Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
NSF’s 1H’20 results reflected the pain from COVID-19, with i) less volume, ii) changes to business models, and iii) higher impairment, including an increased weighting of a severe macro downside, increasing IFRS9 cyclical impairment charges. Despite these pressures, both the branch (ELD) and home collect (HCC) businesses were profitable. A young customer demographic meant the guarantor loan division (GLD) was most impacted, with COVID-19 effects compounded by the recent FCA review in 2H’20. NSF ...
Hardman & Co Research Hardman & Co Research: Non-Standard Finance Plc (NSF): 1H'20 results: 05-Nov-2020 / 12:05 GMT/BST Hardman & Co Research: 1H'20 results: NSF's 1H'20 results reflected the pain from COVID-19, with i) less volume, ii) changes to business models, and iii) higher impairment, including an increased weighting of a severe macro downside, increasing IFRS9 cyclical impairment charges. Despite these pressures, both the branch (ELD) and home collect (HCC) businesses were profitable. A young customer demographic meant the guarantor loan division (GLD) was most impacted, w...
In the September 2020 Hardman & Co Monthly, Nigel Hawkins, Hardman’s Infrastructure and Renewables Specialist, analyses how the COVID-19 pandemic has impacted both stock markets in general and certain sectors in particular. Whilst the FTSE-100 has regained around half of the loss it sustained in March 2020, many sectors still remain very weak.
Hardman & Co Research Hardman & Co Research: Q&A with Mark Thomas on Non-Standard Finance (NSF): FY'19 solid; outlook - broad range of outcomes 06-Aug-2020 / 07:15 GMT/BST Hardman & Co Research: FY'19 solid; outlook - broad range of outcomes Non-Standard Finance plc (NSF) is the topic of conversation when Mark Thomas joins DirectorsTalk. Mark highlights the important parts from the company's latest results, explains the opportunities that the company now has and expands on the going concern. Please click on the link below to listen to the interview: If you are interested in mee...
Feature article - Buying British: An analysis of UK exits (2015-2019) By Rooney Nimmo and 24Haymarket For this Monthly, we are delighted that Rooney Nimmo and 24Haymarket have allowed us to reproduce a recent report they jointly published, entitled An analysis of UK exits (2015-2019), which provides a granular analysis by sector of the activity in our dynamic private companies world. We hope you find the insights of interest.
Key takeaways from NSF’s results and presentation were: i) solid underlying 2019 with normalised operating profits up 20% and lower impairments to revenue; ii) £60m cash now ‒ April and May cash-generative; and iii) current collections 86% of pre-lockdown levels. NSF is a going concern and is considering an equity raise to help fund additional growth. Downside includes: i) statutory loss with further goodwill impairments; ii) material uncertainty arising from COVID-19 effects and so possibl...
Hardman & Co Research Hardman & Co Research: Non-Standard Finance Plc (NSF): FY'19 solid; outlook - broad range of outcomes 13-Jul-2020 / 11:15 GMT/BST Hardman & Co Research: FY'19 solid; outlook ‒ broad range of outcomes Key takeaways from NSF's results and presentation were: i) solid underlying 2019 with normalised operating profits up 20% and lower impairments to revenue; ii) £60m cash now ‒ April and May cash-generative; and iii) current collections 86% of pre-lockdown levels. NSF is a going concern and is considering an equity raise to help fund additional growth. Downsid...
Feature article - Safer harbour REITs: an update This month's feature article is an excerpt from a sector paper originally published in May. The paper provides an update on our 2019 research, identifying more secure real estate income REIT opportunities. We see the benefits of these “safer harbour†REITs as being apparent in both good and bad markets. In the past 12 months, the basket of 16 REITs has outperformed the sector by over 11%, and also outperformed the wider market. It has beate...
Feature article - Investing in a pandemic: Changes post COVID-19 Much has been written about the effects of the virus on the world and on the stock market. This article is one analyst’s take on some of the likely impacts and on how we should look at companies. We discuss financial repression and capital controls, why interest rates will stay low for some time, ripple effects such as the potential for inflation, and the need for balance sheet restoration by both corporate and personal sectors...
Feature article - Are the public markets closing to smaller companies? There has been much comment on the fact that equity markets in the US and Europe have been shrinking for some years now. This paper assesses the evidence in London, considers explanations, asks whether it matters and (assuming it does) what can be done. We find that, excluding the 350 largest companies and all financials the number of trading companies on the Main Market has fallen by 72% since 1999. The average market c...
Feature article - Privatisation: Whose flame has burnt the brightest? Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time. Following the 50.2% sale of British Telecom (BT) shares in 1984, which was the first mass privatisation, other utility stocks were sold off, notably British Gas (BG), the English and Welsh water compa...
Hardman & Co Research Hardman & Co Research: Q&A with Mark Thomas on Non-Standard Finance (NSF) 11-Feb-2020 / 14:59 GMT/BST Hardman & Co Research: Sunshine after the rain Non-Standard Finance plc (NSF) is the topic of conversation when Mark Thomas joins DirectorsTalk. Mark explains why he called his recent report 'Sunshine after the rain', why he thinks NSF is operating in an attractive market and lower funding costs. Please click on the link below to listen to the interview: If you are interested in meeting the company, you can register your interest by clicking on the above l...
We recently published a paper, Share ownership: For the many, not the few, based on a statistical survey of share ownership, produced jointly with Argus Vickers, the share analysis service. The Office for National Statistics (ONS) has now issued its equivalent survey. This paper compares its results with ours. Although there are, inevitably, differences in the detail, the two surveys reach the same conclusions. The two key themes from the surveys are that: i) investors from the Rest of the World...
“The focus for the next few years is on relatively modest investment and on driving return on assets towards our medium-term target of 20% for each divisionâ€. So said John van Kuffeler at the 16 January 2020 capital markets day. After an eventful 2019, 2020 (and beyond) is now all about operational delivery, the “boring†grinding out of profit from a franchise that has seen heavy investment over many years. We welcome this focus and think it will help deliver the 84% EPS growth (2021 on ...
Hardman & Co Research Hardman & Co Research: Non-Standard Finance (NSF): Sunshine after the rain 17-Jan-2020 / 14:55 GMT/BST Hardman & Co Research: Sunshine after the rain "The focus for the next few years is on relatively modest investment and on driving return on assets towards our medium-term target of 20% for each division". So said John van Kuffeler at the 16 January 2020 capital markets day. After an eventful 2019, 2020 (and beyond) is now all about operational delivery, the "boring" grinding out of profit from a franchise that has seen heavy investment over many years. We we...
The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather ...
Two Directors at Non-Standard Finance Ltd bought 120,000 shares at between 17p and 18p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
NSF has issued a trading update highlighting a 4%-5% reduction in consensus estimates due to softer trading in 3Q (primarily lower loan volumes in guarantor loans, a market which has been affected by adverse press coverage) and a 6%-8% reduction associated with a step change in provisioning policy. The latter highlights yet again the importance of understanding the assumptions in provisioning. For the same arrears, a higher assumed probability of downside has increased provisions. This reflects ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.