I would really like to hear what's wrong with this stock. Why does it deserve to be in the doghouse? If you're bearish on it share your view with me as I'd like to understand what I'm missing and perhaps save myself from hubris.

This is not the most exciting company in the world but at this price I think it is really stand out in terms of valuation given decent organic growth, high margins and good record with bolt on of acquisitions making them perform well synergistically.

What follows is not an analysis of the company but my view on why there is a severe misperception. I've skipped the analysis from a valuation perspective as at 5.5x historic earnings, 26% operating margin and looking like at least 10% earnings growth trajectory (that is probably far too conservative over a few year horizon) there's got to be something very wrong or limiting about the company and/or environment to justify price.

I bought a position in specialist lender 1pm (LON:OPM) in late 2018 when the share price headed to 40p....and I went back and filled my boots to near brimming today at 41-42p as it swooned down after touching 50p ish in last few months. Bid-offer can be wide as only £40m market cap and not loved. At today's closing bid of 42p I'm 5% underwater all in.

Despite this being quite illiquid trade by appointment sort of stock I am willing to fill my boots to brim over if the share price carries on down from here. Severely negative and imminent news is needed to justify the current price....that doesn't mean that it won't stay or go below this price and of course I do not know what future news may emerge.

 IMO there's a confluence of factors pushing down the price despite the evidence of good performance. A summary of headwinds and my reasoning on why they are not worries:

  • Bad debt cycle or Brexit 1: There's a concern of increase in non payment and bad debts. Concern that Brexit could blow up things is something to price into investments. However, at this valuation (approx 6x historic) and with double than normal bad debt reserving ( £2.4 bad loan reserve representing 38% of 2018's £6.4m net profit) investors would be better to weight their concerns somewhere else such as in…

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