Ann: Resimac's normalised NPAT increases to a record $104 million, page-34

From the conference call management talked about a funding tailwind and although highlighting competition, they seemed confident with their start to FY22. They also provided their growth strategy which some people thought were quite ambitious. My question is why would a conservative management provide something that to some seemed 'ambitious'? Acquisitions is my bet as can be seemed by their acquisition early this year with IAG and investment into Sonder Finance. These are $10-$20m bolt-ons. Now RMC are still doing their 'transformational' core IT systems investment. What happens when this is completed? Does RMC start focusing more on bolt-ons and further investments? With more capital in the kitty will they do larger acquisitions?

Also mathematically Full year dividends of 8c at around current prices is about 3.8% yield. Looking at other valuation metrics you can't lose money at these prices. This is an actual investment investment and investors are being paid to literally do nothing and let management who have high competence use their skills.

With all this said could be a value trap and business goes backwards so please dyor as I am often wrong!