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Purchased Debt Collection Peer Comparison

03 December 2017 tagged: asx-ccp asx-clh asx-pnc debt-collection financial-services | 0 comments

Credit Corp Group (ASX:CCP)

($'000) FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Collections 152,950 178,806 205,289 230,442 250,369 288,106 288,186 321,989 355,674
PDL Amortisation -70,181 -87,609 -93,127 -108,439 -119,451 -136,242 -135,721 -150,887 -166,100
PDL Purchases 37,000 65,100 92,600 91,500 136,800 146,616 139,446 236,421 254,418
PDL Assets 170,165 147,553 146,950 129,146 147,209 157,232 164,927 253,315 281,985

Collection House (ASX:CLH)

($'000) FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY161 FY171
Collections 69,754 69,468 78,042 88,726 96,711 106,500 127,642 127,178 104,768
PDL Amortisation -30,265 -29,879 -33,073 -37,344 -38,780 -43,417 -50,090 -52,539 -39,974
PDL Purchases 35,000 29,000 49,000 61,000 52,300 82,200 71,396 61,862 58,315
PDL Assets 146,916 146,485 162,037 185,167 196,451 234,250 255,989 265,312 283,653

Pioneer Credit (ASX:PNC)

($'000) FY14 FY15 FY16 FY17
Collections 37,230 51,707 60,411 70,646
PDL Amortisation2 -11,814 -16,702 -13,103 -16,268
PDL Purchases 25,416 38,531 41,903 68,711
PDL Assets 58,743 81,922 111,109 164,461

Implicit multiple from PDL amortisation3

(Collections / amortisation) - lower is better

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
CCP 2.1794 2.0410 2.2044 2.1251 2.0960 2.1147 2.1234 2.1340 2.1413
CLH 2.3048 2.3250 2.3597 2.3759 2.4938 2.4530 2.5483 2.4206 2.6209
PNC 3.1513 3.0959 4.6105 4.3426

PDL financial asset turnover34

(Collections / average PDL carrying value) - higher is better

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
CCP 0.8988 1.1256 1.3941 1.6693 1.8119 1.8927 1.7891 1.5397 1.3289
CLH 0.4748 0.4735 0.5059 0.5111 0.5068 0.4945 0.5207 0.4879 0.3817
PNC 0.6338 0.7352 0.6259 0.5127

PDL financial asset write off rate5

(Amortisation / average PDL carry value) - higher is better

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
CCP 0.4124 0.5515 0.6324 0.7855 0.8645 0.8950 0.8426 0.7215 0.6206
CLH 0.2060 0.2037 0.2144 0.2151 0.2032 0.2016 0.2043 0.2016 0.1456
PNC 0.2011 0.2375 0.1358 0.1181

  1. CLH stopped reporting collections and amortisation rates. These figures were derived from PDL revenues, assets and purchases. ↩

  2. "Change in value of purchased debt portfolios" ↩

  3. First referenced in the CCP 1H FY14 Results Presentation, page 12. ↩

  4. Was used to highlight financial and operational strength in the CCP 2015 AGM Presentation ↩

  5. I've never seen this metric used by anybody. I made it up myself. ↩

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