Firm Returns

Hosted by James Goodwin

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Dec 2024

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About the show

Podcast discussing value investing and recent write-ups on firmreturns.com.

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39 recent

December 14, 202456 min

Fast growing UK bank trading at 2.3x PE and 0.19x PB - Part 4

In this series of videos I take a look at Secure Trust Bank (STB.L) - a fast growing specialist lender trading at a deeply depressed valuation. Part 4 covers the group financials, management and investment outlook. Chapters: 0:00 Introduction 02:06 Income 10:00 Financial position 25:50 Cash flows 29:52 Management 36:15 Ownership 37:30 Investment outlook - current and forward valuation 49:55 Outro You can read the article here: https://www.firmreturns.com/secure-trust-bank-research-report/ Where you can also subscribe to my free newsletter to get the articles delivered directly to your inbox. I'm on Twitter at: https://twitter.com/FirmReturns

November 3, 202453 min

Fast growing UK bank trading at 3.7x PE and 0.26x PB - Part 3

In this series of videos I take a look at Secure Trust Bank (STB.L) - a fast growing specialist lender trading at a deeply depressed valuation. Part 3 provides an in-depth look at the business finance segments and savings. Chapters: 0:00 Introduction 02:33 Commercial finance 15:00 Real estate finance 39:44 Savings 47:29 Rest of report and Firm Returns You can read the article here: https://www.firmreturns.com/secure-trust-bank-research-report/ Where you can also subscribe to my free newsletter to get the articles delivered directly to your inbox. I'm on Twitter at: https://twitter.com/FirmReturns

October 26, 202437 min

Fast growing UK bank trading at 5.1x PE and 0.45x PB - Part 2

In this series of videos I take a look at Secure Trust Bank (STB.L) - a fast growing specialist lender trading at a deeply depressed valuation. Part 2 provides an in-depth look at the vehicle finance segment. Chapters: 0:00 Introduction 01:10 Vehicle finance overview 03:50 Product breakdown 14:35 Commission and FCA investigation 17:50 Loan book growth 18:58 Net interest income and risk adjusted income 21:53 Market share and competition 23:40 Black Horse Limited 26:50 Volvo Car Financial Services UK Limited 29:32 Close Brothers Group plc 32:22 Next episode preview and Firm Returns You can read the article here: https://www.firmreturns.com/secure-trust-bank-research-report/ Where you can also subscribe to my free newsletter to get the articles delivered directly to your inbox. I'm on Twitter at: https://twitter.com/FirmReturns

October 19, 20241 hr 36 min

Fast growing UK bank trading at 5.1x PE and 0.45x PB - Part 1

In this series of videos I take a look at Secure Trust Bank (STB.L) - a fast growing specialist lender trading at a deeply depressed valuation. Part 1 provides an overview of the company and its history, before looking at the retail finance segment in detail. Chapters: 0:00 Introduction 1:28 Executive summary 8:58 History 13:00 Retail finance overview 19:40 Finance types 24:00 AppToPay 29:37 Retail partner selection 32:02 Customer ratings 32:55 Loan book growth 34:53 Net interest income and risk adjusted income 39:24 Market share 41:00 Barclays Partner Finance 45:05 Creation Consumer Finance Limited 51:14 Novuna Consumer Finance 56:15 Klarna 1:02:23 Clearpay 1:09:45 Zilch 1:15:48 Laybuy 1:18:55 PayPal 1:23:20 Which competitors are most formidable? 1:26:35 What's coming up in the next video 1:28:20 Firm Returns You can read the article here: https://www.firmreturns.com/secure-trust-bank-research-report/ Where you can also subscribe to my free newsletter to get the articles delivered directly to your inbox. I'm on Twitter at: https://twitter.com/FirmReturns

October 13, 20242 hr 1 min

tinyBuild's 2024 half year results and game pipeline review

In this video I take a look at tinyBuild's (TBLD.L) half year results for the period ending 30 June 2024, as well as reviewing recent and upcoming game releases. Chapters: 0:00 Introduction 1:55 2024 half year results 39:25 Recent game releases 1:13:05 Upcoming releases 1:51:25 My thoughts 1:57:12 Firm returns review and outro You can read the article here: https://www.firmreturns.com/company-updates-2024-10-07/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns

January 7, 202438 min

FRW Ep. 23 - 2023 box office figures, streaming ratings, and the UK financial services sector

Welcome to another episode of Firm Returns Weekly - where I discuss recent news related to my portfolio holdings and other topics I think might be of interest. Chapters: 0:00 Introduction 1:00 2023 global box office figures (WBD) 18:00 Young Sheldon tops the weekly US streaming charts (WBD) 23:52 Aviva completes Optiom acquisition (AV) 25:03 Taking the temperature of the UK Financial Services sector (DSW) You can read the article here: https://www.firmreturns.com/firm-returns-weekly-2024-01-06/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns

December 31, 202322 min

FRW Ep. 22 - WBD acquires BluTV, and a look at recent film performance

Welcome to another episode of Firm Returns Weekly - where I discuss recent news related to my portfolio holdings and other topics I think might be of interest. Chapters: 0:00 Introduction 0:48 WBD acquires BluTV 04:20 Wonka and Aquaman 2 ticket sales 14:43 Assorted other topics You can read the article here: https://www.firmreturns.com/firm-returns-weekly-2023-12-31/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns

December 26, 202346 min

FRW Ep. 21 - Factors impacting the dry bulk charter market, and updates on WBD and TBLD

Welcome to another episode of Firm Returns Weekly - where I discuss recent news related to my portfolio holdings and other topics I think might be of interest. Chapters: 0:00 Introduction 1:03 Factors impacting the dry bulk charter market (TMI) 13:13 Paramount merger talk (WBD) 20:50 Details of the equity raise (TBLD) 41:47 Versus Evil shut down (TBLD) You can read the article here: https://www.firmreturns.com/firm-returns-weekly-2023-12-24/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns

December 19, 202345 min

FRW Ep. 20 - Newsletter overview, and updates on TMI, WBD, and TBLD

Welcome to another episode of Firm Returns Weekly - where I discuss recent news related to my portfolio holdings and other topics I think might be of interest. Chapters: 0:00 Introduction 1:18 Newsletter overview 10:56 Half-year report (TMI) 32:32 Board changes (TMI) 33:12 Spotify podcast deal (WBD) 35:21 Wonka (WBD) 37:00 Deadside update (TBLD) You can read the article here: https://www.firmreturns.com/firm-returns-weekly-2023-12-17/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns

December 9, 202341 min

FRW Ep. 19 - Important update on tinyBuild (TBLD), and other news for ECOR, WBD, and TMI

Welcome to another episode of Firm Returns Weekly - where I discuss recent news related to my portfolio holdings and other topics I think might be of interest. Chapters: 0:00 Introduction 0:58 Trading update and equity raise (TBLD) 24:38 Four Mile legal ruling upheld (ECOR) 26:33 Max in Verizon bundle (WBD) 27:44 Upcoming releases (WBD) 34:38 Vessel sales (TMI) 35:33 Baltic Handysize index (TMI) You can read the article here: https://www.firmreturns.com/firm-returns-weekly-2023-12-09/ Where you can also subscribe to my free newsletter to get the articles in your inbox each week. I'm on Twitter at: https://twitter.com/FirmReturns