Pcf Share Discussion Threads

[rightnellie] 25/2/2021 16:07

What does this do?...Specialises in providing finance for car buying, mobile homes purchases, film makers, business development and recently house bridging finance. Isn't that the part of the economy that is finally about to bounce back? I'm in and added to my holding today.

[dandigirl] 11/2/2021 12:45

Mr Coombs sounds upbeat for SUS. Another big cut in the interim divi though. Suspect it will be a similar tale for PCF. We will continue to hold both as both are soundly run companies.

[graham1ty] 11/2/2021 10:10

The S&U update is pretty good. Car business strong and expected to rebound very strongly. Bridge finance strong. 90% of loans Paid contractual terms in Jan, people taking payment holiday fallen from 15000 to 4000. However, absolutely nothing on impairments and how this will get treated in the accounts. S&U are a Jan 31 year end, and mid lockdown. You would assume IFRS9, mid lockdown, would be pretty harsh. I hope PCF ( Half year to March 30th, reported cJune) will be looking at a much rosier outlook. However, while these are “just” accounting measures, they have the ability to make headline figures look horrible.

[graham1ty] 08/2/2021 10:31

Has anyone got access to the Simon Thompson 2021 Tips ? And could post it here ? I’ve not seen the text

[toptomcat] 08/2/2021 09:02

Some nice buys coming in this morning

[dandigirl] 07/2/2021 11:14

IFR9 is pants. The latest gimmick from the accounters. See that their body, the FRC, has been slammed, yet again. Scandal after scandal. Yet another protection racket. Bureaucracy gone made. Just wish they would go back to a plain simple audit. Rant over. Actually, I think the likes of PCF [and SUS] are in a good place. New sales are down big. Hence, used are holding up with increasing numbers wishing to commute by car rather than public transport. Add in, as you say, PCF's going mostly prime and this segment of their business should continue to do well. Huge market with lots of room to grow their book. Moved in property lending at a good time. Again huge market of which they have only a tiny bit. Being a bank has helped generate lots of low interest deposits so margins should hold up/improve. Entered the media thing at a bad time but, thankfully, it is still only a small part of the whole. They also have long serving CEO and CFO who both are hard working and know the business well. And all with the hanging possibility of the Bermuda boys and girls selling up to someone who has big eyes for this slick banking operation, something that Lend Invest and SUS, for example, do not have.

[graham1ty] 07/2/2021 08:10

I rather hope they don’t give an update !! Under this current lockdown, the assumptions made about the economy for the purpose of IFRS9 will look pretty grim. If they ran a new IFRS9 assessment today, with ( I am guessing) the economic outlook a lot worse than December ( we were not in lockdown on 9th Dec at time of Prelims). The accounting rules force them to throw the kitchen sink at the loan book and the level of impairments ( just an accounting best guess, until borrowers actually default) could be horrible. It does not worry me as PCF are lending mostly to prime customers, have asset backing, etc. And the loan book is in an infinitely better position than 2009/10. They will trade their way out of this, and as Scott has said, the medium term targets of £750m loan book remain in place. However, a single RNS, with a big headline impairment charge, could knock the price back into the teens. I hope I am wrong. I will be piling in if it falls

[toptomcat] 05/2/2021 08:29

With all the noise and inflated open prices on Simon Thompson 10 new Bargain Share picks, this looks by far the best value on offer. One of his picks last year and an update due next week. Taken a position this morning.

[dandigirl] 02/2/2021 17:58

I think I read that too but their site says March hxxps://pcf.bank/investors/

[geraldus] 02/2/2021 14:33

...before Covid 2.

[geraldus] 02/2/2021 14:32

In the December presentation it was said there would be an market update of some kind in January. Mind you tgat was

[dandigirl] 02/2/2021 14:09

topvest: Good call. I sold some but not enough. Intend to buy back though. geraldus: next month.

[geraldus] 02/2/2021 09:43

January update?

[topvest] 30/12/2020 11:25

I have decided to sell my last few, after the recent strength. I purchased the convertible bond originally so got the shares at 8.5p. I have decided to gradually exit lenders in my portfolio, after listening to the wise words of Terry Smith. Still hold indirectly through UIL so will continue to follow the story. Good luck to those that remain.

