Market has been down and the half year revealed the core AUSNZ business is experiencing high prices and a lot of competition. This will reduce earnings in the future, from that division, as the company is being forced to withdraw from debt purchases. So a combination of a de-rate and the stock running ahead of itself is my guess.
Q3 update coming soon and hopefully this will show good growth in lending and improvement in the US to help offset this. Longer term with 3 business divisions this will help diversify CCP and lead to higher earnings certainty, and the ability to redirect capital to highest returns as already mentioned by them.
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