Kensington
NO RECOMMENDATIONSub-prime mortgage lender Kensington has extended its distribution capacity by buying smaller rival The Mortgage Lender. The £15m deal, satisfied in cash / loan notes, seems to make sense as TML operates in the same field as Kensingon - that is, lending to customers who would otherwise find it difficult or impossible to arrange a mortgage. In the last financial year TML made a profit of £1.3m on revenue of £6.7m. Kensington says the acquisition will be earnings-enhancing for the first full year. Kensington shares picked up 4.5p to 196p, and still look attractive. Teather & Greenwood analysts rate the shares a 'Strong Buy'.
Market cap: £112.6m
PE Forecast: 5.7
Share price: 196p
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