News: PNC Pioneer Credit Closes A$272.5M Senior Finance Facility, page-15

What brought me here was the STAM SSH notice. I was late to the party, but built a 6% position at 45-ish cents about 4-5 weeks ago, so not complaining.

I can understand the reluctance from the broader market, given the fate of many PDP collection companies. COVID really slowed any collection activities, but it looks like the tide is turning just as much of the competition failed or exited.

If you assume the PWC lawsuit is worth something (say $5m) and the tax assets can be used, this company is trading sub-NTA. The downside is somewhat protected.

As for a re-rate, I expect it to occur gradually. Improve on finances, improve on CTI, upgrade software, etc. The price also seems to reflect this.
Historically this traded at 15x PAT... Even 10x would be a significant re-rate at this point, even if FY26 results in $13m PBT (excl tax asset recognition).