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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Provident Financial    PFG   GB00B1Z4ST84

PROVIDENT FINANCIAL (PFG)
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Provident Financial : British debt collector Cabot to launch 1 bln stg IPO next week - source

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10/13/2017 | 02:20pm CEST

LONDON (Reuters) - Cabot Credit Management, Britain's biggest debt collector, is set to launch a 1 billion pound (1.00 billion pounds)stock market float next week after a delay last month to revamp its board, a person familiar with the matter said.

The firm had hoped to announce its intention to float in September, but postponed it after Peter Crook, the former chief executive of Provident Financial, stepped down from its board.

Cabot had planned to appoint Crook as its chairman in preparation for the London listing, the person said.

Crook's resignation from Provident Financial following an August profit warning also prompted him to leave Cabot, forcing the debt collector to find a replacement.

It is not known who Cabot will appoint in Crook's place.

Goldman Sachs, Morgan Stanley and Jefferies are managing the float of Cabot, which is owned by U.S. debt recovery business Encore Capital Group and JC Flowers.

They are targeting a 1 billion pound market capitalisation for the business.

A spate of companies have unveiled plans for London IPOs since the start of October, including ready meals supplier Bakkavor and power firm ContourGlobal.

(Reporting by Ben Martin; editing by Mark Potter and Jason Neely)

By Ben Martin

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Financials (GBP)
Sales 2018 1 140 M
EBIT 2018 244 M
Net income 2018 92,8 M
Debt 2018 -
Yield 2018 1,76%
P/E ratio 2018 13,52
P/E ratio 2019 10,06
Capi. / Sales 2018 1,41x
Capi. / Sales 2019 1,35x
Capitalization 1 608 M
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Technical analysis trends PROVIDENT FINANCIAL
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 7,48  GBP
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Malcolm John Le May Chief Executive Officer & Director
Stuart William Sinclair Non-Executive Chairman
Andrew Charles Fisher Executive Director & Finance Director
Steve Grigg Chief Information & Technology Officer
Robert Anderson Independent Non-Executive Director
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