MCL Morses Club Plc

TIDMMCL

Morses Club PLC

02 February 2017

Hardman Research: Home Collect in the 21(st) Century

Bringing Home Collect into the 21st Century: Having completed a major integration, management is now focussing on carefully controlled growth. Technology is driving efficiency improvements, aiding credit management (impairments are at the lower end of expectations) and improving compliance and controls. MCL is the number 2 in UK home-collect credit (HCC) market, and is around twice as large as the number 3. It is attracting and acquiring performing agents and portfolios of loans. Revenue margins have been increased and MCL is introducing new products where it has a competitive advantage from existing operations, or risk management expertise. We see 28% valuation upside.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/morses-club-plc-documents/02.02.17-bringing-home-collect-into-the-21st-century.pdf

 
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