1PM PLC Hardman Research: Financing powerhouse

TIDMOPM

1PM PLC

12 September 2017

Hardman Research: Financing powerhouse: A lunchtime treat

Financing powerhouse: A lunchtime treat - 1pm offers a unique exposure to the attractive UK, non-bank, SME financing market. We believe it can deliver superior growth from: (i) focussed business units delivering high service levels, (ii) the market trend away from bank finance, and (iii) group synergies in funding, centralised processing and cross-selling. Credit risk is key and 1pm adopts appropriate controls in each of its units, and at the Group level. Funding risk is also tightly controlled. Recent acquisitions look well priced and create strategic optionality as well as earnings diversity. We forecast EPS growth of 27% 2019 on 2017, for which investors are paying a 2019e PE of c6x.

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http://hardmanandco.com/docs/default-source/company-docs/1pm-plc-documents/12.09.17-financing-powerhouse-a-lunchtime-treat.pdf

 
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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.

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September 12, 2017 05:12 ET (09:12 GMT)