their standard approach has been to under promise and then exceed expectations
what has hurt them over the last few years is covid, the screw up in the US PDLs resulting in a writedown, and then not having enough PDLs in ANZ to offset the loans they are collecting on
perhaps this is now pointing to a stabilisation and they may again start to slightly outperform, but things are becoming increasingly more complex in the credit space (you can see some people are spending up big, while others are really struggling), so not sure this is as smooth a business as it has been historically (well it was mgmt's ability to smooth things out between cycles, but this is becoming a lot more challenging)
look, well run company, on an undemanding PE (of ~12-13 forward earnings) and if they pay ~70c you get a yield of ~4% (or ~5.5% fully franked) so seems reasonable, but the history over the last 3-4yrs has put a dent in their reputation....hopefully the next 12-18mths of steady performance will change that narrative
CCP Price at posting:
$17.25 Sentiment: Hold Disclosure: Held
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