Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ONESAVINGS BANK PLC. We currently have 2 research reports from 1 professional analysts.
|22Mar17 17:06||GNW||ONE Savings Bank PLC : Director/PDMR Shareholding|
|20Mar17 17:33||GNW||ONE Savings Bank PLC : Director/PDMR Shareholding|
|16Mar17 07:00||GNW||ONE Savings Bank PLC : Preliminary results for the year ended 31 December 2016|
|14Feb17 14:17||GNW||ONE Savings Bank PLC : NOTIFICATION IN ACCORDANCE WITH LISTING RULE 9.6.14|
|09Dec16 12:28||GNW||ONE Savings Bank PLC : TR-1 Notification of Major Interest in Shares|
|06Dec16 14:39||GNW||ONE Savings Bank PLC : Director/PDMR Shareholding|
|02Dec16 16:30||GNW||ONE Savings Bank PLC : Director/PDMR Shareholding|
Frequency of research reports
Research reports on
ONESAVINGS BANK PLC
ONESAVINGS BANK PLC
Panmure Morning Note 16-03-2017
16 Mar 17
OneSavings bank’s FY2016 underlying PBT of £137.0m (up 29% YoY) is 6% ahead of consensus (and 5% ahead of our forecast of £135.1m) with good underlying trends across the board. Customer loans grew by 16% YoY to £5.9bn, with NIM at 3.14% being better than PG forecast of 3.1%. Loan origination was up 28% to £2.3bn, with both BTL and Residential mortgage volumes remaining robust, up 27% and 14% respectively. Credit quality remained good with cost of risk of 16bp, down 7bp YoY. Cost income ratio remained very low at 27% helping the group to achieve an underlying RoTE of 29%, ahead of our forecast of 28.8%. Balance sheet was strong with TNAV increasing by 33% YoY to 161p and CET1 ratio was 13.3% (Cf. PG at 13.0%), with DPS of 10.5p being ahead of consensus forecasts of 10.1p. Overall these are a solid set of results but largely reflected in the 22% YTD share price rally. OSB trades on reported P/TBV of 2.6 with underlying RoTE of 29%.
UK CHALLENGER BANKS
16 Feb 17
We initiate coverage of the Challenger banks with BUY recommendations on Aldermore, OneSavings Bank, Shawbrook and Virgin Money, and SELL ratings on CYBG and Metro Bank. We particularly like the specialist lenders as they have avoided direct competition with large UK banks and offer high growth and returns at attractive valuations (helped by the fallout from the Brexit vote) of 2017E PE and P/TBV of 7.5 and 1.6 for RoTE of 23% compared to large UK banks on 18.4 and 0.9 for RoTE of 8%. Among the true challengers we prefer Virgin Money for its 2017E RoTE of 14% for P/BV of 1.1 but are not keen on CYBG as it reminds us of the low growth and returns and continual restructuring costs recently seen at large UK banks, nor Metro Bank for its exorbitant 2017E P/TBV of 3.9 for no profits. Our Top Pick is Shawbrook as it is the most specialised of the lenders.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.