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PCF Group - Forecast Update

PCF Group - Forecast Update

Following the release of the 2017 full year results for the financial year to end September 2017 on the 5th December 2017, and ahead of the release of the 2017 annual report due on the 6th February 2018, we have updated our forecasts for profit and earnings for the period 2018e to 2020e.

Looking to our estimates for 2018e and based on a 27p share price, we see PCF currently trading on a P/E ratio of 14.8x after tax EPS, and a DPS yield of <1%. Turning to 2020e we see the current P/E ratio fall to 7.0x after EPS and the DPS yield rise to c.1.0%.

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PCF Group Plc Timeline

CN Video
May 08 2018
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April 17 2018

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December 12 2017

PCF Group Plc (LON:PCF) announced full year results to the end of September 2017, on the 5th December. The newly established specialist bank, which only received UK regulatory approval to accept retail deposits in July, has delivered a strong set of results, exceeding market expectations and beating our forecast for portfolio asset growth by £1m. The recent strategy to diversify funding away from wholesale bank funding has paid dividends with a stunning £53m raised in retail deposits in a little over 2 months.

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May 30 2018

The group announced interim results on the May 23, reporting significant progress across the business as it builds scale while at the same delivering credible financial and operational performance. These results were achieved despite the twin constraints of upfront capital investment and equity capital raised previously, nevertheless, PCF continues to grow according to its strategic plan.   

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April 17 2018

PCF Group ( LON:PCF) has announced that deposit funding from retail investors, which only started in July 2017, has increased substantially again and now exceeds £100m. This compares to previous announcements of £53m at the end of September ‘17, and £81m at the end of February ’18. We estimate that compared to the last reported Group total liability dated September ‘17, the bank now only requires an additional c.£35m of deposit funding to be able to completely replace, should it be desirable to do so, all of the third party bank funding reported at that date. However, whilst funding has grown significantly since the full year results, loans to customers continue to expand also. It is likely therefore that the bank will continue with at least some sort of diversified funding for some time yet to help manage this growth.

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