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Pioneer Credit

ASX:PNC
Snowflake Description

Fair value with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PNC
ASX
A$38M
Market Cap
  1. Home
  2. AU
  3. Diversified Financials
Company description

Pioneer Credit Limited provides financial services in Australia. The last earnings update was 35 days ago. More info.


Add to Portfolio Compare Print
  • Pioneer Credit has significant price volatility in the past 3 months.
PNC Share Price and Events
7 Day Returns
94.1%
ASX:PNC
4%
AU Diversified Financial
1.1%
AU Market
1 Year Returns
-68.6%
ASX:PNC
-36.5%
AU Diversified Financial
-18.9%
AU Market
PNC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pioneer Credit (PNC) 94.1% -59.3% -63.2% -68.6% -69.9% -62.3%
AU Diversified Financial 4% -20.8% -30.8% -36.5% -70.2% -75.7%
AU Market 1.1% -20.8% -25% -18.9% -16% -16.4%
1 Year Return vs Industry and Market
  • PNC underperformed the Diversified Financial industry which returned -36.5% over the past year.
  • PNC underperformed the Market in Australia which returned -18.9% over the past year.
Price Volatility
PNC
Industry
5yr Volatility vs Market

PNC Value

 Is Pioneer Credit undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pioneer Credit to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pioneer Credit.

ASX:PNC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= A$1.59 * 11.1%
A$0.18
Book Value of Equity per Share Median Book Value from the past 5 years. A$1.59
Discount Rate (Cost of Equity) See below 12%
Perpetual Growth Rate 10-Year AU Government Bond Rate 1.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:PNC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 1.1%
Equity Risk Premium S&P Global 5.4%
Diversified Financial Unlevered Beta Simply Wall St/ S&P Global 0.71
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.714 (1 + (1- 30%) (485.15%))
2.432
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.08% + (2 * 5.44%)
11.96%

Discounted Cash Flow Calculation for ASX:PNC using Excess Returns Model Model

The calculations below outline how an intrinsic value for Pioneer Credit is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ASX:PNC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.1% – 11.96%) * A$1.59)
A$-0.01
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= A$-0.01 / (11.96% - 1.08%)
A$-0.12
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= A$1.59 + A$-0.12
A$1.47
ASX:PNC Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$1.47
Current discount Discount to share price of A$0.66
= -1 x (A$0.66 - A$1.47) / A$1.47
55%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Pioneer Credit is available for.
Intrinsic value
>50%
Share price is A$0.66 vs Future cash flow value of A$1.47
Current Discount Checks
For Pioneer Credit to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pioneer Credit's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pioneer Credit's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pioneer Credit's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pioneer Credit's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:PNC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in AUD A$-0.11
ASX:PNC Share Price ** ASX (2020-04-03) in AUD A$0.66
Global Diversified Financial Industry PE Ratio Median Figure of 307 Publicly-Listed Diversified Financial Companies 9.21x
Australia Market PE Ratio Median Figure of 515 Publicly-Listed Companies 13.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pioneer Credit.

ASX:PNC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:PNC Share Price ÷ EPS (both in AUD)

= 0.66 ÷ -0.11

-6.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pioneer Credit is loss making, we can't compare its value to the Global Diversified Financial industry average.
  • Pioneer Credit is loss making, we can't compare the value of its earnings to the Australia market.
Price based on expected Growth
Does Pioneer Credit's expected growth come at a high price?
Raw Data
ASX:PNC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -6.05x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
Global Diversified Financial Industry PEG Ratio Median Figure of 56 Publicly-Listed Diversified Financial Companies 0.42x
Australia Market PEG Ratio Median Figure of 337 Publicly-Listed Companies 1.04x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Pioneer Credit, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Pioneer Credit's assets?
Raw Data
ASX:PNC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in AUD A$1.50
ASX:PNC Share Price * ASX (2020-04-03) in AUD A$0.66
Australia Diversified Financial Industry PB Ratio Median Figure of 13 Publicly-Listed Diversified Financial Companies 0.82x
Australia Market PB Ratio Median Figure of 1,614 Publicly-Listed Companies 1.23x
ASX:PNC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:PNC Share Price ÷ Book Value per Share (both in AUD)

