Provident Financial Share Discussion Threads

[fenners66] 20/12/2013 20:55

Double negative at the end there Wad

[wad collector] 20/12/2013 17:41

Berenberg Bank reissued their buy rating on shares of Provident Financial plc (LON:PFG) in a research report released on Thursday morning, ARN reports. Berenberg Bank currently has a GBX 1,970 ($32.25) price objective on the stock.
Shares of Provident Financial plc (LON:PFG) opened at 1584.00 on Thursday. Provident Financial plc has a one year low of GBX 1317.00 and a one year high of GBX 1799.00. The stock's 50-day moving average is GBX 1589. and its 200-day moving average is GBX 1608.68. The company's market cap is £2.138 billion.
Several other analysts have also recently commented on the stock. Analysts at RBC Capital reiterated a sector perform rating on shares of Provident Financial plc in a research note to investors on Thursday, November 28th. They now have a GBX 1,700 ($27.83) price target on the stock. Separately, analysts at Panmure Gordon reiterated a hold rating on shares of Provident Financial plc in a research note to investors on Thursday, November 28th. They now have a GBX 1,700 ($27.83) price target on the stock. Finally, analysts at Numis Securities Ltd reiterated an add rating on shares of Provident Financial plc in a research note to investors on Thursday, November 28th. They now have a GBX 1,831 ($29.98) price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of GBX 1,709.50 ($27.99).


The London Evening Standard quoted Canaccord Genuity giving a £14 sell target citing fears about interest rate capping.

So we have a range from £14 to £19.70

Personally I don't think the interest rate regulation will harm Prov as it is not in the same league as the wonga.com type lenders , and borrowing seems to remain in fashion.

[wad collector] 09/12/2013 17:18

Full spectrum of broker recommendations:
2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Shore Capital
06-12-13 BUY 197.60 109.90 84.60 221.60 125.40 96.70
SG Securities
06-12-13 HOLD
Westhouse Securities
05-12-13 BUY
Peel Hunt LLP
05-12-13 HOLD 196.24 106.30 85.00 219.35 122.39 92.00
Numis Securities Ltd
02-12-13 ADD 202.30 115.40 84.20 222.80 127.00 94.00
Canaccord Genuity Ltd
19-11-13 SELL 187.10 103.80 84.00 211.20 117.10 94.00


Interesting that even canaccord reckon on a rise in earnings to 117p next yr. That will do me, as still covers a prospective yield of 6% by 1.2x

[wad collector] 25/11/2013 11:20

Latest attack on disreputable payday lenders is benefiting Prov share price today I think ; because it is at the respectable end of the loans market . New initiative should help drive out the sharks .

[wad collector] 13/11/2013 14:25

And another at 1560p ; I think I better stop.

[wad collector] 29/10/2013 13:40

And another at 1598p. I may regret these buys over the next few weeks , but probably not over the next few yrs.

[wad collector] 28/10/2013 14:08

I added at 1617p ; xd 31p in 2 days.
Buy and forget.

[wad collector] 18/10/2013 09:08

Commenting on the group's performance, Peter Crook, Chief Executive, said:

"I am pleased to report further strong growth at Vanquis Bank whilst the continuing weak conditions within CCD confirm the importance of the cost reductions implemented in July. The group overall has performed IN LINE with its internal plan through the nine months ended 30 September and is expected to continue to do so for 2013 as a whole."

That will do me.

[wad collector] 16/10/2013 16:40

I suspect the IMS will be in line tomorrow and not the cause of share price weakness here.
Maybe the shorters are active again ; I gave up trying to follow a logic here and simply buy on weakness ; added a lump this afternoon at 1601. When was the last time the dividend went down here?
I have filed them in my pension ISA and will forget about them.

[randolph and mortimer] 16/10/2013 10:51

Wonga and their ilk smashing the door-to-door core business is my guess.

[ganthorpe] 16/10/2013 08:55

An IMS due tomorrow.
Is this the cause of the modest fall in the share price?
It is hard to see what bad news can be in it.
The progressive reduction in the cost of borrowing must be positive and the weakness in the traditional business is well known, whist Vanquis seems to be going strongly.
The Eastern European developments may not be up to plan but they seem unlikely to be big enough to make a significant difference.
Shares still include the 31P interim divi till Oct 30.
GAN

[wad collector] 08/10/2013 17:42

Buy time again?

[wad collector] 05/9/2013 12:06

Just following the financial sector rise I suspect rather than any News.

[fenners66] 05/9/2013 09:31

Why ? Whats put a rocket up it?

[wad collector] 05/9/2013 08:28

Looks like heading to a new all time high .

[wad collector] 02/8/2013 09:19

Not sure Tuesday looks so different to the last month share price graph.
Does IPF have much influence here since the demerger? Must confess I sold out of IPF with a good profit but missed an even bigger one.

[robinnicolson] 31/7/2013 17:47

I'm assuming Tuesday's price action was due to the strong figures posted by International Personal Finance.

[wad collector] 30/7/2013 10:37

Storming up now , perhaps from ICs buy note , or perhaps a realisation that last months dive was irrational.
Just wish I had bought more now...

[wad collector] 24/7/2013 11:56

Camaccord seem to be giving a hold recommendation with a target of £14.

Now that worries me , if they think it is going to fall £2 , then I think they need to suggest that holders should not hold. Unless , of course , they are talking out of their fissures and making random predictions.

