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CCP

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galumay:
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EOFY 2018 AR - CCP travelling very nicely,

17% increase in Net Profit

30% growth in ANZ consumer lending business NPAT;

Inaugural full year profit from the US debt buying operation;

Continued NPAT and collections growth from the ANZ debt buying operation.

My range of IV increased to $22-24

H1 19 - Great result, solid growth in all metrics.

Why will this business be around in 10 years? - because there will always be consumer debt to be sold and CCP are better than any others at pricing it and profiting from its recovery. Its only been round 20 years which is short for our businesses.

galumay:
FY2020 Obviously a business directly impacted by Covid and particularly the economic consequences of the pandemic. Management have responded responsibly and reduced the business exposure while building opportunity capacity for the other side. A good result in the circumstances.

galumay:
H1 2021, very strong recovery from Covid impacts, business is booming, once again excellent management navigated CCP thru the crisis. I was a fool not to buy more after they crashed in March.

galumay:
H1 2022, a solid first half. Continuing to grow steadily. Carries some operational risk & the Radio Rentals business needs to be watched for unethical operations. Otherwise comfortable to hold.

galumay:
Full year 2022, good results for 2022 except for negative OCF, but this is something that CCP goes thru every 5 years or so when the purchase of ledgers exceeds cash flow, so its not unduly worrying. Guiding for reduced earnings next year which may be just their habitual under promising and over delivering, but it will probably spook the market somewhat.

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