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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Osb Group Plc | LSE:OSB | London | Ordinary Share | GB00BLDRH360 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 1.00 | 0.21% | 482.40 | 715,994 | 16:35:26 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 481.20 | 482.40 | 490.00 | 470.00 | 490.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:26 | UT | 272,429 | 482.40 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 23/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 22/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 21/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 20/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 19/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 16/5/2025 | 14:46 | UKREG | Holding(s) in Company |
| 16/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 15/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 14/5/2025 | 07:00 | UKREG | Transaction in own shares |
| 13/5/2025 | 07:00 | UKREG | Transaction in own shares |
Osb (OSB) Share Charts1 Year Osb Chart |
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1 Month Osb Chart |
Intraday Osb Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/5/2025 | 09:08 | OSB-a hidden gem | 1,617 |
| 21/10/2019 | 11:59 | OneSavings Bank | 9 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:35:26 | 482.40 | 272,429 | 1,314,197.50 | UT |
| 15:29:59 | 480.60 | 335 | 1,610.01 | O |
| 15:29:59 | 481.40 | 105 | 505.47 | AT |
| 15:29:57 | 481.60 | 53 | 255.25 | AT |
| 15:29:56 | 481.60 | 558 | 2,687.33 | O |
| Top Posts |
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Posted at 01/5/2025 07:31 by masurenguy Panmure Liberum: Scope for rerating at OSB OSB Group (OSB) could see a ‘notable&rsquo Analyst Rae Maile retained his ‘buy’ recommendation and target price of 560p on the Citywire Elite Companies AAA-rated bank. It was trading up 1.2% at 474p following an ‘in line’ statement just 7 weeks after the full-year results. The statement is ‘most welcome given the challenges in recent years’, said Maile, who noted the loan book was broadly flat in the first quarter as expected. He believes the business is on track to deliver full-year guidance. "Estimates have been suitably rebased over the last few months and so hopefully provide a base from which the company can rebuild. The rating discounts little, yet should the company manage to deliver a much-needed series of “in line” statements then not only is there scope for significant shareholder returns but a notable rerating too." |
Posted at 30/4/2025 07:29 by masurenguy OSB GROUP PLC: Trading updateOSB GROUP today issues its trading update for the period from 1 January 2025 to date. Highlights Q1 performance was in line with expectations and the Group is on track to meet its full year guidance Originations were £1.1bn (Q1 2024: £1.0bn) in the first quarter The Group’s net loan book was £25.2bn (31 December 2024: £25.1bn) as we maintained pricing discipline and focus on higher-yielding specialist sub-segments of Commercial, Asset Finance, Bridging and Development Finance Retail deposits remained broadly flat at £23.8bn (31 December 2024: £23.8bn) and TFSME balance outstanding was £810m as at 31 March 2025 (31 December 2024: £1.4bn) Three months plus arrears balances were 1.7% as at 31 March 2025, unchanged from the end of 2024, in line with modelled expectations The Group has repurchased £15.7m worth of shares under the £100m share repurchase programme1 which is due complete no later than 10 March 2026 Andy Golding, CEO said: “I am pleased with the performance of our lending and savings franchises in the first quarter of 2025. We continued to prioritise returns over growth when pricing new and retention mortgage products which led to a broadly flat net loan book compared to the end of 2024. We saw growth in originations in more complex Buy-to-Let and our higher-yielding specialist sub-segments and retail deposit pricing remained in line with our assumptions with an attractive blended front book margin. Retail deposits were broadly flat as the Group focused on optimising liquidity and utilised funds from the December securitisation to repay c.£600m of its TFSME balance. Since the end of the quarter, we have repaid a further c.£150m of this funding. The transformation programme progressed well in the quarter with all new Kent Reliance fixed rate bonds now available on our new savings platform. I am proud that our focus on building and delivering excellent journeys for our customers was recognised in March by FS Tech award for Best Customer Service and Experience – Technology. Given the Group’s performance to date, we are on track to deliver the 2025 guidance of low single digit net loan book growth, net interest margin of c.225bps, c.£270m of administrative expenses and low-teens RoTE. The Board is cognisant of the geopolitical environment and continues to monitor its impact on the UK economy and the macroeconomic scenarios used in the Group’s IFRS 9 models. The Group is well positioned to deliver on its guidance with attractive and sustainable returns for the shareholders and I look to the future with confidence.” |
