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
  +0.00p +0.00% 50.25p 49.00p 51.50p 50.25p 50.25p 50.25p 1,400 07:53:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 16.9 4.1 6.1 8.3 42.08

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Date Time Title Posts
17/9/201717:491PM With Volume - Recovery to 0.25p ?787
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 (OPM) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-09-22 16:15:0053.00250,000132,500.00OK
2017-09-22 11:26:3250.95500254.73O
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1PM Plc (OPM) Top Chat Posts

DateSubject
23/9/2017
09:20
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 50.25p.
1PM has a 4 week average price of 48.50p and a 12 week average price of 39.75p.
The 1 year high share price is 70.50p while the 1 year low share price is currently 39p.
There are currently 83,750,052 shares in issue and the average daily traded volume is 286,276 shares. The market capitalisation of 1PM is £42,084,401.13.
05/7/2017
13:21
dan_the_epic: Go away OPM directors with your greedy options package; no-one cares if its at a premium to the share price. You want upside to your salaries? Go risk some real money and buy shares rather than dilute your shareholders away with riskless upside. Starting to think poor corporate governance is a big factor here and very close to taking it off my watchlist
03/7/2017
16:12
shanklin: Hi GHF I think you make very good points. Do we know for certain that OPM will not be conducting another placing in the near future at below the current share price? I would like to think not but management's track record and this concern have discouraged me from re-investing. Thoughts welcome Best Regards, Martin
03/7/2017
15:26
glasshalfull: OPM Alongside many investors / posters on this thread, I don't think the management team have covered themselves in glory by accepting the low-ball price of 45p to conduct the recent placing. 25% dilution was a bitter pill to swallow. I sold out for a small loss when the shares marginally recovered at the end of May but despite the disappointment found myself reconsidering the investment case in recent weeks as the share price continued its downward trajectory, through the 45p placing price & down to the current 40p share price which is a fall of c.30% in 6-weeks following the RNS release confirming the subsequent fundraise. Consequently I've reinvested over recent days, despite a few misgivings, as I believe value fairly compelling at the current price. Following the share price bloodbath in recent weeks OPM shares are trading on a PER of 7 for the year just ended (31.05.2017) & on a current year PER of just 5.6 on 22% earning growth & a forecasted dividend yield of 2.3% (dividend of 0.9p). I've also heard v positive noises surrounding the newly appointed Ed Rimmer which has been confirmed via a number of other posters on this thread that know both him & the sector. This was the clincher for me to reinvest. Cenkos have reiterated their buy recommendation (would expect nothing less ;-) & confirm that Positive Cashflow was acquired on 5.4x profits (7.5x when earn out included) & Gener8 on 6.5x They say, "We update our forecasts for the final deal terms which are consistent with those announced at the recent fundraise, save for the substitution of £0.2m of upfront cash payable, which will now form part of the deferred consideration. Our FY17 forecasts do not include contribution from either Gener8 Finance (Acquired 8 Jun 17) or Positive, while our FY18 forecasts only include 11m contribution from the latter. This acquisitive growth is the key driver to the expected doubling of PBT from FY16 to FY18." & "We believe 1pm's current valuation materially undervalues the business, with recent weakness reflective of concerns over UK consumer credit and general weakness in equity markets over the past month. To confirm, 1pm is not engaged in any form of consumer credit (in particular car finance etc). Trading on a FY18 PER of 5.6x and an expected P/book multiple of 0.71x, we believe the market is not appreciating the significant growth to come." --- Good luck to all holders. Kind regards, GHF
29/6/2017
18:01
mustergreen3991: 1Pm have made a very good acquisition in buying Positive Finance. David Smith is a very good operator and the factoring book will be good. With Positive and Generate they have 2 good companies in the factoring sector. Share price has fallen recently -good time for a fresh look
27/6/2017
16:06
holiday6: Share price in some kind of freefall. Accepting the concern over management's apparent disregard for shareholders, this is probably getting close to representing some value - and could be great value if we could see a positive statement. Meanwhile I wonder what the atmosphere is in board meetings between Chairman, CEO & Ron Russell...
23/5/2017
16:37
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.
11/4/2017
22:01
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
18/3/2017
11:22
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
05/2/2017
13:43
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
05/2/2017
07:51
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.
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