Share Name Share Symbol Market Type Share ISIN Share Description
Pcf Group Plc LSE:PCF London Ordinary Share GB0004189378 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 36.00 5,633 08:00:00
Bid Price Offer Price High Price Low Price Open Price
35.00 37.00 36.00 36.00 36.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 15.00 5.17 2.00 18.0 90
Last Trade Time Trade Type Trade Size Trade Price Currency
09:16:19 O 5,383 36.5835 GBX

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Pcf (PCF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-11-15 09:16:2036.585,3831,969.29O
2019-11-15 08:29:3436.5825091.46O
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Pcf (PCF) Top Chat Posts

DateSubject
15/11/2019
08:20
Pcf Daily Update: Pcf Group Plc is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker PCF. The last closing price for Pcf was 36p.
Pcf Group Plc has a 4 week average price of 29p and a 12 week average price of 24.50p.
The 1 year high share price is 39p while the 1 year low share price is currently 24.50p.
There are currently 250,180,934 shares in issue and the average daily traded volume is 106,605 shares. The market capitalisation of Pcf Group Plc is £90,065,136.24.
13/11/2019
09:47
cc2014: Can't see a reason not to hold this stock for very many years, which is the same as what I said when I bought it in 2017. One of my better purchases. I'm feeling better at 36p, because at 27p I was worried we might get someone chancing their arm with a desirory takeover approach in order to get the banking licence. I'm still a bit concerned about this at 36p as I consider the share price too low for the growth indicated but my sense is there is reasonable support here. Price went up to 37p to sell and obvioulsy a few PI's who had bought perhaps around or below 30p sold a few. Can't blame anyone for that. But more importantly when the buy price retraced a bit buyers have come back in
01/11/2019
09:02
cc2014: I think we just need to be patient Graham. Page 9 on the most recent investor presentation shows a profit of 5.4m for 2018 (that's the one reported 11 months ago). At 34.5p that's a P/E of 17.25 The forecast profit for 2019 which will be reported in December is £8.0m and we know PCF have already said everything is in-line The foreast profit for 2021 is £14.0m which if the share price doesn't move would equate to a P/E of 6.6. I think maybe a P/E of 12 would be more appropriate and even that wouldn't reflect the underlying potential growth of a bank with a tiny market share in the areas it operates in. Which gives a share price of say 63p. I would suggest we are looking at a rise of 83% in 25 months which looks pretty stellar to me. Even if the market continues not to notice surely a rise of 50% could be achieved even if you are pessimistic. I'm thinking Simon Thompson has plenty of room to move his targe of 50p up in due course. Oh, and that's all based on a pessimistic economy continuing to be being dragged along by Brexit. If that ever gets fixed there is significantly more upside. Happy to hold and ride out the current pricing anomoly
01/11/2019
07:46
graham1ty: Just looked again at the chart. The share price was between 35p and 40p for most of calendar 2018. It has not yet got back into that range. I hope, looking back, the drop to 25p will be seen as quite an anomaly
29/10/2019
14:59
cc2014: Pleased to see this going up on the back of the results. Hopefully "the market" is beginning to understand that PCF is a under-promise and over-deliver company and even against a difficult uncertain economic environment they have delivered. Someone seems to believe as looking at the trades there are two trades of 1.0m and 1.2m, both at 32p. I assume they go together in that one is a buy and one a sell and that someone has swept all the stock available from whoever was selling and the MM's got the balance from somewhere. The share price has moved up since then and is easily holding. Two sells of 35k at 34.755 amd 46k at 35.055 have been absorbed by the MM with no impact on the price. Indeed the price to buy continues up suggesting MM are collecting for someone, possibly the same buyer who paid 32p yesterday. I guess we will find out in due course.
