well said. the company has had great capital management. No blowout in the share count, generates cash to back the div and growth internally funded. Usually a scheme would involve artificially propping up the stock price to support cap raises and cycling capital but that is not evident here at all.
Furthermore re the claims of "earnings management" this can work both ways. If they are over-amortising their PDL's that would tend to understate profits and defer profitability. There is probably some sandbagging of profits into the future going on - and that is why it appears earnings are being managed / smoothed - but that is not a bad thing... Whereas a typical fraud/scheme would seek to bring earnings forward and overstate them.
Now lets suppose they are understating the earnings in order to profit smooth, how would restating them higher help the short thesis?
CCP Price at posting:
$18.84 Sentiment: None Disclosure: Held
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