International Personal F... Share Discussion Threads

[nikesh] 01/8/2023 07:46

Just under 10p annual dividend. 8.6%yield. Not bad. Well below NAV. Interesting to see what the market reaction will be

[hamhamham1] 01/8/2023 07:25

Gerard Ryan, Chief Executive Officer at IPF commented:

"Our focus on helping more people access affordable credit and excellent execution of our strategy delivered good growth and a strong set of financial results of which we are very proud. Notwithstanding the negative impacts of high inflation, all three divisions delivered great performances and we increased receivables by 10%, credit quality remained good and profit before tax was up 12% to £37.8m. We made significant progress with the rollout of our new credit card in Poland and further strong growth in Mexico through both our face-to-face and digital channels.

Our half-year results reflect the collective efforts of the whole IPF team, and I would like to thank my colleagues for all of their hard work and commitment to our customers and the communities we serve. The Board is pleased to declare an increase in the interim dividend of 15% to 3.1 pence per share, which is fully supported by our strong trading performance and the Group's robust balance sheet."

[hamhamham1] 01/8/2023 07:05

A 10% share price rise would be nice today ;)

[hamhamham1] 01/8/2023 07:05

FIRST-HALF PERFORMANCE AHEAD OF PLAN
Key highlights

Strong first-half performance and increased interim dividend·

Reported profit before tax up 12% to £37.8m (H1-22: £33.8m), ahead of internal plans.

Interim dividend increased by 15% to 3.1p per share (H1-22: 2.7p), in line with our stated dividend policy of paying 33% of the prior full-year dividend in the first half.

Excellent operational execution delivered continued growth and good credit quality

Closing net receivables of £893m, up 10% year on year (at CER), with all three divisions delivering strong performances.

Actions to improve Group returns continue to be successful:

- Revenue yield strengthened to 54.2% (H1-22: 49.8%).

- Repayment performance remains robust, with the impairment rate of 11.4% (H1-22: 7.5%) being in line with expectations as rates normalise following Covid-19.

- Further reduction in the cost-income ratio to 57.4% (H1-22: 65.0%) delivered through rigorous focus on cost efficiency.

Robust funding position and balance sheet to fund growth.

Successfully extended £39m of debt facilities in the first half and, together with advisors, exploring options to refinance the Group's Eurobond.

Headroom on funding facilities of £84m, together with strong cash flow generation, supports the Group's growth plans into the third quarter of 2024.

Equity to receivables ratio at 51.8% (H1-22: 52.4%) underpins the Group's growth plans and progressive dividend policy.

Strategy to take advantage of substantial and sustainable long-term opportunities being executed effectively
·
Rollout of credit cards in Poland progressing well with 53,000 cards issued, and customers recognising and using the extra utility of the new product.
·
Mexico expansion strategy on track, with overall customer numbers in our home credit and digital divisions approaching 800,000.

[nikesh] 01/8/2023 04:08

Should be today. Looking forward to results

[hamhamham1] 31/7/2023 13:26

Results must be any day now.
Hopefully interim divi being upped to 3-4p area. GLA.

[1cutandrun] 28/7/2023 18:39

Look what happened to Vanquis today. Shares drop from £181.00 to £128.20.
I did try to warn people. If you haven't seen it, my post from May.

I'm going to compare IPF to Vanquis Bank and see why investors prefer Vanquis rather than IPF. I'm using two second hand cars that are on the market as an example.
The Vanquis Jaguar compared to the IPF Mini. The Jaguar looks better than the Mini but you can't just go on looks.
Lets see what's under the bonnets. I am impressed, the Mini has a cooper S engine, and that's a plus I wasn't expecting. Now for the Jaguar, OMG it only has a 1300cc engine, no wonder it has hardly moved in the last three years. There's a brick behind the back wheel as the handbrake isn't working properly and it keeps rolling backwards. The owners tell me they have made lots of improvement but I just can't see where. Shame they didn't fix the handbrake. The performance is poor due to the engine cc size. Looks are deceptive, you need to delve deeper when buying into something. CC stands for customer count and their inability to increase it. Until they make the cc bigger, this Jaguar isn't going anywhere. So lets take a look at how positive they are about increasing the size of the cc. Look at their Annual Report and what Tracy the ICU nurse had to say, there's the answer. Signing up the spouse or partner to become another customer. the deceptive way to increase the cc. If anything changes in that household you double the problem with reduced or non payments. Also, part of the cc isn't working as these are credit card holders who don't use them. Vanquis you need new door customers, adding a twin carb is not the answer. Now lets look at the Mini cooper S. Strong cc and increasing. It can drive anywhere, unlike the Jaguar. It has driven into a new area of Mexico where the potential of increasing the cc is immense. This car is nippy and going places.
Investors don't be fooled by the look of the Jaguar, it might look attractive but it's the cc size of the engine that counts.

[quepassa] 19/7/2023 09:58

not yet up with events

[casholaa] 14/7/2023 11:45

Next divi may be in September. Nice divi too.

[nikesh] 14/7/2023 11:36

Very liquid and small spread which is unusual. Managed to buy 110k at 115.5. Quote to sell at 114.80.
Low pe, lots of director trades. Great environment for the company. Bring on results next month and lets get a 25% rise :)

[volsung] 12/6/2023 11:43

Cheers scottishfield
Been here long?

[scottishfield] 12/6/2023 10:57

Good to see you here volly.

[volsung] 12/6/2023 09:18

Bought some of these here shares

[quepassa] 05/6/2023 11:44

not necessarily.

interest rate could be reduced as the perception of IPF credit quality has significantly improved in recent times.

look what has happened to the share price which has doubled since the December lows.

all imo. dyor.
qp

[sjsrace] 05/6/2023 11:26

Any view on how they refinance the ipf2 bond? Due end of this year. When they refinaced the much smaller IPF2 bond that was 12%. Ipf2 is around 7.5% currently, so that will go higher I would think.

[verymaryhinge] 03/6/2023 20:34

Really ? I’m surprised.. ii are usually pretty good.

[ttny2004] 03/6/2023 20:34

Totally agree! This is one of the best run and managed companies I know.

[ttny2004] 03/6/2023 20:33

In summary what did they say and did they give a target share price evaluation?

[archy147] 03/6/2023 12:11

Very happy to be a holder here, have both the shares and IPF3 bond

II seem to have stopped access to buying and selling the bond online though (no prices or online trading available). Any thoughts why that might be?

[robinnicolson] 03/6/2023 12:04

US based Stonegate Capital Partners recently initiated coverage of IPF. Their research report can be downloaded here (no registration required).

[hamhamham1] 25/5/2023 08:11

Strong start. Can't think of a better stock to be in during these times. Time will tell, gla.

[hamhamham1] 24/5/2023 19:00

4.6p divi come September me thinks.

[hamhamham1] 22/5/2023 11:48

Little bump up today I see :)

[nikesh] 21/5/2023 03:04

Thank you both. Such a no brainer investment. Any other bonds you know of with great returns that are listed