Non Standard Finance (NSF) Everyday Loans: a he...

Hardman & Co Research
Hardman & Co Research: Non Standard Finance (NSF) Everyday Loans: a heart of gold

14-May-2018 / 12:11 GMT/BST


Hardman & Co Research: 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. Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/non-standard-finance/14.05.18-nsf-strongly-beating-heart.pdf

 

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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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685345  14-May-2018 

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