Share Name Share Symbol Market Type Share ISIN Share Description
Vpc Specialty Lending Investments Plc LSE:VSL London Ordinary Share GB00BVG6X439 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.70 1.52% 46.70 256,479 16:35:01
Bid Price Offer Price High Price Low Price Open Price
45.00 47.00 45.20 45.00 45.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 48.04 37.04 10.13 4.6 145
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:01 UT 10,662 46.70 GBX

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Date Time Title Posts
03/4/202009:41VPC Specialty Lending Victory Park 317

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Trade Time Trade Price Trade Size Trade Value Trade Type
2020-04-08 15:35:0146.7010,6624,979.15UT
2020-04-08 15:29:4545.003,5771,609.65AT
2020-04-08 15:12:3645.001,000450.00AT
2020-04-08 15:09:2546.692,6241,225.04O
2020-04-08 15:03:1145.0039,00017,550.00AT
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Vpc Specialty Lending In... (VSL) Top Chat Posts

DateSubject
08/4/2020
09:20
Vpc Specialty Lending In... Daily Update: Vpc Specialty Lending Investments Plc is listed in the General Financial sector of the London Stock Exchange with ticker VSL. The last closing price for Vpc Specialty Lending In... was 46p.
Vpc Specialty Lending Investments Plc has a 4 week average price of 45p and a 12 week average price of 45p.
The 1 year high share price is 83p while the 1 year low share price is currently 45p.
There are currently 309,778,118 shares in issue and the average daily traded volume is 404,551 shares. The market capitalisation of Vpc Specialty Lending Investments Plc is £144,666,381.11.
03/4/2020
09:09
davebowler: Stifel The fund has not yet seen any material cashflow impact from the pandemic but the managers are preparing for what will clearly be a challenging time. We have highlighted our lack of love for the underlying collateral (consumer unsecured) and primarily for that reason we downgrade from Positive to Neutral, while we wait to understand the scale of the problems before them. Consumer loans are not typically the highest priority payments when borrowers are having cashflow difficulties, a mortgage is, and so are potentially more exposed. The key protections are as follows: Senior financing, and so there is some subordination below them. The portfolio companies may have excess cash outside of the collateral pool. The share price is down 37% over the past three months while the NAV is little changed, so some pain is already priced in. We are also concerned about the exposure to Texas (<10% of the portfolio) as in effect there is a double impact from the pandemic and the fall in oil prices which the state is particularly exposed to. Valuations on the equity portfolio (11% as at 29/02/20) will also likely fall. Finally, we are also worried whether the lenders will have the capacity to deal with a high number of borrowers attempting to contact them simultaneously. At this juncture, the uncertainty remains high. (Analyst: Sachin Saggar).
12/2/2020
08:17
davebowler: Stifel summary-In our previous note (here) we mentioned our scepticism of the underlying collateral (consumer unsecured) which can behave in a homogenous way reducing the perceived subordination in a deal (10-25%). The first line of defence to mitigate these concerns is the manager's ability to monitor and quickly analyse the underlying data to capture issues early. Following a web conference call to better understand the risk systems in place and the on-boarding to ongoing monitoring process of a borrower, we have increased confidence in the manager's ability to pick up potential problems early. Hence, although the shares have had a good run of late (+12% over six months), we think the discount of 12% has further room to narrow and maintain our Positive rating. One of the largest risks to our rating (outside of a US recession) remains the intentions of its largest shareholder who has reduced their position by a half over the past year. However, further clarity could also be the catalyst for a share price re-rating.
30/1/2020
23:28
soundsplausible: Still do not like share buy backs. VPC announced in 22/12/16 that the buy back would start to narrow the %diff between NAV and share price. That was then when the NAV was ~94p and a share price of ~77p. Here we are now and having bought 72,000,000, a quick calculation would indicate that the total spent ~£55M. The latest NAV was 92.65p and the share price was 78.6p @ 31/12/19. So hurrah the discount has narrowed by ~2%. Does this cost really justify the outcome? The money spent works out ~14p/share. Knowing all of the above would you prefer the money as a dividend or the cost to deliver a small narrowing NAV? Even better put it to productive use and lend it out and get more income in. They are pretty good at doing this.
28/1/2020
22:27
soundsplausible: I must admit I do not like companies buying back shares. If they have spare cash and no good reason what to do with it (investment wise) then give it back to shareholders. I know why they do it but, I can't think of one company where a share buy back has delivered higher returns (share price wise). That said I have only invested in this one for the dividends. I am thinking there is a small chance of capital appreciation but every chance of good regular dividends.
28/6/2019
11:26
a0002577: This is the key phrase "we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote." and is very encouraging
28/6/2019
