Credit Corp Group Limited (CCP)



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General Information
Company Name: Credit Corp Group Limited
Stock Code: CCP
Website: www.creditcorp.com.au
GICS Sub-Industry: Diversified Support Services
Market Cap ($M): 450
Equiv. Shares (M): 46

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 9.720 $ 9.510 $ 9.830 $ 9.510 $ 9.550 93,934 $ 0.170  1.780 %

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 18th Dec 2014
Brokers Surveyed: 2

Company Overview

Business Description:
Credit Corp Group Limited (CCP) is an Australian receivables management company, specialising in debt purchase and debt collection services, primarily focusing on the acquisition of purchased debt ledgers (PDLs) comprised of distressed consumer debt from Australian and New Zealand banks, finance companies, and telecommunication companies. CCP has a recent expansion to USA.

Strategy Analysis:
CCP has implemented a number of initiatives to improve performance. Competitive advantage comes through the strong relationships with domestic credit providers, and a large database of debtors which improves the analysis needed in tender pricing ledgers. CFO Todd Vogel resigned on 14 September 2010. Management has announced their intention of expanding collections in 2011, together with continued in-house technological innovation to improve collection effectiveness and efficiency. Credit Corp Group reported NPAT up 28% to $16.72m for the half-year ended 31 December 2012. Revenues from ordinary activities were $71.73m, up 12% from the same period last year. Diluted EPS was 36.5 cents compared to 28.7 cents last year. The net operating cash inflow was $78.37m compared to an inflow of $65.6m in the pcp. The interim dividend declared was 20 cents compared with 13 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 90.8 10.8 10.7 44.9 4.6 --
2015  F -- 82.0 8.6 11.9 40.9 4.2 --
2014  A 34.8 75.4 8.1 12.3 40.0 4.3 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Credit Corp Group (CCP) $442 M 0.0812 0.0864 0.1082 12.6607 11.6534 10.5153 4.19 4.28 4.70
Spotless Group Holdings (SPO) $2,087 M -- 1.7032 0.1432 40.8602 15.1154 13.2220 0.00 0.00 4.79
Veda Group (VED) $1,895 M -- 0.3124 0.1598 32.0970 24.4565 21.0872 1.78 2.69 3.10

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CCP 0.65 12.4 2.81 1.27 2.62
Market 0.90 15.0 1.19 1.94 1.48
Sector 0.95 12.4 1.29 1.68 0.84

Directors
Name Position Start Date
Mr Richard J Thomas Non-Executive Director 22 September 2006
Mr Simon Calleia Non-Executive Director 05 May 2000
Mr Robert Fitz-Gerald Shaw Non-Executive Director 31 March 2008
Mr Eric Dodd Non-Executive Director 01 July 2009
Ms Leslie Martin Non-Executive Director 20 March 2014
Mr Donald Evan McLay Non-Executive Director,Non-Executive Chairman 31 March 2008

Management
Name Position
Michael Eadie Chief Financial Officer,Company Secretary
Thomas Beregi Company Secretary,Chief Executive Officer
Geoffrey Templeton Compliance Manager,Company Secretary
Michael Mifsud Head of Analytics
Kristina White Head of Business Services
Matthew Stokes Head of Collections
Tegan Pearson Head of Human Resources

Substantial Shareholders
Holding Name
5,520,933 (11.97%) Denver Investment Advisors LLC
2,394,539 (5.19%) Vinva Investment Management
2,351,062 (5.10%) Georgia Division Of Investment Services

Calendar of Events
Date Event
02 October 2015 Report (Annual)
04 August 2015 Report (Annual)
04 August 2015 Report (Prelim)
29 January 2015 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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