= 0.66 ÷ 1.50

0.44x

* Primary Listing of Pioneer Credit.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pioneer Credit is good value based on assets compared to the AU Diversified Financial industry average.
X
Value checks
We assess Pioneer Credit's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Diversified Financial industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Diversified Financial industry average (and greater than 0)? (1 check)
  5. Pioneer Credit has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PNC Future Performance

 How is Pioneer Credit expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Pioneer Credit has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
99.1%
Expected Diversified Financial industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pioneer Credit expected to grow at an attractive rate?
  • Unable to compare Pioneer Credit's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Pioneer Credit's earnings growth to the Australia market average as no estimate data is available.
  • Unable to compare Pioneer Credit's revenue growth to the Australia market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
ASX:PNC Future Growth Rates Data Sources
Data Point Source Value (per year)
Australia Diversified Financial Industry Earnings Growth Rate Market Cap Weighted Average 99.1%
Australia Diversified Financial Industry Revenue Growth Rate Market Cap Weighted Average -87.1%
Australia Market Earnings Growth Rate Market Cap Weighted Average 10.1%
Australia Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:PNC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:PNC Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-06-30 61 16 -9 1
2020-04-03
ASX:PNC Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-12-31 59 60 -7
2019-09-30 62 54 -1
2019-06-30 66 47 4
2019-03-31 70 40 9
2018-12-31 76 33 15
2018-09-30 76 39 16
2018-06-30 77 45 18
2018-03-31 71 42 16
2017-12-31 66 39 15
2017-09-30 60 33 13
2017-06-30 54 27 11
2017-03-31 52 26 11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Pioneer Credit is high growth as no earnings estimate data is available.
  • Unable to determine if Pioneer Credit is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:PNC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Pioneer Credit Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:PNC Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-06-30
2020-04-03
ASX:PNC Past Financials Data
Date (Data in AUD Millions) EPS *
2019-12-31 -0.11
2019-09-30 -0.02
2019-06-30 0.07
2019-03-31 0.15
2018-12-31 0.24
2018-09-30 0.26
2018-06-30 0.29
2018-03-31 0.27
2017-12-31 0.26
2017-09-30 0.23
2017-06-30 0.21
2017-03-31 0.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Pioneer Credit will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Pioneer Credit is trading at Pioneer Credit'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Pioneer Credit's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Pioneer Credit's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Pioneer Credit's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pioneer Credit has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PNC Past Performance

  How has Pioneer Credit performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pioneer Credit's growth in the last year to its industry (Diversified Financial).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pioneer Credit does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Pioneer Credit's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Pioneer Credit's 1-year growth to the Global Diversified Financial industry average as it is not currently profitable.
Earnings and Revenue History
Pioneer Credit's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pioneer Credit Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:PNC Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 58.65 -6.88 47.84
2019-09-30 62.45 -1.30 46.60
2019-06-30 66.25 4.28 45.37
2019-03-31 69.64 9.30 43.06
2018-12-31 75.75 14.63 41.94
2018-09-30 76.31 16.11 40.92
2018-06-30 76.87 17.60 39.90
2018-03-31 71.39 16.13 37.32
2017-12-31 65.91 14.66 34.74
2017-09-30 59.99 12.71 32.12
2017-06-30 54.08 10.75 29.49
2017-03-31 51.88 10.54 27.87
2016-12-31 49.68 10.34 26.24
2016-09-30 47.91 9.89 25.55
2016-06-30 46.14 9.45 24.86
2016-03-31 44.48 9.45 23.68
2015-12-31 42.83 9.44 22.49
2015-09-30 40.35 8.44 21.31
2015-06-30 37.87 7.44 20.12
2015-03-31 33.50 4.38 19.72
2014-12-31 29.13 1.32 19.32
2014-09-30 26.83 1.18 17.62
2014-06-30 24.53 1.05 15.92
2013-06-30 15.70 3.52 7.77

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Pioneer Credit has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Pioneer Credit has efficiently used its assets last year compared to the Global Diversified Financial industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Pioneer Credit improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Pioneer Credit's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Diversified Financial industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pioneer Credit has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PNC Health

 How is Pioneer Credit's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pioneer Credit's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pioneer Credit's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Pioneer Credit's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Pioneer Credit's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pioneer Credit Company Filings, last reported 3 months ago.

