PNC 4.08% 47.0¢ pioneer credit limited

If you look beyond the accounting issues and subsequent debt...

  1. 3,575 Posts.
    lightbulb Created with Sketch. 477
    If you look beyond the accounting issues and subsequent debt dramas, they've actually done rather well. Much of the competition is gone, and they seem to be purchasing at a good price. And they're going through an upgrade cycle

    The imminent debt refinance is big.

    At 25% of PDPs collected per year (1H24 exceeded this), 40% employee cost to collections (1H24 lower than this), 9% finance rate and similar "Other"expenses", they're on about 14-15m PBT by my calculations.

    i see no reason for a rerate once refi is done.
    Last edited by Klogg: 29/05/24
 
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