Distribution Finance Cap. Hldgs PLC Progressive publishes new research
March 18 2021 - 2:27AM
RNS Non-Regulatory
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Distribution Finance Cap. Hldgs PLC
18 March 2021
Positioned for efficient growth
DF Capital (DFC) is a specialist SME (Small and Medium sized Enterprise) lender and personal
savings bank operating in the UK. It secured permission to commence deposit taking at the
end of September 2020 which has allowed it to successfully replace more costly wholesale funding
with retail deposits. Having navigated the impact of COVID-19 with aplomb so far, the Group's
recent capital raise doubled its lending capacity and we expect it to grow its loan book at
pace. With an efficient business model, DFC is initially concentrating on its inventory finance
product to secure run-rate profitability during Q4 2021, but holds the promise of supporting
a poorly served market with the addition of new, longer term loan products in adjacent segments.
Our scenario analysis suggests that one additional product could add at least 12% to our FY
2023E earnings estimate.
Click here for full analysis
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