Yeah I agree bigger divvy would have been nice, however since...

Yeah I agree bigger divvy would have been nice, however since loan book has taken such a hit and things are only now normalising, I think they have taken a cautious approach and I am happy with that.

Also at 1c this dividend represents an approximate 3.7% yield fully franked - so annualised it is a high dividend stock. CCV is definitely not a loved, but every dog has its day and if management can continue to generate sustainable returns than the SP will continue to increase in line with this.

The inclusion of this graph was great and paints a good picture for future growth.

The other thing that I really like that was hiding in the finanials was the turn around of the vehicle finance business. CCV have put substancial effort into this segment but have reaped no reward really to date - they gone from a 29% EBITDA margin to a 78% margin (similar with personal finance). What I don't fully understand is whether this is early settlements on loans - if others have a better understanding please share. But on the whole a very stable business with all verticals profitable.


The final positive I noted is there was also a final $10M for CA settlement that hit the cash flow statement, so CA aside cashflow was actually +$18M for the half. The dividend is $6.1M to put this $10M final CA settlement into perspective - so yes the company is well on its way to stable operation with a growing loan book and good earnings and dividends.