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Track real-time Director Deals activity on the London Stock Exchange (LSE)
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Orchard Funding Group Plc | LSE:ORCH | London | Ordinary Share | GB00BYZFM569 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 2.00 | 3.08% | 67.00 | 38,321 | 09:27:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 65.00 | 69.00 | 67.00 | 64.00 | 64.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Brokers & Dealers | 9.64M | 1.58M | 0.0739 | 9.07 | 13.88M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 11:18:24 | O | 4,575 | 65.48 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 20/6/2025 | 09:57 | ALNC |  Orchard Funding soars as earnings seen significantly above forecasts |
| 20/6/2025 | 07:00 | UK RNS | Orchard Funding Group PLC Trading update |
| 06/6/2025 | 10:26 | UK RNS | Orchard Funding Group PLC Holding(s) in Company |
| 01/4/2025 | 12:19 | ALNC | EARNINGS: Catalyst Media swings to loss; Gaming Realms profit jumps |
| 31/3/2025 | 07:00 | UK RNS | Orchard Funding Group PLC Half-year Report |
| 08/1/2025 | 14:35 | UK RNS | Orchard Funding Group PLC Result of AGM |
| 20/12/2024 | 13:18 | UK RNS | Orchard Funding Group PLC Director/PDMR Shareholding |
| 10/12/2024 | 16:45 | ALNC | Orchard Funding shares jump amid strong full-year growth |
| 10/12/2024 | 07:00 | UK RNS | Orchard Funding Group PLC Final Results |
| 07/11/2024 | 07:00 | UK RNS | Orchard Funding Group PLC Change of Adviser |
Orchard Funding (ORCH) Share Charts1 Year Orchard Funding Chart |
|
1 Month Orchard Funding Chart |
Intraday Orchard Funding Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/6/2025 | 10:02 | Orchard Funding - a niche lender new to AIM | 1,493 |
| 27/3/2003 | 12:36 | Ocean Resources Capital Holdings Plc. | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 10:18:25 | 65.48 | 4,575 | 2,995.71 | O |
| 10:00:27 | 69.00 | 8,744 | 6,033.36 | UT |
| 09:56:35 | 68.99 | 5 | 3.45 | O |
| 09:37:11 | 69.00 | 28 | 19.32 | O |
| 09:33:44 | 68.00 | 1,000 | 680.00 | O |
| Top Posts |
|---|
Posted at 23/6/2025 09:20 by Orchard Funding Daily Update Orchard Funding Group Plc is listed in the Security Brokers & Dealers sector of the London Stock Exchange with ticker ORCH. The last closing price for Orchard Funding was 65p.Orchard Funding currently has 21,352,344 shares in issue. The market capitalisation of Orchard Funding is £14,306,070. Orchard Funding has a price to earnings ratio (PE ratio) of 9.07. This morning ORCH shares opened at 64p |
Posted at 23/6/2025 09:33 by smithie6 Small bit of infoAnother lending company, lse:time. In Feb. '25 it had TNAV of ~£43m while it's cap value is £54m. That shows that a UK lending company can have a cap. value higher than its TNAV. For Orch the TNAV is ~100p/share. Although yes, TIME has that higher valuation because its margin is higher & is valued by the mkt using p/e & not using its TNAV. And because the company has intentionally put effort in to building up a keen loyal base of shareholders with presentations, frequent RNSs & also quarterly results (very unusual for any small cap company on AIM. Probably unique). The directors there are material shareholders (but holding <50% I am sure) so they want the share price to be high, to dissaude a takeover offer (so they keep their good salaries) & to help the company if want to issue new shares or use shares to make an acquisition. At ORCH the boss owns 57% so he can reject takeover offers on his own, if he wants & hence feels he doesn't need to do presentations to shareholders etc. ------ Another small point while I am writing. Orchard is perhaps unique on the AIM market for there being no dilution for the shareholders by the issuing of new shares. For me that is a plus point. (While yes, the CEO does get rewarded for performance, via cash bonus). At many companies there is notable dilution due to share options, the recomended maximum is 10% in 10 years but that is exceeded at some companies. And at many companies it is done with an exercising price of 0p, which personally I really disagree with. |
