FY2022 is pretty much in line with guidance, but then this is what is expected from mgmt
FY2023 looks weak in that there is no growth, and having only skimmed through the preso, it looks like a shortage of ANZ PDLs to purchase (bad debts seem low and consumers seem to be a good shape) which is impacting the overall business - the ANZ PDL business is bigger than the combined size of the US PDL and ANZ Lending business and I suspect despite both of those growing at double digit rates, it's still not big enough to make up for the slowdown in ANZ PDL - again just an initial impression based on a brief read of the preso.
Having said that, they have in the last few years managed to offset the weakness in the ANZ PDL business by buying ledgers from other players in the market, and given CCPs size and financial health, there may be others who are struggling and will have to sell assets (Credit Corp went into liquidation recently).
CCP Price at posting:
$24.32 Sentiment: Hold Disclosure: Held
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