LAFDI market report - Friday 4th September

By Rupert Taylor on Friday 4 September 2015

Alternative Lending

The Liberum AltFi Financial Disruptors again out-performed in a tough week for global equity markets

Weekly return

LAFDI

-0.64%

MSCI World

-1.64%

Top 5 performing Stocks in last week

1

SGM US Equity

6.40%

2

MNY AU Equity

4.29%

3

TUNG LN Equity

4.19%

4

EPO LN Equity

3.35%

5

ONDK US Equity

3.30%

Worst 5 performing Stocks in last week

1

QIWI US Equity

-18.68%

2

TAXI US Equity

-5.62%

3

GLIF LN Equity

-5.58%

4

RDL LN Equity

-4.60%

5

PFSI US Equity

-3.81%

  * Returns are calculated for the week to local market close on Thursday.

Stonegate Mortgage Corporation the non-bank mortgage company announced today Richard A. Kraemer, has been named Interim CEO of the company. Mr. Kraemer is replacing Jim Cutillo, who has resigned from the company effective September 10, 2015. Mr. Cutillo will be assisting Stonegate as a consultant to facilitate his transition from the company over the next six months. Mr. Kraemer will retain his position as Chairman of the Board.

With over 35 years of experience in financial services and mortgage banking, Mr. Kraemer will be overseeing the day-to-day management of the company until the search for a permanent CEO with the requisite leadership and mortgage industry experience is completed.

The shares rose significantly higher on the day of the news with some commentators speculating that ultimately a sale of the business could be the most likely outcome for Stonegate. The shares have significantly underperformed for the last couple of and the company has increasingly missed financial targets.  An acquisition would make Stonegate the 4th LAFDI constituent to be bid for this year. 

Money3 Corporation Ltd had an excellent week on the back of strong results.  The company announced a record result for year ended 30th June 2015 of a net profit after tax of $13.9 million, a 78.2% rise on the previous year.

The Company will pay a final dividend of 2.75 cents per share, for a total full year dividend of 5.25 cents. Acting CEO Scott Baldwin said that “The Company is confident about its market position and is expecting NPAT for the financial year ending 30th June 2016 of $18 million, an increase of 30%.” The company’s revenue increased by 59.5% to $69.4 million and EBITDA increased by 88.3% to $24.3 million.

Commenting further, Mr Baldwin said, “We are pleased to deliver another record result for the financial year ended 30th June 2015. The result shows that Money3’s strategy of expanding its secured lending business has delivered strong results for the company.”

Shares of Qiwi plc fell hard Tuesday even after it beat consensus profit expectations and raised its full-year guidance. The Cyprus-based provider of online payment services in Russia and former Soviet states logged second-quarter adjusted earnings of 33 cents a share, down 34% from a year ago but above consensus estimates for 31 cents. Revenue declined 27% to $75.3 million. However in rubles, Qiwi missed earnings and sales forecasts suggesting that the underlying business has disappointed versus expectations. Qiwi faces a number of headwinds in Russia, including a declining currency, falling oil prices, a stumbling economy and double-digit inflation. But it now sees full-year adjusted net revenue and adjusted net profit both growing 18%-22%, up from an earlier forecast for 12%-16%.   

Please note : The LAFDI is now available on Bloomberg.  Tickers:

LAFDITR Index <GO> for the Total Return Index

LAFDIPR Index <GO> for the Price Return Index

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