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clock Created with Sketch. 11/09/14
13:11
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Originally posted by Ponzi
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Pengana: Credit Corp is a growth-stock priced as ex-growth. Rhett Kessler, Senior Fund Manager at Pengana says Credit Corp (ASX:CCP) is a well run, disciplined business trading on a sub-10x multiple with lots of upside. “It’s being priced as an ex-growth stock, so it’s trading on a sub-10 multiple, but the business has found a new leg of growth. The new leg – “small loan business lending… has grown from nothing to 25% of earnings… which they’re managing as carefully as they manage their other main/core business. We think that could be almost 50% of earnings in the near term.
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The price of CCP now is $9.66 and its 2014 earnings was 75.4c/s. So its P/E is 12.8, not "a sub-10x multiple" at all.
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