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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
|
|
|---|---|---|---|---|---|
| -2.40 | -0.57% | 420.60 | 420,850 | 16:35:08 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 421.80 | 422.20 | 425.00 | 418.40 | 420.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:47:03 | O | 1,936 | 420.634 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 06/12/2024 | 15:49 | UKREG | Securitisation of Buy-to-Let mortgages and disposal of junior economic.. |
| 02/12/2024 | 11:37 | UKREG | Block listing Interim Review |
| 02/12/2024 | 11:26 | UKREG | Total voting rights |
| 20/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 18/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 15/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 14/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 11/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 08/11/2024 | 07:00 | UKREG | Transaction in own shares |
| 07/11/2024 | 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 |
|---|---|---|---|
| 06/12/2024 | 14:33 | OSB-a hidden gem | 1,564 |
| 21/10/2019 | 10:59 | OneSavings Bank | 9 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-12-11 16:47:04 | 420.63 | 1,936 | 8,143.47 | O |
| 2024-12-11 16:35:08 | 420.60 | 205,604 | 864,770.42 | UT |
| 2024-12-11 16:29:53 | 422.20 | 63 | 265.99 | O |
| 2024-12-11 16:29:45 | 421.80 | 299 | 1,261.18 | AT |
| 2024-12-11 16:29:45 | 421.80 | 238 | 1,003.88 | AT |
| Top Posts |
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Posted at 23/9/2024 09:12 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 11:05 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 19:00 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 16/8/2024 08:46 by thebutler Every time an share price gets bombed out that old chestnut "takeover target" gets thrown around. I don't buy into that, it's far more complex.To be honest, I can't say I've ever heard of OSB other than its listing on the Stock Exchange. Has it a well known commercial brand name? People are shopping around much more with the interest rates as they are, and I get the feeling OSB is struggling to compete judging by yesterday's downbeat forecast. |
Posted at 15/8/2024 21:32 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 15/8/2024 15:51 by martinmc123 OneSavings Bank plc posted HY results which were generally solid this morning but forward looking guidance was lowered triggering today’s share price slump. The net loan book grew by 1.5% to £26.1bn in H1 while the underlying net interest margin (NIM) increased to 243bps. Underlying profit before tax increased to £249.9m from £116.6m primarily due to the non-recurrence of a H1 2023 adverse EIR adjustment. However, the Group also trimmed its FY24 guidance, the underlying net interest margin is expected to be in a range of 230bps - 240bps, net loan book growth is now expected at c.3% down from around 5%. Valuation remains very attractive with forward PE ratio at 5.2x and PEG at 0.3x top quartile for the sector. But the share price has broken lower down through 200dma on today’s lowered guidance, OSB is a share to monitor for the time being...from WealthOraclewealthoracle.co.uk/d |
Posted at 24/4/2024 19:58 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 02/3/2024 20:07 by apple53 I posted something on the STB chat in response to some intriguing points.You might thing it arrogant but someone might find it useful if I repost here. AND I would find it useful if anyone wanted to argue or add. Some of my knowledge is out-of-date, and some of my numbers merely educated guesses. Here goes: QUOTE I agree this is a great opportunity for investors. I don't agree with your view on rates or growth etc., and I wrote the following to remind myself of history and the investment case for these banks. Higher rates tend to benefit earnings, though much higher rates are typically thought likely to increase bad debt charges. Materially higher rates and a high recession risk is normally enough to hit multiples. [it is important you don't have silly regulators that require you to buy reams of government bonds at low interest rates - this is what killed SVB and, arguably, First Republic]. Overall, though, there isn't really any correlation between rates and multiples. 'Any growth' doesn't tend to drive the share price violently up. Balance sheet growth requires capital, and more than it used to under Basel 1/2. In the case of STB the drive for rapid growth probably hit the share price, as it required a dividend cut, and also because some shareholders are rightly scared of rapid growth in bank balance sheets. One of the clearest correlations (with causation) in banking is rapid growth and subsequent high (sometimes disastrous) bad debts. Bank investors 'normally' like modest balance sheet growth, faster growth in fee income, a low level of dealing income and an expectation of a falling cost income ratio. Historically, banks have traded at 8-15x forward eps. It is only in the past few years that 5x earnings has been considered normal, and this in Europe, but not the US, where 9-12x is more typical. What is doubly weird about the ridiculously low multiples is that UK banks are much much safer than they used to be. Equity capital ratios are 2.5-4x higher than in the noughties. [There is a downside to this - RoEs are lower, and incremental growth needs more incremental capital]. They are also encouraged to ex-ante provision (which is good as it helps to smooth provisioning across the cycle). Overall CoE should be lower. None of this means that banks are immune to property market collapses. Some (US) banks are over-exposed to commercial property (NYCB). This has been the cause of most bad debt crises (as opposed to the liquidity crisis post-Lehman). Resi mortgages are also at risk from a big increase in unemployment, double digit interest rates, 40% falls in value (each in isolation) or a milder combination of the 3. The other risk to banks is social media, which magnifies problems that used to swept under the carpet, such that issues which might have been manageable with a couple of year's retained earnings can now be enough to cause a run. STB is probably the weirdest example (and could be the cheapest bank in the developed world), but OSB stands out even more. STB is tiny; OSB merely small. STB is building a growth track record; OSB already has one. STB is modestly profitable; OSB is very profitable (for a modern bank). STB is modestly at risk from an increase in bad debts; OSB is highly cushioned - it has SUCH a low cost income ratio that its leverage to an increase in bad debts is almost the lowest in the industry. If it was 10x the size and based in the US it would trade at twice the valuation or more. I have no idea when this situation will 'normalise', but in the mean time these banks need to buy back their stock (and I would happily forgo some yield to fund this). UNQUOTE |
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 |
Posted at 08/9/2023 17:11 by pj84 Key statsMarket capitalisation £1,442m Dividend yield 9.36% OSB profit warning reaction may be ‘excessive&rsq Share price falls in buy-to-let lender OSB Group (OSB) could be ‘excessive&rsq Moss holds the challenger bank in his £117m CT High Income (CHI) investment trust but said it had been a ‘key reason for the portfolio lagging the market’ in August following a profit warning. ‘The update described positive current trading for the company but did warn there would be a substantial hit to this year’s profit as a result of the rapid rise in interest rates,’ said Moss. The bank highlighted the rapid interest rate rises, which have changed borrower behaviour. ‘The move away from floating towards fixed interest rates is less profitable for OSB, hence the profit warning,’ said Moss. Citywire Elite Companies AA-rated OSB has indicated that the impact is likely to be around 30% of last year’s profits, or less than 10% of market capitalisation of the company pre-warning. ‘The loss should largely be restricted to this year, which, if true, would make the fall in the share price excessive,’ said Moss. ‘However, after an upset of this scale and nature, it would only be natural for investors to demand evidence of a successful recovery before reassessing and rerating the shares.’ OSB Group shares were trading at £3.22 on Thursday. |
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