CCP got smashed by GFC as they, like most, didn't see it coming and had been aggressively expanding through leverage in prior years. Debt/equity was over 200% at end of '07 and interest cover was only about 2x. That worked fine until credit markets seized up and suddenly rolling over debt facilities became impossible or expensive.
CCP's debt/equity is now below 100% and probably more importantly interest cover is >10x. If there's a recession you can still expect the share price to cop a beating because everything will fall, but CCP as a business would be pretty well-placed and probably benefit from increased distressed debt.
CCP Price at posting:
$22.88 Sentiment: Hold Disclosure: Held
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