Posted at 17/3/2025 10:26 by pj84 De-rated OSB on the way back up, says Peel HuntEarnings downgrades look to be ending at OneSavings Bank (OSB) meaning the share price is starting to look undemanding, says Peel Hunt. Analyst Robert Sage retained his ‘hold’ recommendation and target price of 414p on the Citywire Elite Companies AA-rated challenger bank, which was trading up 2.6%, or 11p, at 431p. Full-year results were in line with expectations with pre-tax profit of £443m, versus £426m in 2023. ‘OSB’s shares have been significantly de-rated due to net interest margin-driven downgrades,’ said Sage. ‘As downgrades moderate, a more constructive investment case could develop if management can deliver against new guidance.’ The shares trade on 0.7 times price/tangible net asset value, a price/earnings ratio of less than 6 times, and dividend yield of 8%, and Sage said the price ‘reflects undemanding valuation multiples’. |
Posted at 13/3/2025 07:12 by masurenguy Preliminary results for the year ended 31 December 2024Financial and operational highlights Underlying profit before tax increased by 4% to £442.9m (2023: £426.0m) and statutory profit before tax increased by 12% to £418.1m (2023: £374.3m) Underlying and statutory net loan book decreased by 2% to £25.1bn (2023: £25.7bn and £25.8bn, respectively) due to the £1.25bn securitisation and deconsolidation transaction in December. The underlying net loan book would have increased by 2.5% since 31 December 2023 excluding this transaction Underlying and statutory net interest margin (NIM) reduced to 230bps and 221bps (2023: 251bps and 231bps respectively) inclusive of a further adverse EIR adjustment of £15.9m, largely due to lower prevailing spreads to SONIA from mortgages and deposits as products written in prior years reached maturity and the cost of MREL Underlying and statutory cost to income ratios increased to 37% and 39% (2023: 33% and 36%, respectively) as a result of continued investment in the transformation programme, redundancy costs and the new Bank of England levy. Core costs increased by 3% in the year Underlying and statutory loan loss ratios were (5)bps and (4)bps, respectively (2023: 20bps) due to improved house price outlook in the updated forward-looking macroeconomic scenarios Underlying and statutory return on equity of 16% and 15% (2023: 16% and 14%, respectively), broadly stable as higher profit was offset by an increase in the average equity balance Basic earnings per share (EPS) increased to 82.2 pence and 77.6 pence on an underlying and statutory basis (2023: 75.0 pence and 66.1 pence) due to higher profit and a lower number of shares in issue following the completion of our share repurchase programmes totalling £100m in the year The Common Equity Tier 1 capital ratio of 16.3% and total capital ratio of 19.7% remained strong (2023: 16.1% and 19.5%, respectively) A new share repurchase programme of £100m over the next 12 months to commence on 14 March 2025 Total dividend of 33.6 pence per share (2023: 32.0 pence) including a recommended final dividend of 22.9 pence per share, in line with our stated commitment to provide a progressive dividend per share Andy Golding, Group CEO, said: “The results delivered by OSB Group in 2024 demonstrate the strong fundamentals which underpin our business and also the focused and disciplined strategic choices made in the year by the Board and management that will shape the Group’s future. The Group’s actions are delivering results, with an improved and attractive blended front book margin for new business originated in 2024, and progress with the planned increase in diversification into our well-established higher yielding specialist segments. The Group focused on reducing EIR sensitivity from changes in customer behaviour at product maturity in our Precise Buy-to-Let book. In December we completed a £1.25bn securitisation of Precise Buy-to-Let loans which was derecognised from the Group’s balance sheet and based on observed customer behaviour, we made the decision to reduce the expected time that Precise borrowers spend on the reversion rate from 5 months to 4 months. This led to an adverse EIR adjustment of £15.9m. These actions helped reduce the sensitivity of interest income to a two month reduction in the expected time Precise borrowers spend on the reversion rate to £27m. This is within the business-as-usual levels seen prior to 2023. 