http://www.pcfg.co.uk

Trading at a significant discount to current NAV. Recently put 4M in the bank. Two brokers notes out from August for BUY and ACCUMULATE.

Company also pays a dividend.

Seems to have been forgotten so maybe now is the time to BUY.

Taken from an old broker note but very pertinent with the recent rise in interest rates;

An anticipated hike in UK interest rates over the medium term and freeing up of market share by the withdrawal of some competitors from the market are favourable to Private & Commercial's business model, Davies pointed out.

We have had how many interest rate hikes !!

This could add a little more sparkle to th price. Taken from the T1ps.com note ;

At this stage the company is not offering the sort of guidance which lends itself to exact forecasts. That should come next week when PCF takes a select group of analysts to its Watford showroom. Tony Nelson has invited me on the trip but though a trip to the outskirts of Watford is the sort of glamorous adventure that first attracted me to this business more than a decade ago I fear that I have a prior engagement. However I have arranged to meet up on Wednesday 20th to record a webcast with Tony so if you have any questions for PCF email them to tom@tisl.co.uk by midnight on 19th of October.

Anyone going to take the last few at under 47p ?

Come on lurkers. When they see the bid move they will follow.

Little information here with a circa 30M T/O

http://www.digitallook.com/cgi-bin/digital/security.cgi?username=&id=13088&ac=

Just seen this one

This is Money, 30th September 2004


And following the half-time results from Private & Commercial Finance showing a small loss, James Hollins, from the same stable, says the shares are a 'buy' at 38p with the company 'well funded to drive organic growth and profitability from its consumer and finance operations, as well as expanding its two new division'.

Just found the actual article which seems to imply that the Broker Daniel Stewart has a BUY rating.

http://www.thisismoney.com/20040930/si83054.html

This was the last note that they had out on PCF

Trading update Private & Commercial Finance Plc
Research Alex Davies 020 7847 0359 alex.davies@danielstewart.co.uk Roger Tejwani 020 7847 0380 roger.tejwani@danielstewart.co.uk Sales Tom Jenkins 020 7847 0370 tom.jenkins@danielstewart.co.uk Daniel Willmott 020 7847 0364 daniel.willmott@danielstewart.co.uk Sebastian Wykeham 020 7847 0362 sebastian.wykeham@danielstewart.co.uk Daniel Stewart & Company Plc 48 Bishopsgate London EC2N 4AJ Tel: 020 7374 6789 Fax: 020 7374 6742 www.danielstewart.co.uk
Private and Commercial Finance Plc (PCF.L), has this afternoon issued a trading statement. The key points of this are:
Motor and Equipment finance divisions maintain their trends from the interim period. As described in our note dated 30/10/03, there had been a long, industry-wide period of decline in both absolute prices and in margins. At the interim period we noted that car prices in Europe had grown for the first time in six years, and that prices in the UK had bottomed out. That these trends have continued, and that the UK market has subsequently improved illustrates the sustainability of this recovery, despite a firming in UK interest rates. This remains a highly competitive environment, and one in which PCF.L has refused to chase volume at unsustainable margins. Further increases in UK interest rates will actively help PCF.L, as any upward movement will help close the pricing gap between PCF.L and the competition. PCF.L will also derive considerable margin benefit from the integrated model which we now anticipate to commence in April 2004, both increasing the internal margin, whilst allowing more aggressive pricing and aiding the competitive positioning of the group.
The inaugural car supermarket site has been identified, and is due to open in April 2004. Although this is later than expected we consider that there is sufficient slack in our forecasts to accommodate this and we are not reducing our forecasts at this stage. We would however highlight that any continuing delay in other planned sites will have a deleterious effect on our sales forecasts, although with no significant bottom line contribution forecast until FY2005, the net effect on earnings for FY2004 is negligible.
Contract hire is progressing well, with new staff appointed and systems currently being installed. This is sstrongly complementary revenue stream to the car supermarkets, generating purchasing economies and offering an instant route to market at the end of the contract hire period. We are strongly encouraged that this division is demonstrating stand-alone growth.
Legal action against NIG is proceeding, although the hearing date has been postponed until April 2004. Whilst we see any delay as unfortunate, management has taken leading counselsadvice, and is confident of the merits of the case. A realistic worst-case scenario would be a net cost of 1.5m, which, whilst heavily impacting profits in the forthcoming financial year, would still leave an underlying profit.
We retain our current forecasts. On a FY04 PE multiple of 5.9x, PCF.L is trading at both a marked discount to its peer group, and to our assessment of fair value of 85p. With a compelling growth story, and strong fundamentals delivering a profitable earnings figure we retain our positive recommendation. BUY

Knowing - you should be locked up IMO for highlighting ancient forecasts to ramp stocks.
Would you like to update readers with current forecasts for FY04 and tell them what the real PE based on those figures is??

Rgds
dell

Mr Trotter,

As was explained to you on ADVFN you don't really understand the whole scenario but I will spell it out for you here;

From the This is Money article it transpires that Daniel Stewart have issued a BUY note however this note is not in the publicc domain. As the last note was also a BUY I thought it interesting to post up that note so that perspective investors could read the information to hand.

If you have the new note then please paste it up or P*ss off !

Knowing - you should be locked up IMO for highlighting ancient forecasts to ramp stocks.
Would you like to update readers with current forecasts for FY04 and tell them what the real PE based on those figures is??

I'm still waiting for you to quote current FY04 forecasts and PE and give them equal prominence to the out of date misleading forecast that you have highlighted in red...

Rgds
dell

dell if I post that information you would probably constru it as a ramp.

Looking very cheap now. NAV 50p buy for under 30p.

Watching for a pick up in interest.

any views on results mid March - more bad news and another lurch down? Karma needs to turn round quick or discount to NAV may get worse. anyone aware of what discount ot nav PCF has usually traded at historically? am watching and waiting. does anyone thinkl the dividend is under any threat?

any life out there?

Trouble is this is a desperate sector to be in. Ads from Yescar and the other major players offering competitive rates, fears that the likes of Tesco may be on the verge of joining in and too many companies chasing too little business. A sector to avoid imho, sorry, though on the plus side PCF are cheap, even factoring in all that.

hawick the car sales business is a very small part of a very profitable company which is very diversified.

I see that buyers started to appear today and I am considering a few at this level as it is on a 40% discount to NAV !

Maybe time to add a few this week.

A very profitable company??
Perhaps you missed this and it explains the ongoing collapse in the shares:
Dated 16th December.
"(AFX) - Private & Commercial Finance Group PLC warned it will report deeper than expected losses for the current year because sales at its new Karma Cars division are falling short of forecasts."

no respite in falls - are we going broke? any views as to how bad things are - dividend to be paid? market appears to fear the worst.