International Personal F... Share Discussion Threads

[hamhamham1] 27/4/2023 07:51

Unloved maybe, but trading at a PE of about 3 with growth across the board.. I am happy to hold these.

[ingham87] 27/4/2023 07:23

Strong trading update for a seemingly unloved share - bargain still

[hamhamham1] 27/4/2023 07:16

Outlook

Our aim is to provide underserved consumers with access to simple, personal, and affordable loans and insurances to help and protect them and their families. There is significant demand for affordable credit within our target demographic and we see substantial and sustainable long-term growth opportunities through meeting the needs of more consumers with an increased choice of products and distribution channels. Whilst there has been no discernible impact from the rising cost of living on customer repayment performance, we are continuing to maintain a cautious approach to lending given the macroeconomic backdrop.

All three of our divisions performed very well in the first quarter of the year, delivering good growth and, consequently, the Group's results were ahead of our expectations. This underpins our confidence in delivering good lending growth and a result ahead of our original plans for the year as a whole.

[hamhamham1] 27/4/2023 07:15

Group overview

The Group has made a good start to the year and strong operational execution of our strategy delivered a 15% increase in customer lending year on year, with all divisions delivering good performances. The growth in customer lending resulted in a 15% increase (at CER) in closing net receivables to £883m, and customer numbers grew by 2% to 1.71m, (excluding the collect-outs of our business in Spain and Finland). The annualised revenue yield continued to strengthen, up from 51.9% at December 2022 to 53.4% at the end of March (March 2022: 48.5%), reflecting the positive impact of our actions to boost the yield which were put in place during the second half of last year.

Despite the challenges of the increased cost of living for consumers, we are pleased to report that we have seen no discernible impact on customer repayment behaviour which remains good. Together with continued tight credit standards, these combined to deliver an annualised impairment rate of 10.5%, up from 8.6% at December 2022 (March 2022: 5.6%), and in line with our expectations as impairment rates normalise following Covid-19.

Our work to reduce costs to offset inflationary pressures and increase our productivity is having a meaningful impact on our returns. Our annualised cost-income ratio improved from 60.9% at December 2022 to 58.8% at March 2023 (March 2022: 67.3%), and is tracking ahead of our plans.

[hamhamham1] 27/4/2023 07:09

27 April 2023
International Personal Finance plc
Q1 2023 Trading Update

International Personal Finance plc ("IPF" or the "Group") is helping to build a better world through financial inclusion by providing unsecured consumer credit to underserved customers across nine markets.

Highlights

·All our divisions have started the year well and we are trading ahead of our internal plans at the end of the first quarter.

·We have delivered strong year-on-year customer lending growth of 15%, with all divisions delivering good performances.

·Customer receivables ended the first quarter at £883m, up 15% year on year (at constant exchange rates (CER)).

·There has been no discernible impact from the cost-of-living crisis on customer repayment behaviour and our portfolio quality remains good.

·The roll out of our new credit card offering in Poland is progressing in line with our plans with over 20,000 cards now issued.

·We have continued to expand our geographic footprint in Mexico with the recent opening of a new region in Tampico, located in the east of Mexico.

·We have a strong balance sheet and a robust funding position, with headroom on undrawn facilities and non-operational cash balances of £92m at 31 March 2023.

Gerard Ryan, Chief Executive Officer at IPF commented:

"I am pleased to report that the Group has made a good start to the year, and we are trading ahead of our plan at the end of the first quarter. We have delivered strong year-on-year lending and receivables growth and, despite the macroeconomic landscape, we have not seen any discernible impact of the cost-of-living crisis on customer repayment performance across the Group. In Poland, the roll out of our new credit card offering is progressing well and our expansion strategy in Mexico continued with the launch of a new region in March. Whilst we remain mindful of the economic backdrop and continue to take a conservative approach to maintain credit quality, we now expect to deliver a result ahead of our original plans for the year as a whole."

