If Intrum amortised PDL carrying value at 40% of gross collections, that low percentage was caused because part of what is collected is not included in "Gross Collections".Consequently, Intrum too may pursue a conservative accounting policy similar to what CCP does. That "Gross Collection" consideration would also explain the low ratio of collections (gross collections actually) to carrying value.
This expunges from my mind that Intrum is badly run - a negative thought that initially surprised me, as it was counter-intuitive. Increased confidence in Intrum's management, gives its low Covid-19 impairment and its bullish outlook more credence in my mind, which reinforces the notion that CCP has over impaired, and probably did not need to give a chunk of the shareholding to Institutional investors. This may be a question somebody should raise with Management, because the Institutional Investors who gained handsomely via the Capital Raising at $12.50, are going to remain silent. It is strange that at a time when Intrum was buying back the "family silver", CCP was selling it to the Instos.
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