These are only my opinions so take it with a large grain of salt.
* Fair Value vs Amortised Cost method. It doesn't matter. This isn't rocket surgery. Amortisation and FV adjustments should represent the cost of declining PDL values as they are used up. What matters are the underlying assumptions used to drive these models. The listed companies are using wildly different assumptions, which are resulting in discrepancies down the line.
* COVID-19 / unemployment impacts on revenues and PDL carry values. It's anyone's guess and yours is as good as mine. PDL carry value and amortisation, again hinges on the underlying assumptions made by management. It's an art, not a science, and the artist will pick their brush, technique and colour palette. And everyone will have to nod along until it doesn't meet the eye test.
CCP Price at posting:
$14.33 Sentiment: None Disclosure: Held
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