[igoe104] 29/12/2020 11:32

Lovely rise, good job holders havent listen to the troll on this forum, who has suddenly disappeared.🤫;🤫🤫🤫🤫 not bragging about being all cash now are you....

[geraldus] 15/12/2020 19:47

Watched the ED presentation.This is a well run outfit.Good to see him talk of possible portfolio acquisitions,bolt ons and also M&A opportunities as I have previously mentioned.Watch this space,early in the new year by the look of it.

[rmillaree] 14/12/2020 15:11

"But it is mad that the share price is at the same level as five years ago" I guess that says more about the shareprice 5 years ago or how they may not have progressed as far as might have been expected in the meantime. I hold but to be fair with current market cap of £70 odd million that doesnt seem silly if you factor in the £23 mill of Portfolio forbearance and the profits which could be between £8 mill and £12 mill if there were no covid related nasties. Nasties and foebearances and matter of life at present even if there is some hopw these may go away sooner than may be expected. At least the shareprice seems to have gained back some of the instantd drop post results - so hopefully on reflection the market is now saying results were not a disaster. I too will play the waiting game.

[graham1ty] 14/12/2020 13:08

Tipped by Simon Thompson. Good presentation at EDI today. There is a strong element of “wait and see” with PCF, and Covid, recession, Brexit and IFRS9 will overhang this for maybe another year. But PCF is well capitalised ( unless the world shuts down), has a strong base, a quality Prime lending book, and the systems and processes to get back on the growth track as things get better. It will be untouchable for a few until more is clear. But it is mad that the share price is at the same level as five years ago, when PCF is significantly larger, significantly derisked from moving to Prime lending, has access to far cheaper capital through the banking license etc. A waiting game, but am a very happy holder

[dandigirl] 09/12/2020 22:26

On reflection, you are probably right rmillaree, it was tone rather than content. I had read the SUS update just before - very upbeat and positive - whereas PCF's is dull. Normally the CEO is very positive. That said, I don't think anything much should be expected from PCF in 2021 whereas SUS appears well-set. A year of retrenchment. We are shareholders in both as we like both sets of management.

[geraldus] 09/12/2020 18:56

Presentation usually available later on their website plus there is another one with Equity Development on Monday.At some point Azule should make a great comeback with a backlog of productions in a growing market.

[rmillaree] 09/12/2020 18:05

I didn't even realise there was a presentation today. It does seem like there is very little interst in tis company now (not a bad thing). Being honest i am not really sure what people were expecting today , perhaps the tone in todays presentation was downbeat - perhaps its just no one wnats to buy - were some people not expecting a chunky impairment and poor trading from Azule?

[geraldus] 09/12/2020 17:51

Azule was a shrewd buy at the time and then along came Covid.Market obviously hoping for more.Didn't catch today's presentation.

[rmillaree] 09/12/2020 17:10

I would say that update wasn't terrible they remained in profit - if you remove 2/3 of the impairment charges on financial assets and add back £1.7 mill goodwill impairment you are probably up to £9 mill pre tax profit - compeltely different (lets pretent covid never happpened) picture - if you wnat to have your glass half full.Having said that forbearance is still at £23 mill now so i can see why the marekt won't give them the benefit of the doubt that the impairment charge won't be material again next year - it may very well be. Note they have probably been particulalry unlucky with regard to the Azule division - the splits show this unit generated loss of £2.5 mill - with that sector having been hit really hard by lockdown etc. Hoepfully post covid there is decent scope for that unit to bounce back into profit.Change that £2.5 mill loss into £0.5 mill profit (lets pretend covid never happened part 2) and that could be 11.5 mill profit pre tax.

[dandigirl] 09/12/2020 17:02

che7win: I agree - disappointing. All the more so given the upbeat trading update this a.m. from SUS. I think the fact that the Bermuda lot own around 65% is relevant to the level of interest. Lack of divis is also a factor. Certainly seems that any jam is a long tomorrow away. Must say I was disappointed with the high cost:income ratio. Sold a few first thing before the real fall. We hold for the takeover possibility. I do think they would fit nicely with something like SUS who could gain from the bank licence and cut those costs. The Coombs Family should have a chat with the Bermuda Boys.

[che7win] 09/12/2020 15:53

Poor update, I'm holding a few long term