Couldn't agree more @steven1459 - in the half yearly it states in no uncertain terms that the Personal Finance loan book grew by 33% in the half... Couple this with 2 key bits of information 1) Bad debt is down, 2) The personal finance (SACC & MACC) segment is main money maker had $48.8M in revenue at a 44.8% margin totalling $21.86M EBITDA in H1, the overall EBITDA was $21.4M - so its very clear how important growth in the personal finance segment is!
IMO there is a distinct possibility that segment EBITDA for personal finance could be up in the order of 15-20% this half. Assuming corporate head office costs are flat and the rest of the business is flat (Not reasonable assumption, green light auto loan book was up 57%) - it is not unreasonable to assume $11.5M - $14M NPAT - or full year range $20.9M - $23.4M NPAT (4.24c - 4.76c EPS). Certainly not a demanding multiple, at a 4% growth rate (which is conservative) this puts my risked valuation at 77c.
I have added to my position in the last 2 months since the half yearly, IMO compelling value with substantial upside in the next 3 years.
Guidance on track, page-8
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Last
23.5¢ |
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Mkt cap ! $138.0M | |||
| Open | High | Low | Value | Volume |
| 23.5¢ | 23.5¢ | 23.5¢ | $3.136K | 13.34K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 55402 | 23.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 23.5¢ | 50865 | 1 |
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| Last trade - 16.10pm 29/11/2024 (20 minute delay) ? |
| CCV (ASX) Chart |
