Progressive publishes new research

RNS Number : 1395W
Distribution Finance Cap. Hldgs PLC
21 April 2021
 

Good momentum as FY 2021E starts strongly

DF Capital's (DFC) FY 2020 results came from a challenging period, but also one of major progress, and were predominantly in line with our expectations - albeit that the pre-tax loss was a touch better than our estimate. Following the fundraising in January 2021, DFC is well-positioned for growth and has started FY 2021E strongly. Our unchanged estimates reflect the potential which the business has to grow its loan book substantially over the next three years, taking advantage of the underserved small business lending market in the UK. We note management's positive outlook comments and expect to see the Group achieve its target of a profitable monthly run rate in Q4 of this year as its funding costs continue to benefit from a favourable deposit-taking market environment. We continue to assume that operating expenses and the cost of risk remain well controlled and look forward to further positive updates.

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Progressive helps you make informed investment decisions. FCA authorised and regulated, and with a 15-strong team of highly experienced analysts, we provide freely available institutional grade equity research and access to company management teams across every sector of the market.

 

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Broad coverage

 

Analyst calibre

 

across 12 sectors

 

 

 



 

 

 

Business Services

Oil & Gas

15
analysts

with average

20
years

Financials

Property

experience of

Healthcare

Retail


Industrials

Technology

30+


techMARK

Investment Trusts

Telecoms

industry based

Extel

Mining

Utilities

awards

StarMine

 

 

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Emily Ritchie

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