FY21 net profit was up 11% despite low PDL forward flows while FY22 guidance implies 8% growth, Macquarie notes. Results were supported by productivity in debt-buying business.
The broker believes the company is navigating the current low volumes well, while there are plenty of potential positives in the outlook. The broker retains an Outperform rating and reduces the target to $33.10 from $34.80.
Sector: Diversified Financials.
Target price is $33.10.Current Price is $28.58. Difference: $4.52 – (brackets indicate current price is over target). If CCP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
