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PFG Provident Financial Plc

0.00 (0.0%)
29 Sep 2023 - Closed
Delayed by 15 minutes

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Posted at 27/1/2023 09:10 by 1cutandrun
PFG said that its CEO is to step down, while its fourth quarter trading remains in line with market expectations. Really, so why is he stepping down? Knowing how the PFG operate, he was asked to step down or bye bye. Not looking good for the full year report. Get shot of the CEO before the report comes out, so they can now say they have taken action to turn the business around with a new CEO and by changing the company name. They dug themselves a big hole and virtually impossible to get out of it without making changes and a new direction. Expect the customer growth to be down or minimal. Either way I reckon the increase of dead wood customers will outweigh any growth.
Posted at 19/1/2023 13:14 by 1cutandrun
When I asked on here last year, can anyone see where the customer growth was coming from in the next year, nobody replied. I wonder why? Maybe everyone else had the same thoughts. I've just watched the IPF investor webinar Mexico Home Credit 18_01_2023. The good old solid PPC business before the FCA got involved. Worth watching this as the customer growth potential is huge, unlike PFG.
Posted at 24/10/2022 17:45 by theborn
Net Assets on Balance Sheet are £600m+ including current provisioning deductions.
Current share price values company at £350m.
So with c240m shares in issue you're looking at £2.50 per share on a net asset basis.
Current EPS is 3.5x (should be closer to 10x).
Market seems to forget PFG have shifted focus to near prime and in general the customers have higher resilience to downturns.
Read H1-21 investor presentation on the website. They already hold specific provisions for cost of living and rising interest rates.
Over sold. 2 or 3 times over.
Despite lack of transparency from management.
Posted at 05/10/2022 19:15 by 1cutandrun
I did try to warn investors on 11th Aug 2021 when the share price was £3.40 and again on 1st June 2022. If PFG doesn't increase the customer base, there will be big problems. A small increase will not be good enough as dead wood customers will have already started to accumulate again, after clearing out all the dead wood the previous year.
Now the chickens have come home to roost.
Can anyone see where the growth is going to come from in the next 12 months?
Posted at 15/9/2022 09:15 by masurenguy
Gervaise Williams of Diverse Income Trust likes the current PFG valuation and yield.
Posted at 15/9/2022 09:06 by masurenguy
PFG were demoted from the FTSE250 THIS MONTH.
Posted at 28/7/2022 10:28 by blackbear
Takeover target cheap as chips, could have a 300mln surplus maybe a special dividend?
Posted at 28/6/2022 14:41 by theborn
A colleague who is also an investor in PFG asked some questions to PFG via email to be addressed at the AGM tomorrow. PFG kindly provided responses to these. Obviously, none of this information is market sensitive but given some responses address points often raised on these PFG notice boards I thought I would share for the benefit of fellow shareholders:

q1) Appreciate purpose of AGM is to approve or reject specific actions. As some of those actions relate to dilution of the share base the current shareprice, about to dip below £2, cannot be ignored. I would appreciate an indication from management as to performance during the current year and their view on what must be done to address the falling share price. - a1) We published our first quarter update in May, covering the trading period from January to March, and we plan to release our half year results at the end of July this year. This will cover the period from Jan to June 2022. I am unable to provide a more wholesome trading update outside of those updates. However, you will see in our first quarter update that asset quality across the business remained high and the underlying credit demand from customers was strong. We have no current plans to dilute the share base. The Board and I share your disappointment with the share price. However, with such an uncertain economic backdrop at present in the UK and high levels of volatility across equity markets, we must focus on making sure that we support our customers by providing them with the assistance they need and managing the things within our control.

q2) Linked to above, shareholders who have stuck with PFG deserve to know what management expectations actually are for this year and future years. Trading updates often refer to 'in line with management expectations' but I've never seen these expectations explicitly set out at the start of the year? I appreciate analysts have their views, but if PFG are linking management views to a particular analyst consensus this needs to be made clear. I want to know what EPS and divi target is for current year and 3 year look ahead. - a2) I am unable to provide you with what our internal budget and forecast models say about the financial direction of the company. References to “in-line with management’s expectations” are designed to provide shareholders and the market with an element of comfort that the external perception of how we are performing as a business matches that of the stock market.

q3) Update on provisioning and portfolio performance in the current high inflationary environment. - a3) Please refer to our first quarter trading statement on our website for the most up to date information.

q4) Update on the personal loan pilot which has been referred to a lot in past 18 months. Is this now delivering positive returns?- a4) As stated within our first quarter trading statement, the personal loans pilot phase will be assessed at the end of June and an update will be provided end July.
Posted at 01/6/2022 13:40 by 1cutandrun
I've read the recent posts on here and have to say this. Please read my post of 11th Aug 2021. I have said many times that PFG are really experienced at writing updates and reports. Positives are highlighted and negatives are either left out or glossed over, so you have to take note what is not mentioned. The 19th May update, is it really good?
In-line with management's expectation. Can someone please tell me what their expectation is on customer growth? New customer bookings increased by approximately 25% year-on-year, this sounds good, a positive, but did the customer base increase, I doubt it as they haven't mentioned it and Vanquis keep losing customers. In their last report they stated they had cleared out the dead wood as an excuse to cover up the customer loss. Vanquis has always had dead wood and they still lost customers. I stated in my post 11th Aug, if they don't increase their customer base they will have big problems and that's exactly what has happened. Yes they can make profit and pay a dividend but they need customer growth for the company to expand and that is not the case at the moment.
Posted at 01/6/2022 09:49 by theborn
This misalignment to market is starting to become a farce. If you plot a simple 6 month chart comparing Ftse to PFG, PFG is currently down 30% and ftse is up 7%. That's effectively a 40% fall vs market despite positive trading updates and buy ratings and pricing upgrades. Algos keep hammering this share. It's due a huge catch up. It has to be due in my opinion.
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