ASX:PNC Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 95.02 177.01 101.90
2019-09-30 95.02 177.01 101.90
2019-06-30 102.74 169.39 103.90
2019-03-31 102.74 169.39 103.90
2018-12-31 108.82 149.44 90.73
2018-09-30 108.82 149.44 90.73
2018-06-30 101.71 128.57 79.87
2018-03-31 101.71 128.57 79.87
2017-12-31 96.58 100.89 80.95
2017-09-30 96.58 100.89 80.95
2017-06-30 90.29 79.57 69.04
2017-03-31 90.29 79.57 69.04
2016-12-31 66.91 69.00 56.77
2016-09-30 66.91 69.00 56.77
2016-06-30 64.76 52.24 56.27
2016-03-31 64.76 52.24 56.27
2015-12-31 54.17 47.97 38.08
2015-09-30 54.17 47.97 38.08
2015-06-30 52.88 32.87 34.74
2015-03-31 52.88 32.87 34.74
2014-12-31 47.54 25.20 29.91
2014-09-30 47.54 25.20 29.91
2014-06-30 47.60 7.39 33.64
2013-06-30 13.08 23.91 22.05
  • Pioneer Credit's level of debt (186.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (53.1% vs 186.3% today).
  • Debt is well covered by operating cash flow (33.9%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Pioneer Credit's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Pioneer Credit's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pioneer Credit has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PNC Dividends

 What is Pioneer Credit's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Pioneer Credit dividends. Estimated to be 30.3% next year.
If you bought A$2,000 of Pioneer Credit shares you are expected to receive A$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Pioneer Credit's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Pioneer Credit's dividend against the top 25% market benchmark as the company has not reported any payouts.
Upcoming dividend payment

Purchase Pioneer Credit before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:PNC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Global Diversified Financial Industry Average Dividend Yield Market Cap Weighted Average of 160 Stocks 4.7%
Australia Market Average Dividend Yield Market Cap Weighted Average of 370 Stocks 5.5%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.7%
Australia Bottom 25% Dividend Yield 25th Percentile 3.2%
Australia Top 25% Dividend Yield 75th Percentile 8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:PNC Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2020-06-30 0.20 1.00
2020-04-03
ASX:PNC Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2020-02-28 0.000 0.000
2019-12-23 0.000 0.000
2019-02-25 0.120 4.948
2018-08-24 0.154 5.014
2018-02-26 0.119 3.601
2017-08-24 0.095 3.371
2017-02-24 0.104 4.634
2016-10-18 0.098 5.117
2015-08-20 0.086 4.868
2015-02-19 0.035 2.031
2014-08-27 0.031 1.741

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Pioneer Credit has not reported any payouts.
  • Unable to verify if Pioneer Credit's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Pioneer Credit's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Pioneer Credit has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Pioneer Credit's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pioneer Credit afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pioneer Credit has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PNC Management

 What is the CEO of Pioneer Credit's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Keith John
COMPENSATION A$1,372,317
CEO Bio

Mr. Keith Roy John is the Founder of Pioneer Credit Limited and serves as its Managing Director. Mr. John has over 20 years experience in the receivables management industry. He has a long and distinguished career in debt recovery having commenced his first agency service business in 1989. He served as Regional Director of Asia, Pacific of TCM GROUP International Ltd. He served as a Member of Senior Management Team at Credit Corp. Group Ltd. since July 2006 and served as its Head of Strategic Business for Credit Corp. Group. For several years it acted for two of the largest debt recovery agencies in Perth, together with dozens of law firms. In 1991, he merged with a collections business where he became Director of Client Liaison before assuming the position of Managing Director in 1995. He served as a Non-Executive Director at Goldfields Money Limited since May 27, 2016 until March 12, 2018. He serves as a Director of TCM GROUP International Ltd. and Pioneer Credit Limited. Mr. John serves as a Director of the peak industry body of the Debt Purchase Industry in Australia, Australian Collectors & Debt Buyers Association Limited, Midbridge Investments Pty Ltd. and Box International Pty Ltd. He served as a Director at My ATM Holdings Limited. Under his direction, the fresh incarnation of Pioneer Credit has achieved tremendous success, including carefully implemented expansion into regional Western Australia and in Malaysia. His achievements have also lead to his inclusion on WA Business News' 2006 '40under40' listing, which recognises Western Australia's most talented young business leaders and today Pioneer Credit is consistently identified as a leading service provider nationally by prominent business media. He has received numerous awards in recognition of his business achievements. These include in 2006 recognition of Pioneer Credit in the BRW Fast 200 at number 26, an award which showcased Australia's fastest growing businesses. Mr. John was also acknowledged as a winner of the WABN '40 Under 40' Award which recognizes Western Australia's young business leaders.

