Ann: Credit Corp Group FY23 Media Release, page-5

The div is up on last year's final div, but div for the full year is still down since the 1H div was so low. Profit down on last year never good to see, but CCP has been saying this would be the case for a while now so it's not a shock.

I think the guidance for next year is a significant part of the negative market response. For whatever CommSec is worth, its FY24 forecast was for a strong bounce back to growth with EPS @ 158c. Well the midpoint of CCP's guidance (139.5c) is more than 10% below that forecast and is also below FY22 EPS.

It's a result down on last year and a forecast that I would describe as stabilisation rather than return to growth, so sadly for holders I think the market's reaction is fair. I'd also bet on more pain to come rather than an SP bounce back, given the current PE of 14 seems a bit high for the return being delivered when cash rates are so high. So despite the price drop I don't think it's a buying opportunity, just need to work out if I think this is a hold or sell for me.