Hardman & Co Research
Hardman & Co Research: FY18: carefully controlled, sustainable growth
The FY18 results saw adjusted pre-tax profits £1m and statutory profits £2.7m ahead of our expectations. MCL has focused resources on optimising the potential from the market leader's self-inflicted woes and so increased its agent franchise by over 20%, adding high-quality customers. This focus meant that, despite the strong lending growth, impairments as a percentage of revenue fell in 2H on 1H. Historical conservative provisioning sees the conversion to IFRS9 having a much smaller impact on receivables than peers. New business streams are being introduced to continue growth. Our range of valuation methodologies is currently 171-197p.
Please click here for the full report:
Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.
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.
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.