23 Jun 2020
Cenkos: 1pm plc -- FY20E was not a write-off at all
A robust set of FY20E numbers and the absence of evidence of material bad debts increases, should reassure today and provide evidence 1pm's multi-product, sector diverse, hybrid model can deliver in tougher conditions. Given a NAV p/s of 62p (30p tangible), which now includes enhanced Covid-19 provisions, the material discount to book is clearly unwarranted.
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Cenkos: 1pm plc -- FY20E was not a write-off at all
Time Finance plc (TIME:LON) | 41.0 0.2 1.2% | Mkt Cap: 37.9m
- Published:
23 Jun 2020 -
Author:
Cavendish Research -
Pages:
7
A robust set of FY20E numbers and the absence of evidence of material bad debts increases, should reassure today and provide evidence 1pm's multi-product, sector diverse, hybrid model can deliver in tougher conditions. Given a NAV p/s of 62p (30p tangible), which now includes enhanced Covid-19 provisions, the material discount to book is clearly unwarranted.