I looked into what Encore calls purchase price multiple, because...

I looked into what Encore calls purchase price multiple, because CCP's report do not mention it, but I assume the multiple is the reciprocal of the PDL amortisation rate. The topic may not interest many, but having written the following for myself, I'll paste it as an HC post.

Encore Capital stated that for Q3 2021 its Portfolio at a purchase price multiple of 2.3x, and it was 2.4x in the USA, and the latter reflected Encore's disciplined purchasing and superior collections
effectivenes. 1/2.3 is 43.48%, and 1/2.4 is 42.74%. I did not crosscheck my assumption with Encore's actual PDL amortisation.

For FY21, CCP's global PDL amortisation was 45.78% – not at all shabby. Historically, CCP's amortisation was circa 47%, but declining slowly. Amortisation increased to 47.72 in FY20, and with the $68.576 million impairment, that collectively accounted for 61.76%, an over conservative percentage, IMO. The table reflecting this will not fit well, but I'll paste it anyway.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	​	2021​	2020​	2019​	2018​	2017​	2016​	2015​	2014​	2013​	2012​
1	​	​	​	​	​	​	​	​	​	​	​
2	PDL collctn​	492138​	488340​	403794​	380901​	355674​	321989​	288186​	288106​	250369​	230442​
3	Amortised​	-225295​	-233020​	-183789​	-173329​	-166100​	-150887​	-135721​	-136242​	-119451​	-108439​
4	​	45.78%​	47.72%​	45.52%​	45.50%​	46.70%​	46.86%​	47.09%​	47.29%​	47.71%​	47.06%​
5	​	​	​	​	​	​	​	​	​	​	​
6	Impaired​	​	-68576​	​	​	​	​	​	​	​	​
7	Both​	​	-301596​	​	​	​	​	​	​	​	​
8	​	​	61.76%​	​	​	​	​	​	​	​	​