15 to 20x seems to be what it ocilates between, so yes 20 is high. $2 eps is 135m NPAT, I can see that happening in a couple of years if they can deploy the excess capital. 20x $2 =$40 is probably where I will take some chips off CCP. Good returns from here with the market unwilling to look much beyond current outlook.
WW USA could end up a good earner, lending is probably going to be a similar NPAT as Aus PDL and US PDL. So 50/50/50+ possibly in 3-4 years or so if capital is able to be deployed. Loan book now above pre covid and could easily be doubled again given the addressable market in the USA. Sub prime credit card also an interesting idea.
The portfolio approach of CCP is a key competitive advantage.
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