Non-Standard Finance plc (NSF) Everyday Loans: a heart of gold
The 14 May trading statement confirmed that all the 2017 trends have continued, leaving our strong growth forecasts unchanged. Rapid loan growth has been seen in each division, impairment continues to be in line with previous guidance (i.e. tightly controlled), and investment continues. In this note, we review the heart of the group, Everyday Loans (80% of 2017 normalised operating profits, 60% of net loan book and 50% of revenue). We believe it has strong competitive advantages in sales, costs and credit, and it has multiple levers to deliver sustainable earnings through an economic downturn. NSF’s 2019E P/E of 9.6x is an anomaly with its growth and profitability outlook.
We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.
Our expert team of sector analysts and market professionals collectively have over 400 years of experience. This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.
Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.