reports
- Pedro Fonseca
Manx Financial Group - Termination of coverage
Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Manx Financial Group - Well prepared for potential headwinds
Manx Financial Group (Manx) posted its highest ever first half year profit in the six months to 30 June, with PBT of £3.5m increasing 16% y-o-y. Lending growth, particularly that of higher-yielding Payment Assist (PAL) loans, continues to offset higher funding costs. Management noted the growing macroeconomic risks to wider trading conditions, but Manx should nonetheless benefit from falling interest rates and the immediately accretive acquisition of the outstanding shareholding in PAL.
- MarketLine Department
International Personal Finance plc - Company Profile and SWOT Analysis
Summary International Personal Finance plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights International Personal Finance plc (IPF) is a provider of consumer finance solutions. It offers home credit installment loans, hybrid loans, credit cards, digital installment loans, r...
- Pedro Fonseca
Manx Financial Group - Executing on a high-growth strategy
Manx Financial Group (Manx) posted record PBT of £7m, a 35% increase year-on-year. Manx benefited from strong volumes, a full year contribution from Payment Assist Limited (PAL) and a £1.9m gain on debt securities, which offset funding cost pressures from higher average interest rates. Alongside a 24% increase in lending to £362.7m, it maintained robust credit quality, with its cost of risk (CoR) decreasing by 20bp y-o-y to 1.3%. As a result, the group delivered a strong return on average equity...
- Pedro Fonseca
Manx Financial Group - UK deposit taking licence approved
Manx Financial Group (MFX) has announced that its wholly owned subsidiary, Conister Bank, has obtained regulatory approval to accept deposits in the UK. The new licence approval – authorised by the Prudential Regulation Authority, FCA and FSA – provides a step change in Conister’s options for sourcing liquidity to fulfil its growth ambitions with a range of UK deposits and wholesale funding.
- Pedro Fonseca
Manx Financial Group - Rapid growth tempered by margin pressure
Manx Financial Group (MFX) posted record PBT of £3m supported by record new lending of £183m in H123. Conister Bank experienced margin compression of 6% as rising interest rates were passed on to savers more quickly than borrowers. However, group net interest margin (NIM) rose 1.5 percentage points y-o-y to 8.2% as Payment Assist (PAL, currently 50.1% owned) grew rapidly. Altogether, EPS fell to 1.67p/share from 1.89p/share, and net attributable profit declined by 11% y-o-y to £1.9m. The outlook...
- Pedro Fonseca
Manx Financial Group - Record PBT driven by niche growth strategy
Manx Financial Group (MFG) has delivered impressive growth in a weak economy through its strategy of investing in niche markets. PBT rose 71% to a record £5.2m and net attributable profit rose 55% to £4.3m due to a combination of organic growth and an initial contribution from 50%-owned Payment Assist (PAL). Return on equity (ROE) expanded to 15.9% from 11.8% in 2021. PAL was consolidated for just over three months and contributed 13.5% of PBT in FY22. Hence, we calculate a pro-forma PBT run-rat...
- Pedro Fonseca
Manx Financial Group - Strong H122, well positioned for macro headwind...
Manx Financial Group (MFG) had a strong H122, with a PBT of £2.3m more than doubling and a return on average equity (ROE) of 16.8%. Loans grew 16% as the group continues to reposition itself into prime lending segment ahead of the more challenging macroeconomic environment. The net interest margin improved to 8.9% (8.5% in H121) and impairments remain under control with an annualised charge of 1.9% (2.1% in H121). Conister Bank (MFG’s bank) has formally applied for a UK branch deposit-taking lic...
- Pedro Fonseca
Manx Financial Group - Payment Assist acquisition
Manx Financial Group (MFG) has announced it is buying 50.1% of Payment Assist, a UK point-of-sale lender, for £4m. Through Conister Bank, MFG has provided Payment Assist with wholesale funding over seven years and seen the company grow. This acquisition continues MFG’s strategy of acquiring interests in high-quality specialist lenders. Payment Assist, which started business as an automotive repair point-of-sale finance provider, has been expanding and diversifying its lending business. Payment A...
- Pedro Fonseca
Manx Financial Group - Resilient, profitable and ready for growth
Manx Financial Group (MFG) offers a combination of relatively fast growth potential and low valuation. Operating income doubled between 2016 and 2020 with only a 1% decline in the pandemic year. MFG’s key assets are Conister Bank, a specialist SME and retail lender, Edgewater Associates, the largest Manx independent financial advisory business, and Manx FX, a currency broker and provider of international payment processing facilities. The ROE ranged between 12% and 17% in FY14–19 and 9% in the c...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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