Research for 2013

Market Commentary November 2013


Since our last market commentary, in which we moved to equalweight from overweight on equities, the FTSE 100 has fallen 117 points (1.73%). After reaching multi-year highs, the equity market was simply looked tired. Indeed, various indicators at the beginning of the month predicted this – the b [...]

Buy Provident Financial Plc


Provident Financial is a rare financial company that offers double-digit earnings growth (EPS CAGR of 15%), resulting in 25% potential upside to our price target of 1970p, coupled with a high and growing dividend yield of 5.4%. Recent investor concern that PFG’s major shareholder may be looking [...]