Pcf Share Discussion Threads

[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

[graham1ty] 09/12/2020 15:17

Is there really no interest at all in PCF ? Used to be a favourite of smaller investors. Now abandoned ?

[graham1ty] 09/12/2020 07:44

Results are up on Londonstockexchange site, but not on investegate. They are out if you look

[graham1ty] 07/12/2020 10:22

Three presentations. Analysts presentation Weds am. Then Equity Development on 14th and AJ Bell on 15th.

Hope to explain they doing ok......

[geraldus] 03/12/2020 16:05

Another live presentation on the 14th of December with Equity Development.

[alan@bj] 03/12/2020 12:18

So there we are - December 9th for the Preliminary results.

[alan@bj] 03/12/2020 09:35

Preliminary results were announced on December 4th last year. Wonder if that will happen again tomorrow or if they'll be out next week.

[igoe104] 30/11/2020 12:50

These are looking good, I can sell my whole holding for 26.5p, which is a decent amount. Looks like someone is looking for stock. They're not having mine yet. I wouldn't be surprised if these got taken over either.....

[dandigirl] 30/11/2020 10:57

CC2014: In their trading statement of 1st October it reads as follows.


""The Group reported a strong capital ratio of 17% as at 31 March 2020 and continues to actively manage both capital and liquidity through these challenging times to maintain a surplus position ahead of our normal risk appetite"".

I really don't think that capital is an issue here at all.

Rather than reduce their shareholding, I see that the Bermuda lot have increased by a couple of per cent.

IMV PCF is a little jewel. Well managed by a couple of long servers with a shareholder that has stuck by them.

That it is a bank with access to cheap deposits is a major plus and highly attractive.

Given its size, IMV it is more likely to be taken over by someone who does not want the angst of starting their own bank.

Anyway, more will be revealed next week.

[cc2014] 12/11/2020 12:14

ok, I'll put it another way. The risk weighted asset calculation as part of pillar3 requirement is going to look pretty bad. I apologise for the word destroyed. Over the top on my part.

Because of this it's going to change their priorities for the next period of time and there certainly won't be spare cash around for acquisitions.

I would guess the best phrase might be "regrouping" and delaying expansion plans. I'm sure in due course PCF will get to where it was going to. It's just going to take much longer as Covid got in the way.

[graham1ty] 12/11/2020 11:59

CC, think that is a bit of an exaggeration. We don’t know yet. They lend against assets, with security, to primarily Prime customers.

I am not naive enough to think there will not have been an impact, a big impact, particularly among corporate customers, but I am not sure it has “destroyedR21; them

[cc2014] 12/11/2020 11:13

#2866 & 7 Their balance sheeet will have been destroyed by Covid and their T1/2 capital ratios must look terrible right now. They cannot buy anything until they have sorted this out first.