Reading the Annual Report was fascinating. I also listened to the interview on Oz Biz with CEO Thomas Beregi. This guy is a smooth operator and I've no doubt that this business will grow strongly over time. I found the following excerpt interesting; Make of it what you will, but - just in my opinion, it's been their investment discipline that has made the business a successful outfit. Number 5 in the U.S. now.
"While Credit Corp has historically been the leading purchaser of large one-off portfolios in Australia and New Zealand it was outbid on a number of opportunities during the year. The sustained reduction in market sale volumes led to instances of intense competition for certain one-off portfolios. Credit Corp applied its considerable data and analytical expertise to offer strong prices for these opportunities but was not prepared to compromise its minimum return criteria. Instead, investment was diverted to the Australian consumer lending and US purchasing businesses where required returns could more readily be achieved."
At least they had a Plan B.
Just my thoughts.
CCP Price at posting:
$22.61 Sentiment: None Disclosure: Held
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