a sign that debt collecting is getting a bit toppy?
http://online.wsj.com/article/BT-CO-20130808-720313.html?mod=googlenews_wsj --------------------------- SYDNEY--Australian debt collector ACM Group has hired Macquarie Group Ltd. and UBS AG to manage a planned initial public offering between October and December period this year, a person familiar with the matter said Friday.
The company, which was established in 1982, is seeking more than 200 million Australian dollars (US$182 million) in new equity through the IPO.
Sydney-based ACM Group collects overdue credit card, personal loan and telecommunications accounts on behalf of clients like Commonwealth Bank of Australia Ltd. and Telstra Corp.
ACM is forecast to post net profit for the 2014 fiscal year of more than A$20 million, the person said. It is likely to be priced at a discount to rival Credit Corp Group (CCP.AU), which is trading at around 13.3 times forward earnings. Smaller peer Collection House Ltd. (CLH.AU) is trading at around 12 forward earnings.
ACM is owned by Bert Vieira, who is also known for holding stakes in racehorses.
CCP Price at posting:
$9.75 Sentiment: Buy Disclosure: Held
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