Manx Financial Group - Revision history

103.126.60.198 at 09:48, 14 August 2022

2022-08-14T09:48:49Z

← Older revision		Revision as of 10:48, 14 August 2022
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			== Summary ==

	[[File:MFG.jpg\|200px]]		[[File:MFG.jpg\|200px]]

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	~~==Summary==~~

	Manx Financial Group (MFG) offers a combination of relatively fast growth potential and low valuation. Operating income doubled between 2016 and 2020 with only a 1% decline in the pandemic year. MFG’s key assets are Conister Bank, a specialist SME and retail lender, Edgewater Associates, the largest Manx independent financial advisory business, and Manx FX, a currency broker and provider of international payment processing facilities. The ROE ranged between 12% and 17% in FY14–19 and 9% in the challenging 2020/H121. The bank is well capitalised and funded. MFG restarted paying dividends after 16 years in 2021. The shares do not have a very demanding rating at 0.49x 2020 P/BV and 5.7x depressed 2020 earnings, presenting strong share price upside potential as earnings recover.		Manx Financial Group (MFG) offers a combination of relatively fast growth potential and low valuation. Operating income doubled between 2016 and 2020 with only a 1% decline in the pandemic year. MFG’s key assets are Conister Bank, a specialist SME and retail lender, Edgewater Associates, the largest Manx independent financial advisory business, and Manx FX, a currency broker and provider of international payment processing facilities. The ROE ranged between 12% and 17% in FY14–19 and 9% in the challenging 2020/H121. The bank is well capitalised and funded. MFG restarted paying dividends after 16 years in 2021. The shares do not have a very demanding rating at 0.49x 2020 P/BV and 5.7x depressed 2020 earnings, presenting strong share price upside potential as earnings recover.
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	[[Category:Thesis]]		[[Category:Thesis]]
	[[Category:Equities]]		[[Category:Equities]]

			__INDEX__

>Louis at 17:03, 22 July 2022

2022-07-22T17:03:03Z

← Older revision		Revision as of 18:03, 22 July 2022
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	There are currently no consensus forecasts for MFG. However, MFG is currently trading at an FY20 P/BV of 0.49x, which is 32% below the selection of peers in Exhibit 8 despite MFG’s last reported full fiscal year (FY20) ROE being above their average. We note that MFG usually delivers ROEs that are above its COE (we would estimate this at 10–11%). We think that if this type of profitability continues after the end of the pandemic, the bank would likely deserve to be at a premium to its book value and not such a large discount, despite its relatively small market capitalisation.		There are currently no consensus forecasts for MFG. However, MFG is currently trading at an FY20 P/BV of 0.49x, which is 32% below the selection of peers in Exhibit 8 despite MFG’s last reported full fiscal year (FY20) ROE being above their average. We note that MFG usually delivers ROEs that are above its COE (we would estimate this at 10–11%). We think that if this type of profitability continues after the end of the pandemic, the bank would likely deserve to be at a premium to its book value and not such a large discount, despite its relatively small market capitalisation.
			[[Category:Thesis]]
			[[Category:Equities]]

>Philip at 12:18, 17 May 2022

2022-05-17T12:18:45Z

← Older revision		Revision as of 13:18, 17 May 2022
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	'''Exhibit 1: Operating income by segment (H121)'''		'''Exhibit 1: Operating income by segment (H121)'''

	[[File:Operating income by segment (H121).png~~\|600px~~]]		[[File:Operating income by segment (H121).png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.
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	'''Exhibit 2: Earnings contribution (H121)'''		'''Exhibit 2: Earnings contribution (H121)'''

	[[File:Earnings contribution (H121).png~~\|600px~~]]		[[File:Earnings contribution (H121).png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.
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	'''Exhibit 3: Full year operating income progression (£000s)'''		'''Exhibit 3: Full year operating income progression (£000s)'''

	[[File:Full year operating income progression (£000s).png~~\|600px~~]]		[[File:Full year operating income progression (£000s).png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.
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	'''Exhibit 4: Full year net profit and ROE progression'''		'''Exhibit 4: Full year net profit and ROE progression'''

	[[File:Full year net profit and ROE progression.png~~\|600px~~]]		[[File:Full year net profit and ROE progression.png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.
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	'''Exhibit 5: Profit versus impairments (as % of loans)'''		'''Exhibit 5: Profit versus impairments (as % of loans)'''

	[[File:Profit versus impairments (as % of loans).png~~\|600px~~]]		[[File:Profit versus impairments (as % of loans).png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.
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	'''Exhibit 6: Loan book breakdown (H121)'''		'''Exhibit 6: Loan book breakdown (H121)'''

	[[File:Loan book breakdown (H121).png~~\|600px~~]]		[[File:Loan book breakdown (H121).png]]

	Source: Manx Financial Group.		Source: Manx Financial Group.

>Ricky: /* Company description: Independent banking group */

2022-03-08T12:25:53Z