PNC

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Ann: 1H19 Media Release, page-52

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27/02/19

14:00

Post #: 37587290
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Originally posted by Madtrader: ↑

This statement is incorrect.

The reason for the comment is due to the adoption of a new standard. The company has obviously not provided sufficient evidence to support the position under those new rules.

I agree on the comments re impact. Albeit timing is important as otherwise you never get a true view of performance. I've argued many times on here and CLH forum that the two treatments aren't actually that different anyway when you get into the nuts and bolts of it. concerns related to that issue have always been and are IMO overplayed. The thing to pay close attention to is the cash flows and whether they stack up against the return metrics implied by the share price.

DYOR

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100% True. The two methods are just different ways of skinning the same cat.

Originally posted by Tarvold: ↑

With regard to auditors comment.
Clearly there wasn't an issue with the prior audits carried out by the same auditors so presumably the partner in charge has changed.
Another partner or audit firm could just as easily have made no comment & carried on as before so the distinction is one of a personal view of one individual rather than a failure to comply.
Mngt have stated that even if they had to change valuation they would still disclose the fair value result & use that as their key metric, similar to banks using cash earnings instead of reported.
The company has consistently used the same method for decade+ & generated more cash than they have invested in PCP so there is no issue with regard to the ultimate profitability only the timing of those profits.

So what is the actual consquence to shareholders of a change of methodology other than sp fluctuations?
IMO the biggest potential issue is that you can't pay out dividends without statutory earnings to pay them from, so a potential significant profit write back could restrict future dividend payments at least in the short term.

The issue of operational performance is relatively easily solved based on the prior company performance in the short term however the audit issue could have
a much longer impact.

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There's plenty of retained earnings to pay dividends from.

PNC Price at posting: $2.44 Sentiment: Buy Disclosure: Held
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Ann: 1H19 Media Release, page-52

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