LONDON, July 6, 2026, 18:03 BST
- Distribution Finance Capital Holdings Plc LON:DFCH gained 8.66% to 69p, hitting a new 52-week high.
- The stock is still below its last stated tangible net asset value, which was 75.9p a share.
- DF Capital now sees first-half pretax profit of at least £13 million after posting record H1 origination.
- Two analysts set a 90p median 12-month target, which points to around 30% upside from Monday’s close.
Distribution Finance Capital Holdings Plc LON:DFCH hit a 52-week high Monday. Shares still trade under the most recent tangible book. Investors will watch the September interims and see if the June profit upgrade is enough to change estimates.
The AIM-listed shares finished at 69p at 17:05 BST, rising 5.5p, or 8.66%. Volume was 537,280 shares. Google Finance put the stock’s average volume at 183,920, so Monday’s trading was nearly triple the usual pace. The day’s top price, 69p, was also the 52-week high.
DF Capital shares rallied after the company said in late June that first-half new loan origination should come in at roughly £1 billion, a 21% jump from £828 million last year. The firm expects its total loan book to end the period above £915 million, compared to £728 million at the same time in 2025.
| Measure | Latest figure | Comparison | Investor read-through |
|---|---|---|---|
| Share price | 69p | 0.91x of last tangible NAV at 75.9p | Stock’s rebound hasn’t cleared book value yet |
| H1 pretax profit guide | At least £13 mln | Roughly 72% of full-year 2025 adjusted PBT of £18.1 mln | Second-half pace will make or break the forecast |
| Aggregate loan book | More than £915 mln | £846 mln on Dec. 31, 2025 | Loans already up around 8% over year-end |
| 12-month analyst target | 90p median | About 30.4% ahead of today’s 69p | Still some upside, but Monday’s gain takes some heat out |
DF Capital’s most recent annual report put tangible net asset value per share at 75.9p, with adjusted pretax profit coming in at £18.1 million and a CET1 ratio at 18.0% for 2025. That leaves the shares trading about 9% under the last stated tangible NAV, even after a 68% jump over the past year, according to LSEG data on Investors Chronicle.
DF Capital said June 26 it sees first-half pretax profit reaching at least £13 million and said full-year results should “materially exceed current market expectations”. CEO Carl D’Ammassa called progress “excellent”, pointing to “lower-than-expected impairments and provisions”. Shareaware
The update also touched on loan duration. DF Capital said it is seeing more business in longer-tenor loans for asset and structured finance, which should help add to profit in the near term. This is important as the stock is now valued less on just loan book growth and more on whether that growth turns into capital-light earnings, with no increase in credit losses.
Asset finance is now the focus. The loan book is set to come in near £40 million, up from £15 million at Dec. 31, mostly from static caravan and holiday park demand. Alliance News reported a first-half pretax profit forecast of at least £13 million, up 44% from £9.0 million last year.
| Forecast item | Source figure | Current comparator |
|---|---|---|
| Median 12-month price target | 90p | Shares last at 69p |
| High target | 90p | Matches the median call |
| Low target | 90p | Matches the median call |
| Ratings split | 1 buy, 1 outperform | No holds or sells listed |
Target price spread is tight here. Data from Investors Chronicle and LSEG had two analysts giving the same 90p 12-month target, which is a 30.43% implied gain from 69p. There was one buy, one outperform, as of July 2.
DF Capital said July 1 it signed a new ENABLE Guarantee facility with the British Business Bank, with a pool size that could reach £350 million in loans. D’Ammassa said the new guarantee “supports the expansion of our lending capacity through 2028” and is designed to “better align with our specialist lending model”. Investegate
The next key reporting date is coming up. The company’s investor calendar has half-year results set for September 2026, followed by a third-quarter trading update in October.
