Credit Corp HY14 Update

Credit Corp Group (ASX:CCP) released its HY14 report and presentation on Thursday last week.

These are all "underlying" figures as this time last year the company had a favorable once-off legal settlement that boosted the bottom line profits and HY dividend.

Full year (FY14) guidance numbers have also been updated:

Main points of interest:

Overall I really like the half yearly result. A good FY14 result is already in the bag. The elevated level of PDL purchases in recent years and the emergence of the consumer lending division will underpin growth in FY15. This should buy enough time for PDL prices in the US to settle down, in which time it could very well be the catalyst for the beginning of another golden age for Credit Corp.

Trading at a forward P/E of around 13, growing at double digits and with a strong management team with proven results - it's also reasonable value in the current market.

CCP last traded at $9.46.

Disclosure: At the time of publishing I own shares in CCP. My holdings were topped up on Thursday after the release of the HY14 results.