24/9/2019
08:42
cc2014: Most large companies (FTSE10 and FTSE250) do a 4 updates a year (year end, half year and two inbetween). Sometimes they do an extra one with an update at the AGM although many use this as the first quarterly update. Which is where PCF are moving towards. I do agree it would be helpful if they publised a set of dates a year in advance and this is something I will take up with the Scott/The Board when I next have the opportunity to talk to them. Stocks go up and stocks go down. At the moment the banks and (large) financial services companies are all moving up. Regrettably I suspect PCF is languishing due to it's previous significant sub-prime customer base and unwarranted read across to NSF,AMGO,PFG etc. OSB and PAG have been bashed too but are now well off the bottom. We all know the company has significantly adressed the customer base over the last 5 years and has been clear in all it's presentations that NIM has fallen as this has happenned. I'm guessing the share price will start to creep up as the results evidence low impairment scores compared with 5-10 years ago and the market begins to understand the Board have spent the last 5 years de-risking the business. Happy to hold although a little frustrated here. I see from L2 Igoe took all the volume available at 28 and no more has come on the market over the last few days so I guess whoever was selling has finished.
18/9/2019
07:19
graham1ty: Still disappointed that no trading statement. I like a company that “keeps in touch”. In difficult Markets people assume the worst, and there is a drip, drip of selling. With no announcement, the Company has no excuse to go and reassure institutions, and nothing to talk about at private investor events. A “boring” announcement, just saying everything is ok can underpin the share price ( and the reputation of the Company). This year there have been just three announcements in Feb, March and June( ignoring holding announcements) which is not enough. The Placees at 30p are all losing money. Shareholders, who were cross the Placing was at such a discount, are losing even more money ( it was c35p prior to the Placing). Come on PCF, do some hand holding
03/9/2019
14:21
graham1ty: It is three months since the last trading update ( since when the share price has fallen c25%). I know the market has not been kind, but I hope PCF will give an update soon and steady the ship.
26/6/2019
08:25
cc2014: Share price reaction would seem to be a result of 1PM and possibly MCS trading statement yesterday. I'll deal with MCS first as it shouldn't haven't impacted PCF but sometimes some people mistakenly see a read across. MCS which provide very high rate loans (50%+ a year) say it's getting harder to do new business. Hardly surprising since the government is clamping down in this area. Shouldn't have affected PCF as PCF don't this these types of loans. Now 1PM. Issue seems to be increase in impairment provision which they call prudent but on the other hand actual writdowns are 1% and in-line with previous year. I guess they say they see something coming down the road or maybe they are just building up the balance sheet whilst they are making decent profits in case something does come down the road. 1PM cost of funds 4%. NIM 12%. so, they are lending at 16% PCF costs of funds 2.4%. NIM 8% so, they are lending at 10.4% and plan to continue to reduce NIM to focus on customers with prime credit history. You can see why 1PM might want to increase provision for impairments. Your customer base if you are lending at 16% is not going to have the greatest track record. It's a different busines than PCF and I think the fall in share price by association is unfair. Nothing I can do about it of course except wait for Scott and the team to continue delivering what they've promised and done so far.
23/7/2018
12:13
cc2014: I don't know Graham and it's annoying me now. It looks to me from the flow of trades it's just one party selling in volume and they appear to want out. They are trying to drip them into the market in a structured way so not to disturb the share price but clearly the amount they want to sell is too many and every so often the share price falls a bit further. Rather like they are on a deadline to sell their shares. I can give you the following guesses: 1. The market is generally weak on anything financial 2. Market is worried about Brexit 3. Market is worried about consumer spending after this months data was poor. 4. Someone with a decent sized holding has died and the executor of the will doesn't care too much about the price they get. I think whilst it might bounce somewhat we are stuck here for a while until the attitude of the markets changes. Some of the dividends on offer are getting pretty crazy which tells me the market has gone irrational for a while. If they fix Brexit I think you can reasonably assume a 20% rise in UK focused stocks within a two week period. Maybe more. If it's any consolation I have a large number of shares which are struggling right now and falling on what is very low volume and those which are going up it's like 5 small up days followed by a collapse in as little as an hours trading putting me back to only just above where the share price was at the start. Or put another way every time a share starts to form a decent uptrend line and I think it's about to sit on that uptrend line for the next few weeks or months someone bashes it apart. Probably deliberately. I perceive we are at a market turning point and "they" do not want shares prices to rise at the moment as "they" want to buy as much as possible cheaply. I could be wrong. Either way I'm happy to leave Scott and the team to deliver the plan. The share price will sort itself out as the plan gets delivered.
