International Personal F... Share Discussion Threads

[ttny2004] 08/3/2018 21:50

Real test will be if this continues there is a good chance from a chartists view the gap will be filled and it will head back to 300p.

[wad collector] 08/3/2018 10:14

Yes new one year high . Trouble is the Polish and possibly Romanian legal uncertainties will continue to shadow the share price for a long time I suspect.
Remember this used be worth £6.

[deadly] 06/3/2018 15:04

Very lively today +5%.

Things may have turned a corner.

[wad collector] 01/3/2018 11:11

Finals out , the good news seems to be that there is no really bad news , though not much news about Poland and hint of more bad news about Romania.
Some positives including the dividend.



01 March 2018

International Personal Finance plc

Full-year Financial Report for the year ended 31 December 2017

This announcement contains inside information

Key highlights


Ø Group - solid financial and operational performance
o Group profit before tax from continuing operations of
GBP105.6M, an increase of GBP9.6M including a GBP11.3M
positive FX benefit
o Credit issued growth of 6% led by IPF Digital
o Consistent credit quality management - group impairment
to revenue ratio at 24.4%

Ø Home credit
o Credit issued broadly flat
o Credit issued growth of 13% in Mexico and strong operational
recovery following earthquakes in Q3
o Very good portfolio quality in European home credit
o Collect-out in Slovakia and Lithuania completed successfully

Ø IPF Digital
o Strong top-line growth - credit issued increased by 44%
to GBP230.8M
o Strong growth in new markets - credit issued growth of
105%
o Established markets delivered good profit growth

Ø Robust funding and balance sheet position; dividend maintained
o GBP53M of new and increased three-year bank funding
o GBP189M headroom on undrawn bank facilities
o Equity to receivables of 47.0%, after exceptional deferred
tax charge of GBP30M
o Proposed final dividend maintained at 7.8 pence per share


Regulatory Update

There has been no update from the Polish Ministry of Justice on its proposal, published in December 2016, to reduce the existing non-interest pricing cap in Poland. We continue to be in dialogue with various interested parties to encourage a more positive outcome for both consumers and credit providers.

At the beginning of 2017, more stringent creditworthiness assessments were introduced in Romania which impacted growth in that market. As reported in our Q3 trading update, there were further regulatory changes which have since resulted in our business being supervised by the National Bank of Romania for the first time. This is likely to lead to a further tightening of credit criteria and a reduction in the volume of loans we are allowed to provide to customers in that market.

Our business in the Czech Republic has been granted a licence by the Czech National Bank. This follows, as previously announced, the introduction of legislation in this market requiring all non-banking financial institutions to obtain a licence to trade.

We operate within price cap environments in all our European markets with the exception of the Czech Republic, Romania and Spain, and expect pricing regulations to be implemented in these markets at some point in the future. A proposal to implement an APR cap of 18% for existing and new consumer lending is being debated in the Romanian Parliament and we are contributing to this discussion.

[wad collector] 13/2/2018 20:56

Nope it wasn't , new 6 month low . I wonder what bad news is brewing?

[wad collector] 12/1/2018 13:32

Do I see the green shoots of share price recovery now?
Or is it just a blip until the next bad news?

[wad collector] 26/10/2017 15:17

Just noticed the Q3 update.
The usual weasel words. No news on Poland.

Bottom line

"Outlook

Our growth guidance for the year remains unchanged for European home credit and IPF Digital. In Mexico, we expect to see slightly slower rates of credit issued growth as a result of the disruption caused by the earthquakes. For the Group as a whole, our impairment expectations for 2017 remain unchanged notwithstanding the negative impact of the earthquakes in Mexico."

[topvest] 04/10/2017 21:11

I suppose this can possibly be mitigated through the use of external rather than internal debt. Not good news though.

[wad collector] 04/10/2017 11:51

The bad news just keeps coming .....

Based on an earlier draft of the proposals published on Monday 2 October, which the Company is continuing to review, the main impact for IPF would be an increase in tax payable arising from disallowance of tax deductions for expenses linked to certain intra-group transactions. For illustrative purposes, in the absence of the Group taking mitigating action such as replacing the current intra-group credit hedging arrangement with a third party equivalent, the proposals would have resulted in an increase in the Group's tax charge of around GBP12M to GBP14M in 2016. In addition, it would result in a one-time accounting charge in 2017 of up to GBP30M arising from the write-down of a deferred tax asset.

I have an impressive recent habit of picking lemons , and nothing I see here suggests otherwise....

[wad collector] 11/9/2017 10:54

The 32p EPS figure will be savaged if the Polish situation goes belly up , but the chart is looking healthy.

[deadly] 07/9/2017 12:49

Looking cheap on those forecasts, and still rising despite the XD today.

[wad collector] 07/9/2017 10:14

Bizarrely Peel Hunt still has a 460p target

2017 2018
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Peel Hunt LLP
06-09-17 UREV 88.75 28.54 12.40 102.35 32.84 13.20

[wad collector] 06/9/2017 11:27

Xd 4.6p tomorrow as the share price finally peaks its head back over £2....

[wad collector] 01/8/2017 17:10

Six month high this week ; but still a long way back to the £4 of two yrs ago and the £6 of four yrs ago.

[wad collector] 26/7/2017 10:14

Those Eastern European uncertainties are the defining factor in the share price still. With EPS of about 30p a year , the share price of 185 seems pessimistic.
Not buying any more but sit on hands time methinks.

[grahamg8] 26/7/2017 07:38

Incredibly detailed half year update. Nothing unexpected but Poland outlook is still uncertain. Anything better than wipe out should see the share price rise sharply.

[wad collector] 28/6/2017 09:28

Sale of home credit business in Bulgaria

International Personal Finance plc ("IPF") has completed the sale of its home credit business in Bulgaria to Easy Asset Management AD, a large home credit operator in that market. The sale allows IPF to focus its resources on its larger home credit and rapidly-growing digital businesses where there is a strong demand for unsecured consumer lending. The transaction is expected to result in an exceptional charge to the profit and loss account of around GBP5M.



So there goes another £5M. Selling the family silver at a loss or stripping the dead wood?

[wad collector] 20/6/2017 09:27

I'm just going to sit and wait. Years probably.

[woodhawk] 14/6/2017 17:49

Sold my recent small holding in these for a small profit. Unfortunately, often couldn't seem to deal (sell) in any reasonable size. Waste of time.

[wad collector] 01/6/2017 17:28

I view Prov as the safe steady income play too.

[stewart64] 01/6/2017 11:35

Wad collector Im trying to make sense of the price too. The only thing that it possibly slips up on is operating margin at just 12% compared to its parent Provident Financial at 26.9%. Otherwise it looks better on further comparisons Provident Financial in brackets....p/e 5.7 (17.9), debt to equity 0.84 (0.79), price to book 0.84 ( 5.77).

Took a punt at 162 yesterday. Should be resistance at 157.5 the lowest ever close. This one isn't for the faint hearted and the volatilty could easily take out a stop loss very quickly.

[wad collector] 31/5/2017 11:45

FWIW Peel Hunt strengthened their rec to buy last week. If their eps estimate for next yr is anywhere near the mark at 32.8p , then this is a screaming buy. I don't know their view on the Polish situation (guessing like most brokers I suspect) .
Good money after bad perhaps but may be an inspired buy , think I will have some more. Paid 160.5 , but don't want to think what I am averaging now.

[wad collector] 04/5/2017 09:05

Doesn't say much about Poland does it?

[brattray] 27/4/2017 14:21

Q1 trading update on 3rd May.