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15 May 2020

Trufin – FY Results

Share Price 16p

Mkt Cap £15m

Conflict Disclosure: No Holding


  • Results Revenues were up 68% to £7.3m. Having demerged DFC capital and sold its stake in Zopa during the year the company has acquired majority stakes in Playstack and Vertus Capital. Oxygen and Satago continue to grow. The group reports a £11.9m loss.


  • Valuation The NAV is £50m and the intangibles £20m leaving £30m NTAV.


  • Conclusion The future is uncertain with the company owned 77% by Arrowgrass, but there are some good lending businesses that are performing well. One for further investigation