Originally Posted by
greater fool
You got me. :(
I accept that it makes a grand headline, but if you look a little deeper, you see that while
finance receivables have risen by the numbers you've supplied, NIM is shrinking.
Working harder to to have earnings stand still, is no earnings growth.
Further to the "acquire PGW story"; for another $20m you could expand your customer base by
folding ALF into 'Heartland Rural' and have an excellent starting point to build a decent rural
services group. It could attract significant investor interest because it is exactly to kind of listed
rural focused opportunity that has been lacking in NZ. Done well it might just eat UDC's lunch
in rural financing and services.
Disc: former HBL holder. Jumped recently.