11/12/2017
10:10
cc2014: PCF has two areas of business split roughly 50/50: 1. Lending to consumers for cars 2. Lending to business for vehicles, plant and equipment It has historically funded the lending through the wholesale market and retained earnings but around March became a bank and since then is shifting from the wholesale market towards retail deposits on fixed rate bonds. This significantly reduces its costs long term (or improves NIM – net interest margin) but this has not yet showed up in the finance figures as it’s only been a few months and there have been set up costs to becoming a bank. It currently has a portfolio size of £146m, which grew by 20% last year and plans to increase this to £350m by 2020 and £750m by 2022. The banking license and being able to take retail deposits is the trigger for this. PCF currently has a market cap of £59.4m based on a share price of 28p per share, Net assets of £39.6m. If you run the P/E calculation based on underlying profits of £5m, corporation tax rate of 19% it gives a P/E of 14.7. The P/E calculation takes no account of assets though so it would seem better to look at this based on a multiple of future earnings. On this basis the market capitalisation exceeds the net assets by £59.4m-£39.6m= £19.8m which is only 4.9 years profits after tax. In summary my belief in this trade is based on: 1. The market cap is only 4.9 times current profits once existing assets are allowed for. 2. The 4.9 multiple is based on current profits. If the portfolio grows fivefold at an improved NIM then it’s clear the market cap will be higher than £59m. One could make an estimate of this. (Speculate a five bagger minimum?) 3. Although PCF have stated they have no plans to cross sell other products as a bank, they do have a banking licence. There is a thought in the back of my head that 5 years down the line, their ambitions will be different than they are today. The success of Shawbrook, Aldermore, OSB, PAG and the other challenger banks is bound to start to look attractive at some point in the future as the balance sheet strengthens. But maybe there’s a reason the share price is so low? I’ve checked the following: 1. Are the directors credible? Who knows but I’ve met Scott Maybury the Chief Executive present at an investors evening and he seemed sensible enough to me. All the directors and non-execs have been buying shares over the last year which is always a good sign 2. Is the business plan any good? Rather unusually for AIM it’s set out and available on line in this documentation pages 7-11: https://pcf.bank/media/1430/preliminary-results-presentation-december-2017.pdf 3. Maybe there will be a load of bad debts in the future? You can assess this yourself on page 12 in the above link. The bad debt write off charge has dropped from 5% in 2009 to 0.5% today and given high levels of employment I see no reason for this to worsen anytime soon. PCF only loan to prime credit customers and don’t do PCP and continue to pursue this policy and the percentage of business within the top 4 credit grades increased to 63% from 57% all year. 4.Maybe the government are going to investigate them for inappropriate lending? PCF are at the complete opposite end of the market to PFG only doing prime and no sub-prime but yet I suspect PFG is dragging down PCF share price by association. 5. Maybe the balance sheet hides a load of issues? Page 18 of the presentation is pretty clear. Of their £172m of assets, there is £2.7m of intangibles. I’m always suspicious of intangibles. In this case I suspect it’s the investment in the new banking software but whatever it is, it doesn’t really matter. Even if the £2.7m is actually worth nothing, it doesn’t affect anything as it’s negligible in size to the market capitalisation and future profits I can’t find any skeletons in the cupboard other than general Brexit scaremongering. I will be holding long term. The presentations set out the strategy and gives me a high level of conviction this will be a multi-bagger, even thought it's already multi-bagged if you bought back in 2011
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