Financial Services

DF Capital Holdings plc

Market Cap (£m) 65.7
Listing AIM

Analysts

Company Description

DF Capital (DFC) is a specialist SME (Small and Medium sized Enterprise) lender and personal savings bank operation in the UK. It secured permission to commence deposit taking at the end of September 2020, which allowed it to successfully replace more costly wholesale funding with retail deposits. DFC has a highly experienced management team that is focused on delivering swift growth from its existing inventory finance product to run-rate profitability in Q4 2021. Thereafter, it also holds the promise of supporting a poorly served market with the addition of new, longer-term loan products in adjacent segments. Its capital raise in early 2021 effectively doubled its lending capacity from a regulatory capital perspective to around £550m.

Investment Summary

DFC has a highly experienced management team that is focused on delivering swift growth from its existing inventory finance product to run-rate profitability in Q4 2021. Importantly, it received full authorisation for deposit taking with no restrictions. We expect its deposit base and digital processes to provide further impetus by supporting the addition of new products. Credit quality has remained well controlled and the group was able to start 2021 with no COVID-related legacy in its loan book. We believe that DFC has an excellent opportunity to grow its loan book swiftly, combining its low-cost funding with a robust business model in what is a poorly served SME lending market.

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Company Management Team

  • Carl D'Ammassa

    Chief Executive Officer

    Carl has over 20 years’ experience working in commercial and SME finance, with extensive divisional managing director and CEO experience built across a number of UK based businesses. Carl previously held the position of CEO at White Oak UK, a specialist lender to SMEs. Prior to this Carl was Group Managing Director at Aldermore Bank, leading its growing business lending franchise.  He spent 10 years at GE Capital, and later took roles at Hitachi Capital and Hydrex Ltd. Carl has previously been Chairman and a Board Director of The Leasing Foundation and was a Non-Executive Director of AFS Group Holdings Ltd.

  • Gavin Morris

    Chief Financial Officer

    Gavin possesses over 20 years of financial services experience across banking, corporate lending and leasing. Gavin has deep finance expertise in a regulated environment from his time at GE Capital Bank in the role of Acting CFO and in a number of “Head of” finance roles including Treasury, Regulatory Reporting, Controllership, Pricing and FP&A. Gavin was involved in both the set up and dismantling of GE Capital Bank. Gavin is a qualified chartered accountant and spent 10 years with KPMG.

Key Dates

Jun 2020
26th
Finals
Actual
Sep 2020
30th
Interims
Actual
Jan 2021
25th
Q4 TU
Actual
Apr 2021
21st
Finals
Actual
May 2021
19th
AGM
Actual
Jul 2021
2nd
Q2 TU
Actual
Sep 2021
23rd
Interims
Actual
Dec 2021
6th
Q3 TU
Actual
Jan 2022
18th
Q4 TU
Actual
Apr 2022
4th
Q1 TU
Actual
Apr 2022
13th
Finals
Actual
Jun 2022
1st
AGM
Estimate
Jul 2022
2nd
Q2 TU
Estimate
Sep 2022
23rd
Interims
Estimate
Dec 2022
6th
Q3 TU
Estimate
Jan 2023
18th
Q4 TU
Estimate
Apr 2023
4th
Q1 TU
Estimate
Apr 2023
13th
Finals
Estimate