2024 marked the second year of our five-year transformation programme, delivery of which will ensure we remain competitive, deliver at scale with cost efficiency and also enhance the experience of dealing with the Group for our customers, our broker partners and our colleagues. The Group continued to demonstrate strong capital generation and the Board remains committed to returning excess capital to shareholders. The recommended final dividend for 2024 of 22.9 pence per share, together with the interim dividend of 10.7 pence per share, resulted in a progressive total ordinary dividend per share of 33.6 pence, representing a 40% payout ratio. Together with the £100m of share repurchases completed in the year, this represents a total return to shareholders of £226m for the year. In addition, we have announced a further £100m share repurchase programme over the next 12 months commencing on 14 March. Given our focus on returns we anticipate low single digit loan book growth in 2025 with similar dynamics to those seen in 2024. NIM in 2025 is expected to be c.225bps, as both lending spreads to SONIA and net funding impacts on NIM began to stabilise in the second half of 2024. We anticipate c.£270m of administrative expenses in 2025, as we continue to invest in our transformation programme, with core costs increasing below the rate of inflation. We anticipate a low teens RoTE ratio in 2025 and we will continue to prioritise returns to shareholders with total dividend increasing by 5%. In 2026, we expect broadly similar dynamics. Today, we also set out our medium-term aspirations building on our actions over the next two years where we will focus on growing across all our segments and in particular increasing origination volumes where yields are strong and sustainable such as commercial lending, asset finance, development finance and bridging. The Group remains well capitalised, with strong liquidity and a high-quality secured loan book. We remained focused on delivering good outcomes for our stakeholders and strong returns for our shareholders.” |
Posted at 23/9/2024 10:12 by pj84 Threadneedle: OSB Group deserves moreInvestors are overlooking the fact that OSB Group (OSB) is trading profitably and focusing on short-term volatility, says Columbia Threadneedle’s Julian Cane. The Citywire Elite Companies AA-rated challenger bank is a top 10 holding in Cane’s CT UK Capital & Income (CTUK) trust, where it makes up 4.4% of the £380m portfolio. The trust’s performance was ‘adrift’ in August, which was ‘entirely down to the performance of one of our larger holdings, OSB Group,’ said Cane. ‘Its share price had been very strong – up 20% in July – and was so perhaps a bit over-extended into results, which proved to be disappointing, leading to the share price falling 26.5%,’ he said. Despite the poor results, Cane said the group is ‘trading profitably – indeed more profitably than mainstream banks’ but ‘many investors are very focused on the volatility of short-term warnings’. ‘While frustrating, we continue to believe that the attractive returns generated by OSB Group should be more highly rated,’ he said. The shares softened 1.4% to 378.5p at the end of last week. |
Posted at 04/9/2024 12:05 by pj84 At the end of the above link Questor has an update on OSB: -"Update: OSB Group Oh dear. Our investment thesis on challenger bank OSB is already facing a battering after the profit warning that accompanied August’s first-half results. However, we shall cling to the thought that the lowly valuation could offer some downside protection, since the stock trades at barely 0.7 times tangible net asset or book value, while an improved macro-economic environment in the UK could help to provide earnings and share price upside. OSB owns the Kent Reliance, Precise Mortgages and Charter Savings Bank brands and is a specialist in buy-to-let, residential and commercial property mortgages. The alert from Andy Golding, OSB’s chief executive, that net interest margins on the loan book would decline in the second half of 2024 compared to the first, thanks to competition in the mortgage market, means profits may grow less quickly than expected – despite low levels of loan and asset impairments. That rather overshadows the advance in first-half earnings, a dividend increase and a new share buyback programme, but we can at least farm a prospective yield of more than 8pc while we await further developments. Questor says: buy Ticker: OSB Share price: 368p" |
Posted at 17/8/2024 20:00 by popit apple53Yes these are all risks for Halyk Bank but I think that it will still reward investors in the long term as they are the dominant bank in a country which is likely to see huge growth in future years STB is also excellent value but the progress is fairly slow and the 3.5% dividend is disappointing as they could quite easily afford to pay at least twice the dividend for a dividend yield of over 7% You said earlier that : “OSB above £5 was trading at maybe a 60-70% PE premium to STB” What figures are you using here? I have 2024 basic eps for OSB of about 90p as the first half of 2024 was about 45p And 2024 basic eps for STB of about 134p as the first half of 2024 was about 67p So these figures at current share prices give a 2024 PE of just over 4 for OSB and a 2024 PE of just over 6 for STB When OSB was £5 the PE would have been about 5.5 Where do you get the 60-70% premium for OSB ? They both look very undervalued now and they are both vulnerable to any takeover bid at a 50% premium to their current share prices |
