FY17 represented a year of consolidation as the company worked on its diversification strategy and expansion into new markets. In our opinion, the 7.40% June 2020 secured bonds offer good value at mid price of $103.6 and YTW of 5.81%. Furthermore, we believe that these bonds provide portfolio diversity as litigation funding is relatively uncorrelated to general economic conditions

FY17 represented a year of consolidation as the company worked on its diversification strategy and expansion into new markets. In our opinion, the 7.40% June 2020 secured bonds offer good value at mid price of $103.6 and YTW of 5.81%. Furthermore, we believe that these bonds provide portfolio diversity as litigation funding is relatively uncorrelated to general economic conditions

While in a declining industry, PMP’s continues to participate in industry consolidation to improve its position. It has a conservative financial policy which seeks to maintain minimal net debt. The group generates solid free cashflow and expects to be net debt free by FY19

Improved liquidity and underlying business quality has led to better credit metrics, with just over a year to run, we believe this bond offers good relative value compared to its peers