 12 months. So I don't think you can draw the conclusion that its just management buying shares at the moment. Nothing has actually changed in terms of daily volume. They probably announced the buy back program at -25% ish cos they thought there was risk discount would go to -50% in absence of doing anything! I'm not sure there is any value selling at 850. if you believe that they will start returning the 0.5-0.7% monthly returns needed to get share price back to 1000p then you should hold on. All the factors they mentioned for these low monthly returns shud have/be dissipating. And u get the extra kicker of the buy backs adding NAV.
aroon001: Thats like 0.2% of shares outstanding I think? Every little helps I suppose. Think though would be better to have a tender offer once a quarter for 5% of the shares at say 10% below nav. That way share price would stay in line with nav much better. And if the company shares outstanding fell to say less than 30% of original issue size the company would be wound down.
rl34870: Definitely feel share buyback announcement to support the share price is all about preserving Marshall Wace reputation. If it hadn't been made they could have been buying back at 7.30 rather than 8.00, 25000 shares a day saving 70p each that's £17500 extra saving EVERY day.
aroon001: Interesting that there are still sellers at 20% discount even with this announcement. Clearly it will take a few 0.5s 0.6s to really get the share price moving higher from here. Just re reading the announcement it cud be that nothing has changed in terms of volumes bought etc except that it is Liberium buying with their own discretion instead of the fund manager. In which case perhaps shudnt have much effect on share price.
rl34870: VPC have just produced an excellent investor presentation on their website which produces a lot of the info we need for P2P which is well worth a read even if you're not invested in it. Don't be too discouraged about their marketplace loan defaults as their loans are typically bands E and F whereas P2P,s are A to D. I suspect P2P will produce a further presentation ( they did a good one in February this year) when they are a little bit clearer about the future path of defaults rates. After all the rest is just tinkering, the main determinant of the share price is default rates.
aroon001: not sure I would agree with that necessarily. if u assume since inception that's about 50p a year on average in nav increase, then if investors demand 6-7% yield for p2p, 775p share price wud seem about right (22.5% discount). Massive discount will be justified if average monthly returns since inception don't pick up from here.
rl34870: Yes I was also optimistic at 830 so it is disappointing but on balance I feel that this company is a quality operation. Market sentiment tonwards tis sector is very poor at the moment which is why the share price is where it is. A steady share buy back is all they can really do and you only have to look at the share price swings of oil majors, banks etc to see how short term the market is. Definicely not a good time to sell.
aroon001: 1) I don't think anyone of any importance follows this blog (however great that would be! 2) I don't think investors are exiting with great haste - to me the fair value of this stock given it shud be about 6-7% yield is probably in the 600-700 pence area. If anything buyers are being overly optimistic at these levels if one continues to expect 35-40 pence dividends a year. 3) The discount to NAV is a bit of a distraction. Even if the assets were bought at 100 yielding 10% ish, (and could be sold for that price approx), if you are only returning 3% to your investors, the share price should halve regardless of nav. 30% discount may sound ridiculous, but I cant see why it wudnt go to 40% or 50% if the fund manager is doing such a poor job. 4) reasons to be optimistic due to a tweak in strategy? not really, stating that they will increase proportion of gbp assets not sure why that would change anything. USD assets infact yield more so I cant see what this would achieve. 5) Rising bonds yields - seems like the duration of the portfolio is 2 years according to the factsheet. Since inception I don't think bond yields have moved so much in 2 year maturities, if anything they have gone lower so this should have been an overall plus. 6) open ended may make more sense for this given how relatively new P2P securities are, but with such poor performance, rather than a large discount, there would be queues of investors trying to exit. Ultimately for me the bottom line is that the fact sheet states the underlying loans have an 11% coupon. Leveraged up this is about a 20% return. If the final investor only gets 3% there is a serious issue and the resultant discount is just a manifestation of this, rather than something to be that surprised about in terms of magnitude. Worryingly none of us really know why the returns are so low. Reasons given have been fx hedging and the securitisation of the Zopa portfolio but the given the low cash balances now, and the one off nature of the latter, I'm not sure why returns are still low.