[1cutandrun] 26/4/2023 21:31

Q1 2023 Trading Update
Apr 27, 2023 / 12:00 AM UK time

[hamhamham1] 26/4/2023 14:49

Ooh... a wee tick up?

[verymaryhinge] 26/4/2023 09:03

no - am certain that's inaccurate

[tiltonboy] 26/4/2023 08:53

30m IPF3 showing as traded. Not certain that can be right!

[verymaryhinge] 25/4/2023 20:40

think the LSE has f'd up the reporting sizes from multiple mm's.

[verymaryhinge] 25/4/2023 09:22

some odd prints in BRU2 ENQ2 ALP2 LIV3 - probably others but that's all I've found so far - all on Friday.

[verymaryhinge] 25/4/2023 08:58

IPF looks like a cross to me.. possibly fund to fund ?

[tiltonboy] 25/4/2023 08:42

A decent slug (1.5m) IPF3 traded yesterday. A corresponding purchase of 1.5m BUR2.
Wonder if there has been a bit of a switch

[1cutandrun] 24/4/2023 22:06

Another UT at 8am this morning.

[hamhamham1] 23/4/2023 12:16

This should be trading on a PE of 6-8 minimum.

[wad collector] 22/4/2023 12:27

TU Thursday

[1cutandrun] 19/4/2023 17:01

There you have it in a nutshell. They carried out a UT at 8am this morning to set the share price. The share price was set at 98.20p. That's 4.20p higher than last nights close. This being the third time a UT has been carried out at 8am to set the share price and on each occasion the share price has gone up. Is it a coincidence a UT was done this morning after I pointed out an anomaly yesterday, no as it has happened three times now. IMO the market makers are sometimes setting the spread prices out of line with the actual share price.

[tiltonboy] 19/4/2023 08:33

1cutandrun,

Unfortunately they price off the AT trades or mid. They could be 90-100, and loads of MM trades go through at 99. The mid price would therefore be 95. If just 1 share traded at 90 AT, then the price would show as 90.

Best just to ignore the movements, especially the "closing" AT

[1cutandrun] 18/4/2023 21:40

There is something just not right with this companies share price. Nothing seems to add up and when that happens, it points to other things going on. Just have a look at todays trades. LSE web page states the highest price of the shares today was 94.20p and the first six trades of the day were higher than this figure. At 12.21 as per the trade index, the share price was 99.80p The next trade was at 15.08 when the shares dropped to 94.20p. That's a 5.60p drop on one trade. How is it possible that the shares never reach 99.80p, when it clearly shows trades taking place at this price.

[archy147] 18/4/2023 11:59

Excellent, thank you very much both that all makes sense now.

Your example is almost spot on QP, i just got a quote from II and they added on £4 for the accrued interest from Dec-April. Cheers for the info :)

[quepassa] 18/4/2023 11:55

Archy.

The way it works for bonds is that you pay for two things:

1. You pay the current market price of the bond.

2. PLUS you pay for any accrued interest to date.



For example. If you buy £100's worth of a 12% bond currently quoted (for sake of argument at 101) and which is three months into the interest period, you would pay:-

£101 plus £3 accrued interest totalling £104.

The accrued interest calculation would be £100 x 12% x 3/12



(On the next semi-annual interest payment date you would receive £6 in interest)

[tiltonboy] 18/4/2023 11:43

Archy, the instrument carries accrued interest, so in effect you are paying for the accrued income, but will receive 6% in June

[archy147] 18/4/2023 11:30

Is anyone able to clarify for me please, the IPF3 prospectus says

Interest payable Date
12 June and 12 December in each year from and including 12 June 2023, up to and including the Maturity Date.

Does this mean I can buy now at just a fraction over £100 and get the first 6% payment in less than 2 months time? if right, this means the yield for 2023 is actually well over 12% for anyone buying now?

[archy147] 18/4/2023 10:39

Thank you guys for posting responses* to my question about IPF3. Fortunately, II have updated and IPF3 is now available to buy there :)

*and thank you QP for your link, the lse webpage is very helpful