1pm offers a unique exposure to the attractive UK, non-bank, SME financing market. We believe it can deliver superior growth from: (i) focussed business units delivering high service levels, (ii) the market trend away from bank finance, and (iii) group synergies in funding, centralised processing and cross-selling. Credit risk is key and 1pm adopts appropriate controls in each of its units, and at the Group level. Funding risk is also tightly controlled. Recent acquisitions look well priced and create strategic optionality as well as earnings diversity. We forecast EPS growth of 27% 2019 on 2017, for which investors are paying a 2019e PE of c6x.