Share Name Share Symbol Market Type Share ISIN Share Description
Morses Club Plc LSE:MCL London Ordinary Share GB00BZ6C4F71 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 1.27% 40.00 115,639 16:35:19
Bid Price Offer Price High Price Low Price Open Price
38.00 42.00 41.50 38.00 39.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 116.80 20.22 12.48 3.2 52
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:54 O 500 40.00 GBX

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Date Time Title Posts
16/9/202010:57Morses Club PLC280
13/6/201612:10Have I got news for YOU. (Share tip)19
18/3/200223:34Mountcashel worthwhile if TMT recovery holds20

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Morses Club Daily Update: Morses Club Plc is listed in the General Financial sector of the London Stock Exchange with ticker MCL. The last closing price for Morses Club was 39.50p.
Morses Club Plc has a 4 week average price of 38p and a 12 week average price of 38p.
The 1 year high share price is 138p while the 1 year low share price is currently 15p.
There are currently 131,244,444 shares in issue and the average daily traded volume is 123,341 shares. The market capitalisation of Morses Club Plc is £52,497,777.60.
eggbaconandbubble: Hello everyone peeps! Quick question - Why was there a slow share price drop over the course of 2019? Anyone?
yump: The 'plot' in fenners mind, that the BOD have messed with the reporting so as to minimise share price reaction.
yump: I don't see a problem with fenners66 posting. Some people see plots where there aren't any. Folk can judge why. At least the posts aren't of the 'doomed' variety. The idea that a BOD would be that interested in the share price movement seems silly to me. If they were that interested they wouldn't have bothered with the acquisitions, knowing that costs would hit the first half and wouldn't have bothered with the strategy of setting up digital. As I said before, the lack of a big jump in customers could be seen in two ways. I believe cherry picking as a strategy is way more credible than chasing revenue and customer numbers. I have a sideline in doing bike repairs. A handful of new enquiries say I'm too expensive. I send them to Halfords and wait for them to come back in 6 months.
fenners66: I believe I know why they reported 27 weeks vs 26 weeks. If you were on the BOD would knowing your half year results were down 46% (accounting for the 1 week?) and share price could fall on the back of it , would you report -46% or -33% and hope things got better in the second half ? Of course by the year end we expect like for like....
yump: Fenners66 By the way, being better off selling might not be due to what you think was a missed opportunity. Good investment results often happen for the wrong reason. Woodford sold down for starters. The forecasts were reduced because of the anticipated costs for integrating the acquisitions and setting up the digital side. The share price moves on little volume, so it wouldn�t have needed many sellers looking at a pause to profit growth, to drop the price.
yump: Obviously the idea of temporarily absorbing the cost of sorting out the digital acquisitions and integrating them into the overall business, doesn't appeal to some folks. Reverted to a p/e of 10 for the time being by the look of it, which would expect to correct in a fairly short timescale, when the profits rise back up. Surprising really, the word 'digital' would add about 50p to the share price if MCL was making massive losses and engaged on a 'world-leading' BS mission.
fenners66: Provident Fin's share price continues to struggle - whilst MCL is starting to pick up, I feel that MCL will continue to take advantage this year and I look forward to some steady growth.
nakedsteve: just sold up, really baffled why share price going down....
