International Personal Finance (IPF)

International Personal Finance IPF Logo

Offers unsecured consumer finance products, channels and brands.

24-Oct-2017 – 199.5p – £437.8m

Q3 Trading Update – Cannot really find much to say about this update – Seems in-line to me. This sort of update (one I cannot make sense of) just makes me want to leave this alone.

On a PER of 6.5 it’s either wrongly priced or something is not quite right here – There is some kind of outstanding legal dispute on-going in Poland. Anyway, I just can’t get interested here.

1-Mar-2018 – 189.3p – £422.4m – PER 6.18

Financial Report For The 12 Months To End December 2017 – Complicated but seems flat with any improvements the result of FX.

Too complicated for me. There’s just too much diversification here (geographically) and so much regulation to deal with. I am going to add this to my Avoid list and cease coverage for now.

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