Posted at 15/8/2024 22:32 by apple53 I haven't had chance to look at the results in detail, so I probably ought to keep quiet. Presumably there will be eps downgrades for 25/26, but I don't know yet whether they will be 5% or 15%. And of course this follows eps downgrades in March.The bigger picture is that this remains a very cheap company. Even if 2026 eps forecasts drop to 100p, today's share price implies that earnings will fall sharply continually thereafter before the company blows up in 7-10 years. OSB is not the only UK listed small or mid cap which is valued in this way, though banks seem to get the worst treatment. The job of analysts in such an environment is unenviable. They have to accept the realpolitik of mid-single digit (and lower) PEs, while their DCFs and indeed any sensible valuation method tells them that a PE of 10 should be a minimum. And indeed go back 10+ years and banks were valued at 9-13x forward earnings. The stockopedia author has it right - OSB is throwing off a lot of cash, and the upside of slower balance sheet growth is that more of this is excess (the downside is lower 'growth', but I like a disciplined management which compares realistic returns on new business with returns on buybacks). I have no idea what will happen to the dividend - we are back to the old discussion that at very low valuations buybacks are very good use of capital. Now I have to admit some hypocrisy - I trade OSB these days (years ago I broadly held firm through the volatility), and ended up selling my last tranche at 530p a few weeks ago. Having done so I was nervous about a takeover or some other catalyst that might have pushed us closer to fair value (I missed the Virgin takeover). So yes I jumped on this morning's opportunity and have bought back half of what I had sold recently (average sale maybe 470p). If it weren't for stamp I would probably trade it even more (eg flipping the 387p tranche at 408p). If we head down towards 350p I will buy more, cash permitting, and will probably start trimming at 440p. My position, in shares, is probably around 20% of what I owned when we hit 280p not that long ago - I bought like crazy below 310p and sold a lot at 350-370, so I wouldn't mind a bigger buying opportunity. The other factor is what else we can do with the cash. The OSB sales proceeds partly went into STB and ONT (some of the ONT purchases still underwater), and were stimulated partly by my desire to raise cash for such opportunities. OSB above £5 was trading at maybe a 60-70% PE premium to STB. This has shrunk a bit. A premium is deserved, due to higher market cap, lower cost income ratio (ie more resilient to credit hits) and higher underlying profitability (hence the buybacks and higher dividend vs STB). If you look at the Virgin takeover - and I need to look again based on revised Virgin earnings forecasts - I guess it was priced at 9x forward (??), but Virgin is a less resilient business than OSB and had to face up to some of the funding issues post Covid. I would continue to argue that OSB deserves a higher PE, but it is so slim there are few costs to take out to pay the 'takeover premium', and there is always a risk of losing some of the KSPs of a small bank if it is swallowed up clumsily. And let's be honest, which large bank, even with deep pockets, is willing to pay a 100% premium? Last thought in my ramblings: if the business is actually worse off than I/we think, and will no longer grow (cf reasonable comments above about tougher BTL market), will see higher bad debts, a rising CIR etc; then maybe management will be trying to sell asap, and will indeed accept a PE as low as Popit's suggestion. I think this is a sort of backstop to the stock price in the medium term. If I do get time to study the figures I will try to post a view on reasonable eps forecasts. |
Posted at 24/4/2024 20:58 by pj84 Columbia’s Cane backs OSB after profit warningA profit warning from buy-to-let lender OSB Group (OSB) has impacted the shares but Columbia Threadneedle’s Julian Cane says the valuation is ‘extraordinari Cane holds the Citywire Elite Companies plus-rated bank in his CT UK Capital & Income (CTUK) investment trust, where it makes up 4.7% of the £366m portfolio. OSB reported results for 2023 that were a ‘little ahead of most forecasts’ but it also issued a profit warning as ‘current trading margins’ are lower than expected. This caused a sharp fall in the share price. ‘For March as a whole, OSB’s share price fell more than 9%.,’ said Cane. ‘While very disappointing, it is worth highlighting that even on these lower estimates, OSB is still expected to generate an attractive return on equity and its valuation appears extraordinarily low.’ The shares rose 1.9% to 393p on Tuesday, but are down 21% over the last 12 months. |
