Debt collector CCP has fallen over 39% in 2022 with a test of $20 now feeling almost inevitable i.e. another +10% lower. Sentiment towards the sector is weak given Collection House (CLH) has now fallen into administration, investors will be weighing up if it’s a simply bad space during a recession or whether the removal of a competitor is an opportunity for CCP – right now we think it’s too close to call.
MM is neutral CCP
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