Meet the CEO: Malcolm Le May, PFG
Earlier this week Chief Economist Simon French had the opportunity to interview Provident Financial CEO Malcolm Le May. Malcolm first joined the board as senior independent director in 2014, taking on the role of CEO in 2018. This followed a successful career in leadership roles at Barclays, UBS, ING Barings and Morley Fund Management.
Simon and Malcolm discuss PFG’s strategy, how Malcolm and his team have reshaped the business and how the story is insufficiently appreciated by the equity markets. The company is down almost 50% YTD and trading at just 5.5x PER estimates. The repositioning, which Malcolm touches on, towards lower risk customers suggests that the risk is being overstated materially. Legacy investigations from the FCA are now finished and the recovery element of the journey is now over. We believe the rating reflects the past and not the new lower risk business focussed on nearer-prime customers.
Managing Director, Head of Research
George St Quinton