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Wednesday 05 September, 2018

Hardman & Co Research

1pm plc (OPM): Give credit where it is due

Hardman & Co Research
Hardman & Co Research: 1pm plc (OPM): Give credit where it is due

05-Sep-2018 / 09:25 GMT/BST

Hardman & Co: Give credit where it is due

1pm's IFRS9 update highlighted the conservatism in current provisioning, with a minimal impact from adopting the new standard. We have taken the opportunity to review credit and present a range of scenarios (from maintaining current low losses through to a hard recession) and the impact each would have on 1pm's earnings. The key business message is that, in almost all our scenarios, 2019E profit would be well above the 2017 level. A hard-landing scenario, with losses 1.5x the current IFRS9 worst-case scenario and 4.3x the current level, would see EPS 19% below the 2017 level, and the P/E would be 10x for bottom-of-the-cycle earnings.

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Hardman & Co
35 New Broad Street
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Mark Thomas

+44 20 7194 7622

[email protected]

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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 world with high-quality research, investor engagement programmes and advisory services.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

End of Announcement - EQS News Service

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