jeff h: I been buying here lately. Last weeks RNS was positive with Numis increasing their forecasts on the back of it. Trading Update next week. Beaufort positive as well:- Morses Club (MCL.L, 119.00p) – Buy The UK's second largest home collected credit ('HCC') lender, on Friday announced that the Group has secured the addition of one of the UK's leading high street lenders to its existing loan facility (the 'Facility'). Sitting alongside the existing funder, Shawbrook Bank, this has increased the overall revolving facility from £25m to £40m. The Facility has also been extended from its existing expiry date of March 2019 to August 2020. This is strategic in respect of supporting growth strategy of the business, providing the certainty of long-term funding and enabling Morses Club to continue its expansion plans, taking advantage of the current opportunities in the market place. Our View: The quite dramatic tumble in Morses' share price that took place mid-July to mid-August provides an important buying opportunity. Morses had been lumped together with others in the UK's non-standard finance sector, all of which took a sharp hit as the dominant player, Provident Financial, warned that its Consumer Credit Division ('CCD') had been severely impacted by disruption from its migration to a new operating model. Shortly after this, early in August, Non-Standard Finance plc also provided its own half year results, from which several commentators suggested as NSF was successfully stealing market share from what they suggested were various sleepy peers, including Morses Club. The interpretation was wrong in both cases. Firstly, the hit on Provident Financial's CCD division was largely self-inflicted. Its move from commissioned agents to contract staff, while also seeking to migrate away from the bottom rung of accounts, had been badly planned and effectively handed significant numbers of active agents to competitors. A real own goal! As far as Non-Standard Finance itself is concerned, the Company continues to make progress, although this comes at a cost; divisional impairment at the H1 stage rose to 37.5% (compared to 28.7% last year), with the loan book rising 16% despite customer numbers falling 10%. After central costs, NSF's Loans-at-Home is still not generating a profit while quoting their number of new agents as rising by 229 following Provident's loss something like 250. Morses, by comparison, is expected to add up to 600 new agents by its February 2018E year end and Friday's announcement detailing its new larger revolving facility, demonstrates management's confidence that activity levels set to deliver a step improvement. Yes, there will be some short-term costs for this expansion but, as Beaufort explained back in a note on 21st June, the anticipated squeeze in margins will be more than compensated in the P&L just one further year out. The Group's trading update, expected on 31st August, is likely to outline management's confidence in its strategy going forward. Far from being 'sleepy', Morses' current push is expected to deliver an impressive leap in both revenues and earnings by year-end February 2020. Beaufort has re-set its P&L projections in response to Friday's announcement, which now places the shares on 2019E and 2020E earnings multiples of 10.0x and 7.2x, together with yields of 6.1% and 8.3% respectively. Much too cheap considering an operation that this year should deliver 24% ROE on a P/BV of just 2.5x. Beaufort retains a price target for Morses Club of 155p/share along with its Buy rating.
glasshalfull: I've also had a nibble here & see an investment in lenders such as Morses (MCL) & Non Standard Finance (NSF) as counter-cyclical investments, that should do well irrespective of the underlying economic conditions. Good thread here with plenty of links to interviews, presentations and the comprehensive Hardman research note. Of course, early stage collection businesses such as these have to contend with increasing regulation but neither are classified as providing high cost short term credit (such as Wonga & other pay day lenders). Page 26 of the Hardman note provides good commentary surrounding this. NSF is in the buy/build stage, offering greater risk but forecasted stronger earnings growth, while MCL offers steadier growth and prospect of a 6% dividend yield this year. Numis had this to say in October 2016 (share price same as today): - "...first half pre-tax profit exactly in line with our forecast of £8.6m. The income margin expanded to 83.4% from 80.0% as the loan duration shortened and this drove a corresponding increase in the impairment charge which was £10.6m against our forecast of £10.3m. Operating costs continue to be impacted by investment spend but nevertheless there was an improvement in the overall group Cost:Income ratio to 58.1% from 60.9% with underlying costs being slightly lower than forecast. The ROE (25.4%) remains very strong given the lack of leverage and the group's RoA is a sector leading at 19.5% and is well up on the 18.5% reported last year. The group is delivering on all of its key strategic objectives with strong territory builds of 114 in the period (the full P&L benefit of this growth should be reflected in H2) compared to the 68 achieved in the first half of last year. This growth increased agent commissions but we view this as a temporary burden while the new agents establish themselves. Card issuance is running ahead of plan having already exceeded their full year target of 5,000 and is now likely to be c.10,000 at the end of the year. Acquisitions were slightly weaker than forecast in H1 at £3.3m against our estimate of £3.5m but they have more than made up for this with £3.2m so far in H2 (timing is everything) and a further £1.6m of pipeline. The dividend was slightly better than our forecast of 2.0p at 2.1p with the dividend remaining a core part of the group's strategy of returning value to shareholders. We are modestly revising up our underlying pre-tax profit forecasts for next year to £19.1m from £19.0m and to £21.1m from 21.0m for the year after. We continue to believe Morse Club offers good value trading at a PE of 10.3x and a growing dividend yield of 6.0% based on next years forecasts". --- Both MCL & NSF have missed out in the market rally & look decent value IMHO. Kind regards, GHF
Morses Club share price data is direct from the London Stock Exchange
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