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British debt collector Cabot launches 1 billion pound London IPO

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10/20/2017 | 12:29pm CET

Cabot Credit Management , Britain's biggest debt collector said on Friday it would list on the London Stock Exchange, targeting a 1 billion-pound market capitalisation, a source familiar with the matter told Reuters.

The firm, which is owned by U.S. debt recovery business Encore Capital Group and private equity group JC Flowers, said it aimed to raise around 195 million pounds in fresh capital adding to a flurry of floats on London's main stock market since the start of October.

Admission is expected to take place in Nov., Cabot said, adding that it would have a free float of at least 25 percent.

Cabot had hoped to announce its intention to float in September, but postponed it after Peter Crook, the former chief executive of Provident Financial (>> Provident Financial), stepped down from its board.

The debt collector, which had planned to appoint Crook as its chairman in preparation for the London listing, said on Friday that Andy Haste who is also chairman of British lender Wonga, would be its chairman elect.

Goldman Sachs (>> Goldman Sachs Group), Morgan Stanley (>> Morgan Stanley), Jefferies and Numis (>> Numis Corporation PLC) are managing the float of Cabot.

(Editing by Anjuli Davies)

By Noor Zainab Hussain

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Financials ($)
Sales 2017 32 029 M
EBIT 2017 11 204 M
Net income 2017 7 865 M
Debt 2017 -
Yield 2017 1,23%
P/E ratio 2017 12,45
P/E ratio 2018 11,85
Capi. / Sales 2017 2,80x
Capi. / Sales 2018 2,75x
Capitalization 89 781 M
Chart GOLDMAN SACHS GROUP
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Goldman Sachs Group Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Technical analysis trends GOLDMAN SACHS GROUP
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 28
Average target price 247 $
Spread / Average Target 3,8%
EPS Revisions
Managers
NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Harvey Mitchell Schwartz Co-President & Co-Chief Operating Officer
David Michael Solomon Co-President & Co-Chief Operating Officer
R. Martin Chavez Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
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