CCP Creditcorp

[winner69]

On another thread Ratkin (I think) said he had this in his stopwatch if the price was right.

A 5.03 announcement today and a profit downgrade .... a bit light on the detsil ..... ratkin might might just get his wish,

But is this just another debt collector in a long series who reach a certain size and then it all seems to go wrong ..... costs get out of control ..... ledgers get harder to collect ...... and low and behold the amortisation factors they have been using are all deemed too light and we see a large adjustement in the value of ledgers.

We'll just have to wait and see ..... but one thing Carmel will see the initial slide ain't too much

Worth while to go back on the watch list .... I see some volatility coming up here

[ratkin]

Your right Winner. Have had this on my buy list at 9.00. Never went low enough , maybe now it will.
Question will be , do i still want it?

[stephen]

Your right Winner. Have had this on my buy list at 9.00. Never went low enough , maybe now it will.
Question will be , do i still want it?

Oh, it will and it has. Ouch.

Assuming 08 NPAT of 18m we're looking at a forward PE of 15.

(Disc: still holding some CCP.)

[macduffy]

Down 42% toay and looking interesting at $6.

May have to have a nibble.

[winner69]

hey Ratkin ..... really really cheap now ..... $6 .... was nearly $13 not that long ago

Can't be true .... say the current holders

Even Carmel will be buying at this price .... even i might be tempted ..... as long as you get out before the next downgrade

[stephen]

hey Ratkin ..... really really cheap now ..... $6 .... was nearly $13 not that long ago

Can't be true .... say the current holders

Even Carmel will be buying at this price .... even i might be tempted ..... as long as you get out before the next downgrade

Can't be true? Well, it was richly priced before, so although it's a drastic drop, it's not without reason.

I sold down earlier in the year, and I bought well below this level, so I'm not too scarred by this.

[silu]

From a 20-bagger to a 10-bagger overnight. Aaaargh.

[winner69]

Can't be true? Well, it was richly priced before, so although it's a drastic drop, it's not without reason.

I sold down earlier in the year, and I bought well below this level, so I'm not too scarred by this.

Like you Stephen I sold out a while ago at over $10 .... had some regrets when it did keep going up

Reasons for selling on the old thread that i can't find .... tracking cash flows and value of the ledgers in the balance sheet something didn't quite add up ..... like they didn't seem to be amortising fast enough. I had seen the same patterns before in CLH and that was the trigger.

I also wonder if the taking over of the dog(?) Repcol ledgers has had.

Seems to be a trend here ....... Baycorp being totally overvalued and that only coming out when Data Advantage paid far too much for them and suffered the consequence .... CLH being the star of the ASX a few years ago post IPO before having troubles with their valuations collecting debts .... all stars now tainted by the same brush

And RPC .... never a star but broke now are they

[ratkin]

just bought a few

[Nimble]

Previous profit guidance was 24M, downgraded to 17-19M up drop of 21 - 29%.

Price now 599 -460 or -43% Seems excessive compared to profit downgrade. 2008 PE now below 14!

Tempting..... but then one profit downgrade often leads to another.