I think you mentioned you'd been adding in the last few weeks with dividend you've received, I can imagine that is also a sore spot given the up to 15K discounted SPP on offer.
It's very left field for CCP, because like you say, the company has internally funded growth for a very long time under current management, which is one of it's core qualities.
However, it smells like something unique could be going down over the next couple of years, and perhaps a general fallback of investing the money as normal if the Aus opportunity the announcement is eluding to does not materlise.
On the numbers, if CCP maintains a PER of around 15, which doesn't seem unruly given the growth outlook, the new cash could drive profits towards A100m over the next couple of years, which would be a great achievement.
On that basis I think the SPP is cheap, notwithstanding the always talked about GFC2 occurring, and I reckon it's not much of a stretch to see CCP in the high 20s in the next couple of years.
Although, there is the caveat that the cash is invested at the circa 20% ROE we are used to, and it is invested relatively quickly. The fastest of which would be absorbing a distressed competitor's PDL book.
CCP Price at posting:
$22.67 Sentiment: Buy Disclosure: Held
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