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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Metro Bank PLC    MTRO   GB00BZ6STL67

METRO BANK PLC

(MTRO)
  Report  
Delayed Quote. Delayed London Stock Exchange - 08/16 11:38:22 am
278 GBp   +3.12%
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Metro Bank : Struggling lender Metro Bank in talks to sell loans

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07/22/2019 | 03:47am EDT
Signage is seen outside of a Metro Bank in London

(Reuters) - Metro Bank is in talks to sell a portfolio of loans in the British lender's latest attempt to strengthen its finances after an accounting error hammered its shares.

The major loan book error in January left a hole in Metro's balance sheet and wiped more than £1.5 billion its market value.

Sky News reported on Sunday that Metro was readying a £500 million deal to‎ offload a mortgage portfolio back to U.S hedge fund Cerberus Capital Management.

Metro said in a statement on Monday it was in talks to sell a loan portfolio, but gave no details on the type of loans or potential buyer.

In February 2018, Metro agreed to buy mortgage debt from several Cerberus-linked companies for £523 million, after buying a mortgage portfolio from the U.S. firm in June 2017 for £596.7 million.

While Metro, led by founder and chairman Vernon Hill, managed to raise £375 million in an over-subscribed share sale in May, the stock remains down 72% since the start of the year.

John Cronin, financials analyst at broker Goodbody, said selling loan assets made sense but was cautious about the impact on future profitability.

"Balance sheet shrinkage is never ideal in the case of a company that has attracted an investor base owing to its high growth prospects. However, capital sufficiency trumps growth and profitability considerations at the current time," he said.

Metro shares were up 3.7% in early trade, among the biggest gains on Britain's FTSE mid-cap index <.FTMC>.

Cronin told clients in a note that any bounce in the shares could be a good opportunity to lay bets on future falls.

"Any excitement that drives share price gains ... in response to this (Sky) news article should be seen as an opportunity to build on a short position," he wrote.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong and Mark Potter)

By Noor Zainab Hussain and Simon Jessop

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Financials (GBP)
Sales 2019 444 M
EBIT 2019 40,6 M
Net income 2019 15,1 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 25,7x
P/E ratio 2020 13,4x
Capi. / Sales2019 1,07x
Capi. / Sales2020 0,91x
Capitalization 474 M
Chart METRO BANK PLC
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Technical analysis trends METRO BANK PLC
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 579,86  GBp
Last Close Price 275,00  GBp
Spread / Highest target 235%
Spread / Average Target 111%
Spread / Lowest Target 23,6%
EPS Revisions
Managers
NameTitle
Craig Francis Donaldson Chief Executive Officer & Executive Director
Vernon W. Hill Non-Executive Chairman
Aisling Kane Chief Operating Officer
David Thomas Arden Chief Financial Officer, Secretary & Director
Martyn Atkinson Chief Information Officer
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