PNC is running a implicit multiple (liquidations / FV-adjustment of around 4). So a debt purchased at 15c, they’re looking to collect 60c over the lifetime - anything less, would be under-adjusting.
For reference CCP’s Australia/NZ operations is closer to 2.1.
The MD has always maintained that this is due to their “tier 1 only” PDP purchasing.
Hope that helps.
PNC, page-67
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