Charter Court Financial ... Share Discussion Threads

[hatfullofsky] 05/9/2018 07:53

OPM reported negligible impact at the adoption of IFRS 9. Could this be related to yesterdays fall here?

[hatfullofsky] 04/9/2018 11:07

Profit taking, bear raid ???

MCAP 200M below OSB (down 1% today) same HY PBT - What am I missing ?

[its the oxman] 28/8/2018 09:08

400p possible, updated broker forecasts / targets anyone?

[gargleblaster] 21/8/2018 09:44

Agree Pen, all sets of figs are pointing in the right direction. Good to see first divi declared! Market reaction seems solid, hopefully there will be an influx of investors on the back of these results.

[pen8] 21/8/2018 07:40

Seems like a strong set of results even backing out the 17m securitisation gain
Very impressive controlled progress it seems

[davr0s] 25/7/2018 15:24

It does seem to move about wildly this one

[its the oxman] 25/7/2018 14:51

Seems overdone, an opportunity hopefully.

[gargleblaster] 25/7/2018 14:19

Getting a pasting today. Anyone the wiser?

[dixies] 14/6/2018 17:25

Tipped tomorrow in the IC.

[m1das_touch] 14/6/2018 16:46

Gargleblaster - I'm not aware of it having been tipped recently. More likely to be people recognising the value here for what should be a great growth story.

[m1das_touch] 14/6/2018 16:43

Closed at new all-time high...bodes well for further gains.

[aishah] 14/6/2018 15:27

6 June 2018

Charter Court Financial Services Group plc

Disposal of economic interest in Charter Mortgage Funding

2018-1 plc

Charter Court Financial Services Group plc ("Charter Court" or the "Group") today announces it has agreed to sell its residual economic interest in the Charter Mortgage Funding 2018-1 plc securitisation ("CMF 2018-1") for a cash consideration of GBP13.8 million, payable on completion (the "Transaction").

CMF 2018-1 is the Group's latest securitisation and is due to complete on 8th June 2018. The Transaction is expected to settle before the end of June 2018 and will involve the sale of the RC1 and RC2 residual certificates (the "Certificates") to the securitisation. Lloyds Bank Corporate Markets plc ("LBCM") is managing the sale and settlement process.

The Transaction will generate a pre-tax gain of GBP21.3 million which will be recognised in the first half of 2018 and will also result in a reduction of mortgage assets and associated risk weighted assets of the Group of approximately GBP285.5 million and GBP100 million, respectively. The associated increase in the Group's core equity tier 1 capital resources will be invested to support new loan originations in its specialist lending segments and ongoing business activities. The securitised mortgage assets yielded interest income of c. GBP1 million in May 2018.

Both the Transaction and the CMF 2018-1 securitisation reflect Charter Court's strategy of continuously monitoring the markets for tactical opportunities to create shareholder value. Charter Court remains on track to meet its net loan book growth target of at least 20% in the medium term, adjusting for sales which result in a de-recognition of assets.

Sebastien Maloney, CFO of Charter Court, said:

"This is another excellent transaction for Charter Court and is a testament to the continued investor confidence in the quality of our underwriting. As we have set out in our strategy, we take a proactive approach to asset-liability and capital management and will take advantage of favourable market conditions to execute transactions that enhance our capital position, support further loan growth and deliver shareholder value. The proceeds from the transaction will be invested in pursuing further growth opportunities. As we set out at our Q1 2018 trading statement, we have had a strong start to the year and remain confident of achieving our stated financial targets."

Background on CMF 2018-1

CMF 2018-1 is the securitisation of approximately GBP285.5 million of prime residential mortgages originated by Charter Court Financial Services Limited.

At closing, CMF 2018-1 will sell all of the rated notes (classes A, B, C, D, E and X notes) in the securitisation to third-party investors.

The Transaction will result in the de-recognition of the securitised mortgages and, as a liability, the rated notes from the Group balance sheet.

[baggies12] 14/6/2018 13:41

Indeed. Having invested a few months ago I've been waiting patiently in anticipation for the next leg up.

No doubt there will be a few retraces along the way but I have a feeling those broker targets aren't to far away.

[gargleblaster] 14/6/2018 13:39

I am liking this. Bit hard to connect the dots here - perhaps been tipped somewhere?

[aishah] 14/6/2018 13:15

pointing skywards

[aishah] 22/5/2018 11:54

Already overweight here, so didn't add more around the placing dip.
Broker tps:
BarCap=400p
Peel Hunt=370p
Shore Cap=415p

[its the oxman] 22/5/2018 10:12

Nice recovery from the placing - aided by a nice trading statement

[gargleblaster] 16/5/2018 13:36

From City am;

Niche bank Charter Court got a glowing appraisal from Investec yesterday, as
analysts asked: “How can such extreme value-creation be this simple?” The bank,
which offers savings products and specialist residential and buy-to-let mortgages,
has delivered “exceptional returns” according to Investec, with a 30.4 per cent return
on equity last year. Added to that, analyst Ian Gordon noted Charter Court has a low
risk business appetite with “one bad debt – ever!” Investec said it expected more of
the same, and added its “buy” recommendation at a 360p target was a “no-brainer221;.

[aishah] 15/5/2018 07:37

Strong update:

Loan book[1] up 28.2% year-on-year to £5.5 billion (Q1 2017: £4.3 billion)

New loan originations of £668.2 million in the quarter with strong performance in core segments of buy to let and specialist residential

Maintained strong asset quality and credit performance in the quarter

Ian Lonergan, CEO of Charter Court, said:

"I am pleased to report another strong quarter for Charter Court. We have successfully maintained the strong momentum in our mortgage originations pipeline at year end 2017 into the first quarter of 2018, while taking the opportunity to price up our mortgage products in response to higher swap rates. In line with our strategy, we continued to work just as hard on the liability side of our balance sheet, taking advantage of favourable capital markets conditions to successfully execute two securitisations in the quarter totalling £620.6 million.

Looking ahead, we continue to see strong demand for our buy to let and specialist residential mortgages and remain confident in our stated financial targets."

[gargleblaster] 03/5/2018 11:44

All the fundamentals seem sound/ seems cheap, and is in markets that larger lenders are not really interested in.

[its the oxman] 02/5/2018 15:32

Co enjoyed a strong start to the year so could well prove to be a decent opportunity sub 300p

[gargleblaster] 01/5/2018 22:40

Nasty reaction - a problem with an investor that holds such a big stake unfortunately. Prior to this their stake was listed as 53.9%, so the fact they want to offload could be a sword of Damocles hanging over the stock for some time. IMV you either take a longer term view on the business (my preference)or you bail out when faced by a large shareholder.

[glaws2] 01/5/2018 09:46

Looks like about 25% of their holding gone.

[aishah] 01/5/2018 08:40

Elliot Capital 180 days lock-up expired 2nd April. Maybe they are reducing. Good to have wider ownership - await news of who bought the trade.

[oniabsta] 01/5/2018 08:28

Lot of panicky sellers - topped up! (too soon)