Posted at 21/6/2025 22:59 by smithie6 TNAV (after deducting ~100k intangibles since not tangibles)£18.8m end July '24 21.35m shares if my memory is correct = 88p Broker says EPS of 12.5p. Adding gives end July '25 TNAV = 88p + 12.5p -2p Divi = 98.5p/share. If you bought after 12-13 June, ex divi date for the 2p. (If you bought before then, then you will soon have that 2p in your pocket, making the TNAV for you 100.2p including that 2p in your pocket). so, for 63-65p share price you hold 98.5p of TNAV. On 31st July 2026 if EPS rises to 14.5p ...if you exclude the divis (since these go to your pocket, not lost) you will have 98.5p + 14.5p of TNAV = 113p Current share price of ~63p is ~57% of that TNAV. A big discount. Imo too big a discount & I expect it to continue to reduce. ----- P/E If EPS is 12.5p to end July '25 (we wait to see the actual small print on the bad debts provision, total nett impairment in H1 was £64k. Nothing. Broker had £630k pencilled in for the year, his estimate now reduced to £350k. Broker was way out with £630k expectation, (clearly the broker does NOT have a good line of communication with the company) so I don't trust the broker's new £350k estimate, have to wait to see the audited accounts imo ) then the p/e is = 63p/12.5p = 5.0 If the ECL provision stays as per H1, only £64k for 6 months then it would increase the broker's EPS estimate by 0.8p, so 12.5p would become 13.3p. to end july '25. A much more probable "minimum" EPS imo. An eps estimate of 13.3p does not allow for any growth in H2, yet we know that the company has a record of growth, so the broker assuming no growth in H2 is illogical. (At the end of H1 the company had £1.5m more cash, (noting there was no cash paid out in H1 as a divi) which it could lend out, with a pessimistic (imo) return of 10% on that additional lending you get perhaps £150k more profit, 0.5-0.7p extra in H2) p/e= 63/13.3p = 4.7 ===== To end July '26. If hit 13.3p for '25 & if achieve +10% EPS to end '26 wrt '25 then '26 EPS = 13.3 + 1.33 = 14.6p P/e = 63/14.6 = 4.3 ===== Well done to Ravi Takhar & all the managers/staff. ===== My hopes for '26 ? In H1 '25 the money borrowed to then be lent out only increased by a marginal amount. I hope that the company sees strong demand for its products & is able to safely step up that borrowing (backed up by the company's higher level of its own cash) & use it. (I hope that already happened in H2 versus H1). And of course if the interest rate falls, as expected, that will further increase the PAT (already happened in '24-'25). And because the company is operationally geared....& very efficient....any additional turnover is more profitable. |
Posted at 20/6/2025 11:01 by smithie6 Price Target...forget the year 31st July '24 to 31st July '25....in ~5 weeks it will be history & shares look at the future not the past ... EPS prediction for '25-'26 (see other post) 17p If award a low p/e of 6 that gives a share price = 6 X 17 = 102p So the current 65p is still cheap imo ----- ....imo over time the p/e given to these shares will increase.....& will be linked to the growth....& the company has a clear record of growth. Investors like to invest in growth. So, imo the p/e will at some time in the future be higher than 6, but it all takes time. At Orchard the growth in EPS in ~3 is "double" ! At some time the mkt might value the shares for the company's record of growth. ---- If value the shares wrt the TNAV. ....expected TNAV (*1) at end of fin. year '25-'26 = 125p +/- X A share price of at least 3/4 of the TNAV seems a reasonable target. = 3/4 X 125p = 94p Much higher than the current share price of 65p to buy. *1. For this calc. the value of any divis paid out is included since the shareholder will have that money in their pocket, it is not lost. ==== It is worth noting that shares in another low cap. lender (lse:time) are valued at "higher" than the TNAV & those shares are valued based on the EPS & p/e, that is because the market likes the growth being produced & the frequent communications to the shareholders. In the future it is possible that Orchard shares could/might also be valued at higher than the TNAV, but that would take time. ---- Divi 4p/year. 6.1% yield. |