My random prediction is that , unless the whole market crashes ,this is going to tick up to £18 over the rest of the yr.

[wad collector] 23/7/2013 09:13

Provident Financial PLC
23 July 2013
Provident Financial plc
Interim results for the six months ended 30 June 2013
Provident Financial plc is the market-leading provider of home credit in the UK and Ireland and the market-leading provider of credit cards to non-standard consumers in the UK. Its operations consist of the Consumer Credit Division (CCD) and Vanquis Bank.
Highlights
Group performance supports further dividend increase
-- First half pre-tax profit before exceptional restructuring cost up 7.0% to GBP76.5m(1) (2012 restated(2) : GBP71.5m).
-- Adjusted earnings per share up 7.9% to 43.5p(1) (2012 restated(2) : 40.3p). -- Customer numbers up 5.5% to 2.7m (2012: 2.6m) and average receivables up 13.3% to GBP1,441.7m (2012: GBP1,273.0m).
-- Interim dividend per share up 7.6% to 31.0p (2012: 28.8p).
-- Annualised capital generated(3) of GBP116.7m, in excess of dividends payable of GBP108.3m. Strong funding and capital position
-- Group now fully funded into 2016.
-- Gearing stable at 3.1 times (2012: 3.1 times). CCD experiencing challenging market conditions
-- Pre-tax profit of GBP36.1m(1) (2012 restated(2) : GBP49.3m). -- Customer numbers and average receivables down by 5.8% and 3.6% respectively with credit issued tempered by persistent inflationary pressure on household disposable incomes and weak consumer confidence.
-- Gross cost savings of GBP10m secured for second half of year, rising to GBP18m in 2014, including benefit from recent field restructuring completed at a one-off cost of GBP4.5m.
-- Investment in business development initiatives fully protected. Strong growth and returns in Vanquis Bank
-- UK pre-tax profit up by 70.7% to GBP50.2m (2012: GBP29.4m). -- UK customer and average receivables growth of 29.1% and 40.3% respectively, reflecting continued strong momentum from addressing the under-served non-standard credit card market.
-- UK risk-adjusted margin(4) of 34.4% (2012: 34.9%), well ahead of minimum target of 30% with arrears levels remaining stable at record lows.
-- Pilot credit card operation in Poland developing well with a cost of GBP3.6m in first half (2012: GBP1.2m) and a firm business plan to be established during second half of year.
Key financial results

H1 H1
2013 2012 Change
(restated)
------------ ------------ --------
Customer numbers 2.7m 2.6m 5.5%
Average receivables GBP1,441.7m GBP1,273.0m 13.3%
Profit before tax and exceptional
items(1) GBP76.5m GBP71.5m 7.0%
Profit before tax GBP72.0m GBP71.5m 0.7%
Adjusted earnings per share(1) 43.5p 40.3p 7.9%
Basic earnings per share 41.0p 40.3p 1.7%
Interim dividend per share 31.0p 28.8p 7.6%
Peter Crook, Chief Executive, commented:
"I am pleased to announce a 7.6% increase in the interim dividend which is fully supported by adjusted earnings per share growth of 7.9%, strong capital generation and a very robust funding and liquidity position.
Vanquis Bank has produced another excellent performance with first half UK profits up over 70%. The business continues to generate strong customer growth and margins through developing the under-served non-standard credit card market whilst continuing to apply tight credit standards.
CCD is experiencing weaker demand from the home credit customer base, with the persistent rise in day-to-day living costs putting pressure on household disposable incomes and reducing confidence. In view of lower activity levels, action has already been taken to reduce the cost base which will benefit the financial performance of the business in the second half and beyond.
The group overall has performed in line with its internal plan in the first half of 2013 and expects to do so for the year as a whole."



Vanquis seems to be the new jewel in the crown here.Dividend growth remains impressive . Happy to hold.

[wad collector] 01/7/2013 16:04

Glad I got back on board as back over £15 . I feel like a passenger who just got on a helicopter before it took off. I hope it is not going to crash now!
The brokers are remarkably consistent , FWIW
2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Shore Capital
28-06-13 HOLD 196.40 110.00 84.90 217.30 124.50 97.60
SG Securities
28-06-13 HOLD
Peel Hunt LLP
27-06-13 HOLD 203.78 111.60 85.00 221.09 123.36 92.00
Numis Securities Ltd
07-06-13 HOLD 197.00 112.70 83.50 225.90 130.00 93.20
Canaccord Genuity Ltd
13-05-13 HOLD 186.60 104.10 80.00 209.50 116.50 84.00

[wad collector] 20/6/2013 12:31

Sorry to hear that. Are the fines a new thing?

I just added at 1433p - been a good yielder for a long time.

[jazmonty] 18/6/2013 05:02

agents are getting fined for non payers 5 10 and 15 pounds the targets for getting the fines back r too high agents i speak too are loosing money out their wages most weeks agents r reluctant to bring on new customers and r reducing customers at an alarming rate i have let go about 140 customers i have heard agents are jumping ship to shopacheck who have no fines cant grow a company if ur fining ur workers the agents in our are disgruntld and morale is very low

[wad collector] 07/6/2013 12:44

Could do with some more here , now where are those shorters who usually plague Prov ?

[wad collector] 22/5/2013 09:07

Xd 48p today - and down almost exctly that so far.
I am getting increasingly nervous about a widespread market correction - can't see what is so different from a yr ago, so moved into cash in last few months increasingly.