A new RaaS report out today updated to reflect FY23 result. No...

A new RaaS report out today updated to reflect FY23 result. No change to the target price of $1.58. The report states that the market does not reflect the potential improvement based on possible refinancing and the improved conditions for PDP purchases due to the current slowdown of the economy. Whilst I understand that those factors are evident both within the broad financial environment and possibly within PNC's grasp I think that the two points the market is focusing on are the NTA and the forecast of no dividend within the forecast period. Fy25 forecast for NTA is 50c and div is $0. It should be noted that the current price basically reflects the current NTA and I would expect that to be the market guide until there is sufficient evidence of refinance and PDP purchasing in Australia has improved. This stock is almost certainly compared by investors with CCP and as long as CCP reports that going forward the PDP market is tough then anything PNC says will be measured against that. I am fairly sure that PNC will improve well beyond todays metrics but the market is not in a mood to tarry - it is more about "show me the money and show it to me now". Back in the second to bottom draw for me.