Thanks for the kind words. I'm just a tourist, and not holding any of these companies (except a small position in CCR).
I can see how PNC can view that *their* TAM has expanded with decreased competition. But the overall TAM is likely to have contracted in the last few years. This is quite clear if you pull up the FY19 annual report of the big banks and compare with today - credit card FUM and bad debts. Credit cards and personal loans have been in structural decline in Australia, bad debts have no risen.
Not sure what the true answer is on the current pricing of PDLs, because it's just the opinions of two companies. CCP historically has had a much better track record when it comes to expanding and contracting purchasing so I tend to weigh their views a bit heavier.
CCP Price at posting:
$17.32 Sentiment: None Disclosure: Not Held
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