Hardman Research: Delivering value-added strategy

RNS Number : 0064C

1PM PLC

16 January 2018

 

Hardman Research: Interim results: delivering value-added strategy

Interim results: delivering value-added strategy - The results confirm 1pm is on track to deliver the substantial profit growth the market expects. We believe greater confidence in delivery will be a trigger for re-rating as the current May 2019E P/E of 6.5x and P/B of 0.8x are inconsistent with a profitable, growing company. The results also confirm impairment losses, although rising modestly, remain well controlled and more than priced into lending, and that provisions coverage is increasing. Funding continues to be well diversified and the average cost of funds is down nearly a third. We expect the second half to show a continuation of these trends, together with more integration benefits.

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http://hardmanandco.com/docs/default-source/company-docs/1pm-plc-documents/16-01-18-1pm-plc-interim-results-delivering-value-added-strategy.pdf?Status=Temp&dm_t=0,0,0,0,0

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About Hardman & Co: For the past 20 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.

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.

 

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