Posted at 20/6/2025 09:55 by smithie6 p/e for new financial year starting on 1st August>=17p EPS (calculation below & was posted before) p/e = 65/17 = 3.8 Still very cheap. ----- NTAV 31st July 2025 ~115p Share price. ~65p ~56% of the TNAV And that TNAV is mostly cash. The shares are still very cheap imo. ---- If any of you are number crunching.... ...the falling interest base rate is good for Orchard. I think its average borrowing is about £14 million (to check). For every 1% fall in base rates that saves Orchard £140k. (= + 0.7p for the EPS) And now that Orchard is making notably more profit & has increased its TNAV one hopes it can receive a slightly better % rate from where it borrows from. If that happened it would help the profit. ====== Profit H1. £1.5m PAT. So, let us say £3m for the year. Minus £400k divi. (Normally now £800k/yr, lower pay out during fin. year '24-'25 since divi was stopped in 2024 due to 2 one offs). Resulting cash addition = 3m - 0.4m = £2.6m If Orchard then lends out this money, if say that nett profit is 12% (need to check the accounts) then that is = £2.6m x 0.12 = £ 312k Let us assume that Orchard will borrow more to lend out (keeping the ratio wrt it's own cash relatively stable). The on-going increase in borrowing is visible in the accounts for past years. Let us assume that Orchard makes +£200k from that increase. If assume that average interest rate in fin. year 25-26 is 1% lower that saves Orchard £140k in interest costs. Summation = £312k + £200k + £140k = £652k 21.3m shares Gives a per share increase of + 3.1p. There would be some increase in costs to subtract such as increase in wages. So I think an EPS increase of + 2p/share is a reasonable estimate for 31st July '24 to 31st July '25 Assuming that achieving 15p EPS for the year to 31st July '24 then these calcs give a prediction for the year to 31st July 26 of 15p+ 2p = 17p (& it is worth looking at the accounts of the last 10 years & noting that the company has a history of growth in the loan book. Hence it is perfectly safe to assume as the baseline that growth will continue (& after noting the text in today's RNS & the last H1 accounts which talk of "growth"). |
Posted at 19/6/2025 22:43 by smithie6 Looking at charts.When was the share price last at ~50p/share ? ~June '22. The results that produced that share price were the H1 results published on 29/03/2022. The EPS was 3.8p for that H1. Versus 7.2p for the last interim results now. About double the EPS. Yet the share price is the same ! CONCLUSION ...imo the shares are underpriced. (In addition to other valuation methods such as p/e, NTAV, growth) |
Posted at 09/6/2025 10:48 by smithie6 Interesting trade last FridayAt 17:24:48 54.5p 45861 shares = £25.0k Market price was 50.0p-51.0p So, to get the volume (46k shares) the buyer paid 3.5p over the official mkt price to buy. ------ So, I bought some more this morning. ~51p to get ~125p of TNAV at end July '26. ....whereas at the bank if you put in 51p you get back 51p & a low % for interest which roughly cancels with inflation so you haven't gained anything. p/e is only just over 3 !! ...still crazy cheap imo despite having gone up ----- The buying in VANQ & ORCH in recent days/weeks shows that the mkt is interested to - buy at below cash TNAV - buy in companies lending out money .....& that the good times for Orchard shares will imo surely continue. ---- If ORCH was valued wrt it's TNAV at the same ratio as Vanquis then the ORCH share price would be 78p. ;-) |
Posted at 04/6/2025 15:47 by smithie6 Vanquis versus OrchardA) Vanquis Discount wrt TNAV = (140p (TNAV)-93p (share price)/93p (share price) = 0.5 Or 50% wrt the share price. ===== B) Orchard Discount wrt TNAV = (110p-52p)/52p = 1.1 Or 110% discount wrt the share price. (TNAV. 31 July 2025. 110-115p) Orchard is at a much bigger discount wrt it's TNAV than VANQ is. And profit wise, Orchard thrashes Vanquis. Orchard makes ~15p/share, while I think Vanquis is at about breakeven !, because it in a recovery programme taking 3-4 years. While yes Orchard has a disadvantage in having the CEO own 57%, & the shares being illiquid (although that depends how many £k of shares you want to buy or sell. Dividend wise, Orchard beats Vanquis by miles. Orchard pays a big % divi while I don't think Vanquis pays any divi at all ! |
