Ann: CCV H1 FY2023 Results Presentation, page-5

This is an outstanding result:

Postives;

- all sectors growing and growth accelerating.
- NZ acquisition is accretive and will add to H2 results.
- minimum 2 cents fully franked Div per year
- No outstanding legal issues and AUSTRAC investigation over with no penalty.
- simple and squeaky clean B/S now that good will is gone.
- strong Balance Sheet and cash flows
- now trading at just over 2 times 2023 EBITDA and around 5 times PE.
- many growth and accretive acquisition opportunities.
- cost of living and potential recession is positive for CCV
- can easily fund divs and smaller acquisitions with cash flows.
Negatives;

- market perception of payday lenders
- decline of SACC (although new products will mitigate most of the decline)
- recession can blow out Bad debts (but they seem to have their arms around this).

This is a buy and hold for me. Take the fully franked dividend and just wait. With these growth rates it has to go up sooner or later .