Ricky99 I think that people have noticed 2 items one the decline in collections per hour. That is misleading as it will change as you add people to USA and invest there -they cannot become immediately productive IMO.
The other is that I think people expected them to blow the guidance apart. I think they see this as a slowing result.
I dont agree with that assessment a lot of each annual result IMO is made up of 3 factors:
1. How much you spend on purchasing debtors books and inherent in that is what you are paying for those books. I think they spent a fair amount.
2. The collections per hour which is a measure of productivity and efficiency. If you look more deeply it could reflect on the quality of the book you are working. I see this as merely cyclical and times are a bit tougher at the moment.
3. The carrying value of your PDL. This they have marked down yet the gross value of value with arrangements went up. The mark-down was from $147m to $129m. That I cannot understand and I think its just to be conservative.
So I think the market have not looked as closely as they should have and I think with a little bit of adjustment they could have declared a far better result.
I think the result was in fact very good and the guidance for next year very conservative.
Yes I think at below $6.00 it is a share I would accumulate.
CCP Price at posting:
$6.00 Sentiment: None Disclosure: Held
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