Hardman & Co Research Hardman & Co Research: Morses Club (MCL): Steady, reliable core, growth in new business lines 03-Jun-2019 / 07:15 GMT/BST *Hardman & Co Research: Steady, reliable core, growth in new business lines* We took two key messages from the FY'19 results announced on 2 May. First, the core business is now in a reliable, steady state with modest organic volume growth. It should, however, generate profit growth from acquisition opportunities and technology-driven efficiency improvements. As always, the agents remain core to the group but incremental returns can be generated from managing them better. Conservatively managed growth is being driven from the new business lines. Management has indicated it expects FY'22 pre-tax profits of between GBP3m and GBP5m from its recent online lending acquisition (consideration was GBP8.5m). Our absolute valuation range is 181p to 243p. Please click here for the full report: https://www.hardmanandco.com/research/corporate-research/steady-reliable-core- growth-in-new-business-lines/ [1] +-------------------------+----------------+-------------------+ |*To contact us:* |*Contacts:* | | | | |mt@hardmanandco.com| |Hardman & Co |Mark Thomas | | |35 New Broad Street | | | |London |+44 (0) 20 7194 | | |EC2M 1NH |7622 | | |www.hardmanandco.com | | | |*Follow us on Twitter* | | | |@HardmanandCo | | | +-------------------------+----------------+-------------------+ *Hardman & Co Research can still be accessed for free after MiFID II. Please *click here [2] *to read the statement.* *About Hardman & Co:* For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. End of Announcement - EQS News Service 818089 03-Jun-2019 1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8ff169f3e6ce6fe534742b7864f05ada&application_id=818089&site_id=vwd&application_name=news 2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5a632f52f80bd372265e4041a743aa1c&application_id=818089&site_id=vwd&application_name=news
(END) Dow Jones Newswires
June 03, 2019 02:15 ET (06:15 GMT)
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