Pcf Share Discussion Threads

[graham1ty] 11/3/2021 14:39

My comment on 4 March is now even more depressing:

“Just looked back at the chart. How depressing. PCF first hit these levels at the back end of 2015 !!! Back then the loan book was £112m for the period to March 2016 ( today £434m ) and new business was £63m( today £270m). Pretax profits were £3.5m or 1.8p of earnings ( c£11m last year, if you add back impairments)

They were discussing plans for the banking licence.

PCF is now a bank, c4 times larger, in gross terms, and the share price is no higher. I wonder where we would be without Covid.......

The sooner back to normal the better for our health, and for shareholders health !!”

It first got to 20p in summer 2015. Coming up for six years ago.....I know no one could foresee Covid, but it is pretty depressing that for ordinary shareholders, even allowing for about a penny of dividend in total, there has been no share price progression since then......

[wessie] 11/3/2021 14:35

Just managed to get a few more.

[wessie] 11/3/2021 14:27

Same problem, can't buy any at the moment!

[toptomcat] 11/3/2021 14:18

For sure a top up opportunity if only I could buy any!

[cjd190573] 11/3/2021 14:08

I am hoping that these three RNS items are ordered in their significance and at least a reclassification from capex to opex, just means future year higher profits, in the form of reduced depreciation. Totally agree Graham1TY, this is a top-up opportunity.
GLA

[graham1ty] 11/3/2021 13:48

Well, that is pretty rubbish......at least is does not relate to trading or impairments.

I have bought another 100,000

[cc2014] 11/3/2021 13:28

Jeez - that's not just one change they are making, it's a few.

Not to worry. I'm sure Simon Thompson will tip it again regardless.

[knowing] 11/3/2021 13:16

What business are they in.............worrying

[geraldus] 11/3/2021 13:14

Not a vote of confidence.Getting their sums wrong.

[graham1ty] 04/3/2021 08:57

Just looked back at the chart. How depressing. PCF first hit these levels at the back end of 2015 !!! Back then the loan book was £112m for the period to March 2016 ( today £434m ) and new business was £63m( today £270m). Pretax profits were £3.5m or 1.8p of earnings ( c£11m last year, if you add back impairments)

They were discussing plans for the banking licence.

PCF is now a bank, c4 times larger, in gross terms, and the share price is no higher. I wonder where we would be without Covid.......

The sooner back to normal the better for our health, and for shareholders health !!

[123davidgwilym] 03/3/2021 09:56

Robert Murray is not the CEO.

[topvest] 03/3/2021 09:15

Prelims 9 December but they still haven't been able to finalise their annual report. CEO now retires. Hmmm!
Sounds like they may have fallen out with their auditors as well.

[cjd190573] 02/3/2021 10:33

Hi rightnellie, with you on that and just bought in.
I could not help but notice that PCF were offering the best fixed rate saving product this week on Moneyfacts. 1.45% for a seven year bond. - shows they mean business.

[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.