No dip expected necessarily. But given the dependence on employment to repay PDPs, any concerns around further rate increases would potentially impact PDP performance/values.
In any case, they have repeated the $18m statutory PBT FY26 figure. They've pointed out that a large LTI is dependent on it, and now made it guidance.
As far as macro goes, there has been concerns given CCP are still reporting weak but stabilizing PDP market in AU/NZ. That said, PNC have suggested that some banks don't want to sell to CCP given the competing products (Wallet Wizard).
Nevertheless, $18m statutory PBT next FY (that cannot be met with PDP revaluation or tax asset realization) is appealing. And it does not include a potential gain from the PWC lawsuit (claimed to be $30m, but who really knows).
I have my concerns with management, but I think things are well aligned for the next year or so.
PNC Price at posting:
55.0¢ Sentiment: Buy Disclosure: Held
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