Hardman & Co Research: Quality Street
We have repeatedly asserted that providers of Home Collect Credit (HCC) need to understand their customers' thinking in order to lend profitably. Equally, to properly appreciate the risks and rewards that the HCC companies offer investors, we need to understand their corporate culture. In this note, we review MCL's focus on quality, giving practical examples of how the group aims to generate sustainable profit growth. Conservatism runs throughout MCL's lending, accounting, agents, customer selection and new product development. We have not changed our steady growth forecasts, and our valuation range remains 171p to 197p.Please click here for the full report:
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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.
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