Lots of fear in the air on this one. Likely to be a tough final FY20 quarter coming up, but it seems not much more than that (at this stage!) However, hand outs comming to offset some of that.
Debt cov is 60%, currently under 30%, PDLs would have to be written down by 50% to hit the cov. That would have to be an intense decline in collections. 50% of accounts going to lose thier source of income and/or make no payment to CCP in coming months?
And call me complacent, but 200 cases in Aus, 2 weeks after first community transmission in Syd, where are all the new cases? People panic buying and there are 50 people with virus in thier state, most from overseas and already in treatment and contacts tracked and tested, where are the new cases?
The business units combined were on track to be making well over A100m NPAT FY21, which means if CCP escapes this with none or minor injury, prices today are at around 10x 'normal' NPAT with future growth likely.
Roll the dice, minor for one quarter or major recession? What's more likely?
CCP Price at posting:
$18.80 Sentiment: Buy Disclosure: Held
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