Posted at 14/11/2023 19:24 by pj84 We sold this bank, then the shares lost 25pc – now we’ll buy againQuestor share tip: buy-to-let specialist does not deserve to be lumped in with lowly valued high street giants By Algy Hall 13 November 2023 • 6:00am In March, Questor advised readers to sell OSB and was right to do so – shares in the specialist buy-to-let mortgage lender have lost a quarter of their value since. This column is relieved to have sold before a profits warning in July that sent OSB shares tumbling. The lender disclosed a £180m hit because mortgage borrowers were refinancing more quickly. Broader investor unease about the banking sector, which prompted our advice to sell, has meanwhile persisted. Now, however, we’re recommending the shares again, guided by the investment decisions of some of the world’s best-performing fund managers. Ten of these professional investors – each among the top-performing 3pc of the 10,000 equity fund managers tracked by the financial publisher Citywire – own shares in OSB. As a result the stock is rated AA – just below a top AAA rating – by Citywire Elite Companies, which rates companies on the basis of their backing by the best-performing fund managers. What’s more, many of those investors have been adding to their stakes over the past few months. They include Matthew Tillett, who bought more shares for his Premier Miton UK Value Opportunities fund in July. Tillett took over the fund in November last year after delivering four times the market return over three years on the fund he ran before. He told his investors that shares in specialist lenders such as OSB were trading on valuations as low as those of Britain’s biggest banks, yet they were “less dependent on the interest rate environment to sustain high levels of profitability” Trading at just 0.6 times forecast book value, shares in OSB are close to the cheapest they have ever been on that measure and 30pc cheaper than when we advised readers to sell in March. A forecast dividend yield over the next 12 months that stood at 7.1pc when we sold has meanwhile climbed to 9.9pc – a level that suggests the market expects a cut. But a trading update earlier this month indicates that the bank may be putting its problems behind it. There was no worsening of the situation that caused that big hit to profits from earlier in the year, when OSB was burned by borrowers spending less time between fixed-rate mortgages on stop-gap “reversion&rdq Reassuringly, it left unchanged guidance for this year’s underlying “net interest margin” – the difference between the interest rates a bank earns on the loans that it makes and the rates it pays to depositors – at 2.6 percentage points. That would mark a recovery from the first half of the year, when the hit to profits resulted in a slump from 3 percentage points to 2. That’s not to downplay the difficult trading conditions for banks and the particular challenges posed by the buy-to-let market, in which OSB specialises. With interest rates starting to plateau, heightened competition between banks is curtailing rates on loans while the rates banks need to offer to attract depositors are rising. Increasing bad debts after the surge in mortgage costs, coupled with the impact of tightening regulation on the buy-to-let market, are adding to investors’ fears. But OSB appears to be coping well with the pressures. Alongside the maintained net interest margin guidance, the bank reported a 5pc increase in deposits in the three months to the end of September. But the biggest positive from the third quarter was lending growth. OSB reported that in the first nine months of the year it had achieved 7pc loan growth. This was previously the target for the whole of 2023 and guidance for the year has now been raised to 9pc. Its ability to win market share thanks to its specialist focus is a key long-term attraction. It is also a reason to think it could weather tougher markets better than most as the specialist focus is reflected in the bank’s strong reputation for risk management. On this front, there’s reassurance from low levels of problem loans and average rent-to-interest cover of 178pc on OSB loans and 154pc for its Charter Court Financial brand, which accounts for about 45pc of gross lending. Meanwhile, a scarcity of rental properties makes landlords well placed to pass rising interest costs on to tenants. OSB’s resilience should also be helped by its bias to professional landlords who use corporate structures to secure tax and property management advantages. This buy-to-let specialism keeps costs down compared with mainstream banks. OSB expects its costs to amount to around a third of its income this year, compared with more than half for many larger rivals. The branchless bank’s low-cost model underpins its attractive levels of return on tangible equity. Even after the profit hit in the first half of this year, analysts expect the metric to reach 15.2pc in 2023 before rebounding to the high teens from next year. It is not hard to see why, following the slump in the shares this year, top fund managers are betting that OSB’s valuation offers protection from further share price falls and the potential for significant gains should the third-quarter results prove to be a taste of things to come. Questor says: buy Ticker: OSB Share price at close: 347.2p |
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