Share Name Share Symbol Market Type Share ISIN Share Description
P2P Global Inve 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
  +6.00p +0.74% 821.50p 819.00p 824.50p 830.00p 821.50p 830.00p 25,190 13:47:31
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 38.4 26.1 47.6 17.3 700.83

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Date Time Title Posts
20/10/201614:07P2P Global 267

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P2P Global Inve Daily Update: P2P Global Inve is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker P2P. The last closing price for P2P Global Inve was 815.50p.
P2P Global Inve has a 4 week average price of 826.45p and a 12 week average price of 825.57p.
The 1 year high share price is 1,021p while the 1 year low share price is currently 795p.
There are currently 85,311,278 shares in issue and the average daily traded volume is 71,496 shares. The market capitalisation of P2P Global Inve is £700,832,148.77.
anley: Is this the new policy? Simon Champ, CEO of MW Eaglewood Europe LLP, the manager of P2P GI, said: "This transaction marks a positive step in enabling us to deliver on our objective to both diversify the sources and reduce the cost of our funding. The funds raised by the issue will now be progressively deployed in line with the investment strategy and our intention remains to steadily increase our leverage ratio to 100%." "We believe our target rate of return, mostly paid out in dividends, is particularly compelling in this ultra-low interest rate environment." Has anybody else got an idea as to what this may do to the share price over the next year? For me I just think that Champ and his mates were to cleaver and got it wrong but I am surprised that shareholders have not been more vocal with the directors.
anley: Reading Liberum's view it seems to me that the fund should be wound down and the capital returned to shareholders all due to the failure of the business plan and subsequent loss of one of the founders. My 11p will be re-invested back into shares and the continued buy-back will help with the share price being kept at these levels.
argoal: Another 250K shares bought back. Another 0.5p added to Nav. .....unfortunately no effect on the share price though. I'm happy to wait until normal service is resumed regarding the discount. Bit worried that I might have to wait quite a long time though. The dividends will keep me company in the interim.
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.
aroon666: Anyone know why the share price just fell about 8%?
davebowler: Liberum; P2P Global Investments (BUY) C Share conversion to take place in March Event As previously indicated, P2PGI's C shares will convert on 22 March following the announcement of the February 2016 NAV as over 90% of the C share proceeds have now been invested. Once the share classes have merged, P2PGI expects to resume a regular quarterly dividend with the dividend for Q1 2016 to be declared in April. Liberum view The merging of the C shares is in line with the 6-9 month target set at the time of issue and the enlarged portfolio will then be diversified across 160,000+ loans. The gearing ratio on the ordinary shares will reduce following the conversion but this will be partly offset by the higher yielding loan portfolio of the C shares (11.3% coupon on C shares vs. 10.0% on ordinary shares). The gearing on the ordinary shares was 78% at 31 January and we estimate it could reach c.95% by the time of the C share conversion. The subsequent gearing ratio would be c.50% following conversion and we estimate it would take approximately 5 months to achieve the targeted 100% gearing ratio from that point. P2P's share price has recovered in recent weeks and now trades on a 10% discount to NAV. Real Estate
rl34870: Current Ratesetter default rate is 1.18%. Whilst the current share price is depressed because of an institutional seller overhang, I think P2P are using this as an opportunity to kitchen sink some costs ie debt amortisation. This will probably prove to be an excellent buying opportunity- the dynamics of the fund have not materially changed and the entry point is 30% cheaper than a year ago.Fill your boots!
rl34870: P2P say target default rate is 2-4%. If actual default rate was 20% and thus 40% with 100% gearing, then in six years time capital growth would still be nearly 4% per annum if share price gradually returned to NAV(assuming no dividends paid and no performance fee) from its current level. As they are lending mainly to prime borrowers, can the share price go any lower?
specuvestor: I spoke to Simon Champ of Eaglewood, one of the fund managers that manages the portfolio for P2P Global. He was presenting on behalf of P2P Global at the Shares Investor evening last Thursday. When asked about the fall in the share price he responded by saying that a fund manager had left one of the institutional investors, I think he mentioned Artemis, and that Artemis were selling down. I have heard that sort of speil before from directors/fund managers and dont hold much store by it. Does anybody know if Artemis have been selling? With regards to the disappointing discount to NAV, I note that Ranger Direct Lending are in double figures(-10%)but others in the same sector such as VPC and GLI Alternative Finance are on small discounts. The sector average according to winterflood is -5.4%.
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 Inve share price data is direct from the London Stock Exchange
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