Ann: CEO AGM Presentation, page-2

No change to lending, NPAT and EPS but a slight firming up of the range in ledger investments.....looks like the lack of PDLs in Australia is really having a significant impact with slide 15 demonstrating that - face value of PDLs down 0.5bn and accounts down 62k (both ~6%) in 9 mths and even more on the accounts with payment arrangements.

On the positive side, at least they have growth in lending and the US to make up for that shortfall, but I suspect that a lot of work going into just maintaining that NPAT/EPS guidance. Also good to see them adjust to headcount shortfall in the US by using Aus and Phil.

At the midpoint of guidance (138c) this is trading at a PE of ~12-13 which does not seem expensive for such a quality name.......provided they don't make any mis-steps with the consumer lending, BNPL, Radio Rentals and the Collection house servicing......but given their track record, I'm comfortable backing mgmt at these prices