VCAP listed at the end of December 2020, so these results don’t reflect the benefit of an enlarged capital base post its £3.06m (gross) fundraise. It reported an 8.3% y-o-y increase in its loan book, to £36.4m, ahead of our forecast despite a pandemic inspired three-month suspension in new lending. It also reported 20% higher PBT despite certain expensed IPO costs and grew its gross margin, which we attribute to the intrinsic operational gearing in a readily scalable business. The current infras ....
12 Apr 2021
Recent IPO to build upon positive FY20 performance
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Recent IPO to build upon positive FY20 performance
Vector Capital PLC (VCAP:LON) | 27.0 0 0.0% | Mkt Cap: 12.2m
- Published:
12 Apr 2021 -
Author:
Allenby Capital Research -
Pages:
5
VCAP listed at the end of December 2020, so these results don’t reflect the benefit of an enlarged capital base post its £3.06m (gross) fundraise. It reported an 8.3% y-o-y increase in its loan book, to £36.4m, ahead of our forecast despite a pandemic inspired three-month suspension in new lending. It also reported 20% higher PBT despite certain expensed IPO costs and grew its gross margin, which we attribute to the intrinsic operational gearing in a readily scalable business. The current infras ....