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 Introduction02:06 Income10:00 Financial position25:50 Cash flows29:52 Management36:15 Ownership37:30 Investment outlook - current and forward valuation49:55 OutroYou 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 Introduction02:33 Commercial finance15:00 Real estate finance39:44 Savings47:29 Rest of report and Firm ReturnsYou 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 Introduction01:10 Vehicle finance overview03:50 Product breakdown14:35 Commission and FCA investigation17:50 Loan book growth18:58 Net interest income and risk adjusted income21:53 Market share and competition23:40 Black Horse Limited26:50 Volvo Car Financial Services UK Limited29:32 Close Brothers Group plc32:22 Next episode preview and Firm ReturnsYou 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 Introduction1:28 Executive summary8:58 History13:00 Retail finance overview19:40 Finance types 24:00 AppToPay29:37 Retail partner selection32:02 Customer ratings32:55 Loan book growth34:53 Net interest income and risk adjusted income39:24 Market share41:00 Barclays Partner Finance45:05 Creation Consumer Finance Limited51:14 Novuna Consumer Finance56:15 Klarna1:02:23 Clearpay1:09:45 Zilch1:15:48 Laybuy1:18:55 PayPal1:23:20 Which competitors are most formidable?1:26:35 What's coming up in the next video1:28:20 Firm ReturnsYou 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 Introduction1:55 2024 half year results39:25 Recent game releases1:13:05 Upcoming releases1:51:25 My thoughts1:57:12 Firm returns review and outroYou 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 Introduction1:00 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 Introduction0:48 WBD acquires BluTV04:20 Wonka and Aquaman 2 ticket sales14:43 Assorted other topicsYou 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 Introduction1:03 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 Introduction1:18 Newsletter overview10:56 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 Introduction0:58 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