PNC 3.67% 52.5¢ pioneer credit limited

Ann: Senior Debt Refinancing, page-12

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    From the recent Shaw & Partners reserach report:· PNC has set an ambitious LTIP target of FY26 NPAT A$18mn (FY23A A$0.2mn.) Implied in this target is the expectation for strong growth in purchased debt portfolios (PDP’s) and a solid expected IRR (from cash collections.)· We believe PNC can grow its debt purchases to A$120mn over the next few years from A$95mn (FY24 guidance.) This should drive an increase in cash collections to over A$200mn by FY26 (FY23A A$128mn.)
    Shaw estimates a Net Proft after ta in FY 26 of $18m and have put a PNC Price Target of 80 cents.
 
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