CCP +0.18%: Released FY21 results this morning that were inline with expectations. FY20 was a tough year for CCP with net profit of just $15.5m however FY21 looked a lot better with profit of $88.1m which was broadly inline with the $88.9m expected by the market. Their dividend of 36cps represented a payout ratio of 55% for the full year. They invested heavily during the year spending $293m on purchased debt ledgers (think of that as inventory) which sets them up for a solid FY22. They issued guidance for NPAT of $85-95m in FY22. A solid result from CCP however it’s hard to get too excited at current levels.
MM is neutral CCP around $29
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