ValueSnatcherI assume you where reading the thread and got to...

ValueSnatcher

I assume you where reading the thread and got to the end before replying and hence replying to the last post which was mine.

I in no way am calling the end to CCV and have bought shares both today and yesterday. Your valuation of 1.15 is above mine, although I had a similar valuation 3 months ago when CCV was around 1.20 and prior to the release of the AFS and did not buy then as believed it was fully priced but have continued to watch it. My investment strategy is to look for solid undervalued shares to hold long term. And have management teams I am comfortable with. CCV currently ticks both those boxes.

In addition to revenue and growth I also factor in provisions based on economic factors. The current interest rate cycle places a bit of risk on the loan book as it reflects a weak economic environment however as the environment improves interest rates will move up which could stress those not linked to the economic cycle. Loss provisions for 2013 are 100% up on 2012 (note 6 in AFS) and seems to include a lot of fat in my view. However, actual write-offs have remained flat.

For what it is worth I have a 1.31 value on a 2 year horizon.