Posted at 29/5/2025 20:03 by smithie6 Battlebus...I've probably been the main buyer, or one of them ....pushing up the share price... ...I was buying recently at 44p & 46p. TNAV at 31st July '25 should be ~110p, as long as no bad news between now & then; & assuming that H2 profit = H1 profit. So, at 48p ...wrt 110p TNAV, & a p/e of only 3.2 the shares are still a strong buy imo. Is there any share out there that is a better buy ? I don't think so. ===== TP ? A mean initial TP p/e of 5 would give a TP = 5 X 15p = 75p Still way below the TNAV of 110p (31st July 2025). ----- Any share price rise due to an increase in EPS usually/often takes time. NatWest shares went X3, but it took months. And here the share price has risen from 29p to 48p....& still going, takes time imo. |
Posted at 28/5/2025 18:02 by smithie6 P/EORCH. 46p/15p (mid price)= 3.1 VANQ. ~ break even. In recovery process. DFCH. 5.8. (on going basis, removing the one off extra) TIME. 55/6.3= 8.7 NWG. 519/60= 8.7 Note: NatWest share price has tripled from 180p. At 180p/share it was a great buy. At 519p/share, its not very interesting imo. Whereas ORCH shares at a p/e of 3.1 look appealling imo. (Disclosure: I hold Orchard shares & Vanquis shares. Imo there is a good measure of downside protection due to the higher TNAV/share & I like that. I also bt Natwest shares at 180p, & TIME at ~29p (but that was a while back)) |
Posted at 18/5/2025 19:22 by smithie6 Btw97Peter wrote "and 75% say yes, then he has the company private !!" & he claims to own a decent chunk of shares. 300-400k. Well, shame he can't get his facts right !! To take a company private, ie. a compulsory purchase of all shares from other shareholders....need There is a very big difference between 75% & 90%. ---- To de-list from AIM, would , I understand, need >75% of the shares to vote in favour, not just >75% of the votes cast. So, the CEO with 57% of the votes would need to obtain another 18% of the shares.....& I can't see that happening since the shares are illiquid.....& with the share price's up trend & the much better results, I think a most PI shareholders are in no rush to sell. ---- The 3 biggest shareholders detailed on the Orchard website add up to 25%, (while yes, within the 5% held by clients of AJ Bell are surely a number of individual investors). Who would surely vote against delisting from AIM. The lenders of £26-£40 million to Orchard (Toyota & NatWest) have said they prefer for Orchard to stay listed (imo they surely feel it gives them a bit more security/confidence for their money). So, de-listing isn't going to happen. ===== And would a low ball offer from the CEO to buy Orchard be accepted ? No. The sector for listed small lending companies in the UK has improved over the last 2 years & interest rates have reduced & are expected to keep falling, & bonds are less attractive, which makes the purchase of a profitable company more attractive that it used to be compared with investing in bonds. There are takeover offers every week at the moment. If the CEO of ORCH were to make a takeover offer then he should have done it in 2024 when the company had problems & the share price was much lower. The profitability is now markedly higher so the price to take over the company would now have to be much higher. And competing offers could be obtained from others. And Gresham is the biggest shareholder after the CEO & is a clued up financial house & they like to get their pound of flesh !.... If an offer were to be made they would pull strings to ensure a high offer was obtained from some party (which might not be the CEO). And they would only accept the price if it was a good offer relative to the '25 EPS & future EPS & wrt the NTAV & future NTAV. |
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