On 3 December, NSF held an investor day at the Reading branch of Everyday Loans (EL) and its head office in Bourne End. Investors and analysts thus got the opportunity to see the front-line operations and review the company’s strategy. The former confirmed our view on the competitive advantages of a branch network and the operational synergies from being part of a group. The presentation confirmed the long-term, controlled growth opportunity from a business with an excellent market positioning and sustainable competitive advantages. We have not changed our forecasts following the update, and our absolute valuation range remains 91-101p.