davebowler: Liberum on 8th June; P2P Global Investments (BUY) Lending Club indicates stable credit performance and interest rate uplift Event Lending Club yesterday released an update regarding its standard programme loans including an uplift in average interest rates and a tightening in credit criteria. Lending Club also indicated recent credit performance continues to be stable. The company expects a slight improvement in gross losses although this may be offset by slightly lower recoveries with a resultant unchanged expectation for net losses. As a reminder, 60.5% of P2PGI's portfolio is invested in US consumer loans. The exact breakdown by platform is not disclosed but we estimate over half of P2PGI's US consumer loans were originated from Lending Club. P2PGI's investments are concentrated in the higher quality A-C rated loans which we believe account for 80-90% of the fund's US consumer exposure. Lending Club is increasing the average interest rates across its portfolio to boost the attractiveness of the asset to investors. Interest rates will increase by an average of 55 bps and the changes are concentrated in grades D, E and F (Figure 1). Furthermore, the maximum debt to income criteria is being reduced to 35% (from 40%) across the standard loan programme. Loan volume is likely to be reduced by 5% as a result and will mainly impact grades E-G. There is still a lot of uncertainty over the developments at Lending Club and the decision to delay yesterday's annual shareholder meeting at short notice will do little to assuage concerns (the share price fell 7.4% yesterday). We also note press reports that former CEO Renaud Leplanche is in discussions with private equity groups to fund a potential buyout for Lending Club. Liberum view Over the medium term, the change to interest rates will be beneficial for P2PGI given the increased return available although the NAV is likely to be impacted in the short term by mark-to-model changes in the value of P2PGI's US assets held within the Eaglewood Income Fund. This valuation takes into account a number of factors including Lending Club interest rates. These assets are revalued as it is an open-ended fund with other LP investors and the fair value is used to price the units in the fund. All of the other loans held within P2PGI's portfolio are held at cost. The markdown should unwind over the term of each loan as they are held to maturity. Lending Club's statements regarding the credit performance of the loans is encouraging and is backed up by statistics from the loan book data. There has been a divergence in the credit performance of the higher and lower quality loans. Gross charge-off rates for higher quality loans (graded A-C) are in line with expectations (Figure 2) and this is where the majority of P2PGI's capital is deployed. Lower quality loans (graded D-G) have experienced a steady increase in gross charge-off rates which explains the larger rate rise for these grades.
davebowler: Liberum; P2P Global Investments (BUY) 6.9% 2015 NAV total return Event P2PGI's NAV grew by 0.20% and 0.29% respectively for the ordinary and C shares in December 2015. We calculate a NAV total return of 6.9% in 2015 for the ordinary shares. The dividend for the quarter to December 2015 for the ordinary and C shares is 13.7p and 9.5p respectively. NAV performance in December for the ordinary shares was impacted by a number of factors including mark-to-model adjustments in the US assets due to Lending Club’s increase of interest rates and a small rise in impairments which are within the expected range. In addition, a number of one-off factors had an impact on NAV including a one time adjustment for platform servicing fees and a non-cash markdown on an equity position (which we believe relates to a listed investment). These were partially offset by the sale of previously charged-off loans. In terms of deployment, gearing on the ordinary share class is now 69% and 67% of the C share proceeds had been invested by the end of December (five months after launch). The target gearing ratio for the ordinary shares is between 90% and 110%. During Q4, P2PGI made four equity investments bringing the total number of equity investments to 16. Liberum view NAV performance in the month for the ordinary shares was lower than the expected run-rate although the biggest reason for this is the mark-to-model adjustment of the US assets held within the Eaglewood Income Fund. The C shares were not impacted by this as it does not invest through the Eaglewood Income Fund. This valuation takes into account a number of factors including Lending Club interest rates. These assets are revalued as it is an open-ended fund and the fair value is used to price the units in the fund. All of the other loans held within P2PGI's portfolio are held at cost. The markdown should unwind over the term of each loan as they are held to maturity. It has not been disclosed which equity position has been marked down. We believe it may relate to a small holding in an Australian listed platform (disclosed in the July prospectus) which fell 16% in December as the majority of equity investments are held at cost unless there is a material transaction which justifies a movement. We note that the share price of this platform has risen 24% in 2016 to-date and should have a small positive (non-cash) impact on January's NAV performance. P2P is now trading on a 7.4% discount to NAV (sector average 7.6% discount) and we believe this represents an attractive opportunity given the portfolio is fully invested and the shares should deliver a c.7% dividend yield over the next year which includes no upside from equity investments
P2P Global share price data is direct from the London Stock Exchange
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