NSF is accelerating the investment in its branch network, doubling the rate of new office openings 2017/2018 compared with previous expectations. We believe the company’s plans to staff these offices by experienced managers are credible. In home collect (HCC) NSF now has a model to fully exploit the opportunity from the market leader’s re-focus. 19% of Trusttwo new loans in December were from intra-group referrals, up from zero in June. Our estimates have been cut to reflect investment and a more measured risk appetite in HCC through 2018. We believe there is significant opportunity from switching PFG agents and will review forecasts once the scale of the transfers is clearer.
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