Share Name Share Symbol Market Type Share ISIN Share Description
Pcf Grp LSE:PCF London Ordinary Share GB0004189378 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +1.82% 28.00p 27.00p 29.00p 28.00p 27.50p 27.50p 84,418 10:12:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 11.1 3.6 1.5 18.7 59.42

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Pcf Grp (PCF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
12:15:3428.90844243.92O
10:29:1328.4020,0005,680.00O
10:26:4027.259,0732,472.39O
10:12:4127.9525,0016,988.03O
09:58:5727.958,0002,236.00O
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Pcf Grp (PCF) Top Chat Posts

DateSubject
13/12/2017
08:20
Pcf Grp Daily Update: Pcf Grp is listed in the Nonequity Investment Instruments sector of the London Stock Exchange with ticker PCF. The last closing price for Pcf Grp was 27.50p.
Pcf Grp has a 4 week average price of 27p and a 12 week average price of 23.75p.
The 1 year high share price is 32p while the 1 year low share price is currently 22.25p.
There are currently 212,219,778 shares in issue and the average daily traded volume is 80,755 shares. The market capitalisation of Pcf Grp is £59,421,537.84.
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
09/12/2017
14:52
cc2014: I'm struggling to understand why the share price is so low. Underlying profit £5m. Market cap £59.4m, Net assets £39.6 of which intangibles are £2.7m. So, P/E = 14.7 which is a little rich but that's before you look at the net assets of £39.6m. If you re-run the calc as follow 59.4-39.6 = £19.8m, the company appears to be valued at net assets plus 4.9x future earnings per year. Which seems far too low for even if you ignore the growth strategy. Which is why I hold and will continue to so long term.
05/12/2017
19:15
netcurtains: topvest: total piffle. This is a GROWTH STOCK.. No one on this thread buys an AIM share for the dividend - not on this planet any way. The CHAIRMAN'S STATEMENT IS ALL ABOUT GROWTH....... DONT INVEST IN AIM IF YOU WANT A FTSE DIVIDEND... I'm mean you're being absurd. This stock is about GROWTH - AND SHARE PRICE RISES (OR FALLS) - its nothing to do with dividends. That also goes for the people you mentioned - they would have bought into this for GROWTH
05/12/2017
10:38
graham1ty: A bit disappointing this share price fall. Has anyone seen new forecasts ?
27/9/2017
06:51
graham1ty: As soon as investors look towards 2018/19 profits, this should get rerated. There has been a lot of cost getting the bank going, and there are a short £2m of operating costs, so it was always going to hold back profitability for a couple of years. However, if PCF can get the deposits in ( and £51m in two months is an annualised £300m), lend prudently, and move upmarket into Prime, Super Prime, then the growth potential is enormous. The share price is down 40% from the high
25/9/2017
21:07
glasshalfull: CC2014 - I try not to get hung up on trade data. I've been adding incrementally to my position & did so again today at 23.42 just prior to the close. It may have been interpreted as a sell by some watchers. Stock been offered closer to the bid for a while now. Unsure who seller(s) are but I appreciate the opportunity to top up below 25p (the price of the placing in March 2017). This is a long term investment for me & I'm confident the share price will be materially higher in 12/18 months time. Hopefully any t/s pre or post the 30.09.2017 year end will confirm continuation of the strong Q3 trading update & indicate that the Bank deposit taking has started as per expectations. Kind regards, GHF
12/9/2017
07:23
carcosa: Have just taken a relatively small position in this share today. See it as as potentially doubling in share price in 2 years or so. Reasons for buying: - Low impairment costs - Relatively lower risk - Increasing ROA - Banking license/lower cost of funds - Substantial growth in new business forecast / £128m - £350m in 3 years and £750m in 5 years - Asset backed finance - Low bulletin board forum chatter - Trading Update expected next month - Relatively small spread
13/7/2017
07:35
graham1ty: Scott very upbeat at ShareSoc. He does not bat an eyelid when asked about the projections. The current lending book is £128m. They aim for £350m of deposits in three years and £750m a few years thereafter. With the NIM ( net interest margin) and ROE figures forecast to improve with scale, once they get going eps should rise rapidly. He kept saying "this is not exponential growth". In my book, £128m to £750m over c5 years looks pretty exponential to me. Because of the set up costs ( and running costs) until they get past about £100m of deposits the new bank is a drag on eps. However, the last year forecast ( Sept 2019) has eps rising from c1.9p to 3p. I am a very happy holder and somewhat puzzled by why the share price languishes below the recent Placing price
09/12/2016
07:11
solarno lopez: PCF have had a firm base in place for sometime on which to build and they will continue to build We can look to a bright future with an increase in the share price and dividends
15/2/2016
16:03
cfro: Share price has been acting a little weak of late. Today's volume, however, is very light. Perhaps a placing or fund-raising is getting that much closer? (for the banking license)
Pcf Grp share price data is direct from the London Stock Exchange
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