09:03
davebowler: Liberum; VPC Specialty Lending Investments Attractive value Mkt Cap £232m | Prem/(disc) -20.7% | Div yield 11.2% Event VPC Specialty Lending Investments generated a 0.6% NAV return in May 2019 and 3.4% to date in 2019. Returns were reduced by the catch-up component of the performance fee (0.26% impact in May and 0.79% to date in 2019). Over the past 12 months,VSL has generated a total return of 9.6%. The portfolio has produced a gross revenue return of 14.7% before operating expenses and fees. This was reduced by -1.8% of capital losses (mainly relating to FX hedging costs) and fees and expenses of c.3%. The gearing ratio continues to climb and has risen from 35% of NAV to 44% of NAV in June. The company also bought back almost 15 million shares in June at a c.25% discount to NAV. The expected NAV increase from this share acquisition is 0.9%. Liberum view VSL has maintained the strong underlying performance of the portfolioin 2019. The performance in to date in 2019 is slightly lower than the run-rate in 2018 but this is due to the catch-up nature of the performance fee. The company previously guided that the NAV volatility from this should reduce after Q1. VPC's performance fee accrual is different to peers P2P Global Investments and Honeycomb Investment Trust. All three of these funds have a 5% preferred return hurdle to meet before the performance fee can be paid. P2P Global and Honeycomb accrue for the performance fee on the basis of expected performance over the year. VPC does not consider future performance when accruing performance fees and only accrues an expense once the hurdle has been reached. As a result, VPC's monthly returns would be expected to be higher in the early part of a calculation period and with potential for some volatility later on once the hurdle is reached. We note the increase in gearing from 16% at the start of the year to 44% currently. This is well below the maximum allowable level (150%) but we believe investors would prefer a lower level of debt given the high-yielding nature of the portfolio. Nevertheless, we believe the share price discount to NAV should narrow from 20.7% given the performance of the fund, the removal of the overhang from the Woodford stake and the company's motivation to address and issues ahead of next year's continuation vote.
03/5/2019
09:05
davebowler: Liberum; Event VPC Specialty Lending Investments generated a 0.7% NAV return in March 2019 and 1.8% in Q1 2019. Returns were diluted slightly by the catch-up component of the performance fee. Over the past 12 months, we calculate a NAV total return of 9.9%. The portfolio has produced a gross revenue return of 14.2% before operating expenses and fees. This was reduced by -1.3% of capital losses (mainly relating to FX hedging costs) and fees and expenses of c.3%. The manager reports positive performance in its balance sheet investments. Liberum view VSL has maintained the positive trajectory in returns in Q1 2019. The performance in Q1 is slightly lower than the run-rate in 2018 but this is due to the catch-up nature of the performance fee. The company previously guided that the NAV volatility from this should reduce after Q1. VPC's performance fee accrual is different to peers P2P Global Investments and Honeycomb Investment Trust. All three of these funds have a 5% preferred return hurdle to meet before the performance fee can be paid. P2P Global and Honeycomb accrue for the performance fee on the basis of expected performance over the year. VPC does not consider future performance when accruing performance fees and only accrues an expense once the hurdle has been reached. As a result, VPC's monthly returns would be expected to be higher in the early part of a calculation period and with potential for some volatility later on once the hurdle is reached. We note the share price discount to NAV has continued to widen despite the improved performance over the past 18 months. We would expect this to narrow as a result of company buybacks and recent changes in the share register which have removed a potential overhang of stock.
27/11/2017
11:34
harveydee: Me too. Looks like it's just us buying, plus vsl share buybacks and Invesco :))
04/7/2017
10:29
davebowler: Liberum; Event VPC Specialty Lending generated a total NAV return of -0.68% in May which comprised an income return of 62 bps and a capital loss of -130 bps. As previously, balance sheet loans continue to perform positively, contributing 0.7% to the monthly return. The capital loss was driven by Avant securitisations (-0.66%), which account for 3.8% of NAV. In addition, the equity portfolio returned -0.32% due to the fall in the Elevate share price and marketplace loans, from Avant, Funding Circle and Prosper, returned -0.27%. The allocation to marketplace loans continues to fall, down to 15% of NAV (April: 21%). The allocation to balance sheet investments fell to 56% (April: 59%) due to the partial repayment of the zipMoney investment. Liberum view The company's marketplace loan and securitisation investments have resulted in a major drag on performance since the end of 2015 (c. 1.5% NAV return over the past 17 months). The silver lining for investors is that the portfolio repositioning to balance sheet loans is gathering pace but returns are likely to remain low in the short term. The shares trade at a 10.5% discount to NAV; this compares to a peer group average discount of 0.8%.
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