COG

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$1.05 cog financial services limited

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14/11/16

18:54

Post #: 20609561
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Originally posted by Trumpy ↑

I wasn't able to access the full AFR article but have been watching this stock for a while.
I've had many years experience in the Asset finance broking industry so I thought I would share my thoughts on this business.
From what I've seen this business is not an asset finance broking business- the business they purchased are- personally I would still call AIK an investment business and they have purchased based on future anticipated cash flows, and the major asset is the individual asset finance brokers. AIK will be driving the "bus" but the brokers are generating the revenue.

Customers of Asset finance brokers are extremely loyal to their brokers- so I would be interested to know what non- compete clauses the main brokers/ directors of Linx and QPF have signed. A top broker in these firms can earn income in excess of $500k p.a from a very loyal customer base. The brokers are not getting any younger so I trust there is succession planning in place.

The main brokers of QPF and Linx are very experienced and need to stay in this business for at least 5 years IMO.
Wilson is correct that this industry is consolidating as the banks reduce the number of specialist equipment finance employees, preferring brokers to write the business.

Equipment Finance brokers are not paid the same way as mortgage brokers but I won't bore you with the details in this post. One note I would mention however is Equipment finance broking firms earn a "volume Bonus" from Banks. In this industry when one bank "blinks" (ie reduces commissions) the others follow. If AIK try and dominate the market and force the banks in to higher volume bonuses it may backfire.

In summary they are good acquisitions and provide a solid platform to build on.
For me, I'll keep watching a little longer to see how the integration of the acquisitions proceed.

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COG Price at posting: 17.0¢ Sentiment: Buy Disclosure: Held
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Last $1.05		Change 0.000(0.00%)		Mkt cap ! $206.2M

Open	High	Low	Value	Volume
$1.10	$1.10	$1.05	$206.7K	196.6K

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No.	Vol.	Price($)
1	100	$1.05

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Price($)	Vol.	No.
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No.	Vol.	Price($)
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3	43118	1.040
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2	17617	1.030
1	2932	1.020

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1.100	50000	1
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