CEO Compensation
  • Keith's compensation has increased whilst company is loss making.
  • Keith's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Pioneer Credit management team in years:

7
Average Tenure
  • The average tenure for the Pioneer Credit management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Keith John

TITLE
Founder
COMPENSATION
A$1M

Leslie Crockett

TITLE
Chief Financial Officer
COMPENSATION
A$854K
TENURE
7.3 yrs

Sue Symmons

TITLE
Company Secretary
COMPENSATION
A$472K
AGE
56
TENURE
4.5 yrs

Richard Brown

TITLE
Senior Manager of Compliance
TENURE
10.8 yrs

Jonty Gibbs

TITLE
Group Financial Controller
TENURE
6.6 yrs
Board of Directors Tenure

Average tenure of the Pioneer Credit board of directors in years:

3.4
Average Tenure
  • The tenure for the Pioneer Credit board of directors is about average.
Board of Directors

Mike Smith

TITLE
Independent Non-Executive Chairman
COMPENSATION
A$175K
TENURE
6.2 yrs

Keith John

TITLE
Founder
COMPENSATION
A$1M

Andrea Hall

TITLE
Independent Non-Executive Director
COMPENSATION
A$110K
TENURE
3.4 yrs

Ann Robinson

TITLE
Independent Non-Executive Director
COMPENSATION
A$110K
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
X
Management checks
We assess Pioneer Credit's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pioneer Credit has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PNC News

Simply Wall St News

Here's How P/E Ratios Can Help Us Understand Pioneer Credit Limited (ASX:PNC)

Pioneer Credit has a price to earnings ratio of 9.97, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Pioneer Credit: P/E of 9.97 = A$2.43 ÷ A$0.24 (Based on the trailing twelve months to December 2018.) Is A High P/E Ratio Good? … ASX:PNC Price Estimation Relative to Market, August 22nd 2019 Its relatively low P/E ratio indicates that Pioneer Credit shareholders think it will struggle to do as well as other companies in its industry classification.

Simply Wall St -

Here's How We Evaluate Pioneer Credit Limited's (ASX:PNC) Dividend

Dividend paying stocks like Pioneer Credit Limited (ASX:PNC) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. … Looking at the data, we can see that Pioneer Credit has been paying a dividend for the past five years. … This works out to be a compound annual growth rate (CAGR) of approximately 31% a year over that time. The growth in dividends has not been linear, but the CAGR is a decent approximation of the rate of change over this time frame. So, its dividends have grown at a rapid rate over this time, but payments have been cut in the past. The stock may still be worth considering as part of a diversified dividend portfolio. Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. Pioneer Credit's earnings per share have shrunk at 16% a year over the past five years. With this kind of significant decline, we always wonder what has changed in the business. Dividends are about stability, and Pioneer Credit's earnings per share, which support the dividend, have been anything but stable. We'd also point out that Pioneer Credit issued a meaningful number of new shares in the past year. Regularly issuing new shares can be detrimental - it's hard to grow dividends per share when new shares are regularly being created. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Does Pioneer Credit Limited's (ASX:PNC) July Stock Price Reflect Its Future Growth?

However, since Pioneer Credit is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 9.64x and expected year-on-year earnings growth of 14% give Pioneer Credit a very low PEG ratio of 0.69x. … So, when we include the growth factor in our analysis, Pioneer Credit appears relatively cheap , based on the fundamentals.

Simply Wall St -

Could Pioneer Credit Limited's (ASX:PNC) Investor Composition Influence The Stock Price?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' With a market capitalization of AU$172m, Pioneer Credit is a small cap stock, so it might not be well known by many institutional investors. … Check out our latest analysis for Pioneer Credit ASX:PNC Ownership Summary, June 26th 2019 What Does The Institutional Ownership Tell Us About Pioneer Credit? … General Public Ownership The general public, who are mostly retail investors, collectively hold 67% of Pioneer Credit shares.

Simply Wall St -

Is Pioneer Credit Limited's (ASX:PNC) CEO Overpaid Relative To Its Peers?

At the time of writing our data says that Pioneer Credit Limited has a market cap of AU$166m, and is paying total annual CEO compensation of AU$917k. … It would therefore appear that Pioneer Credit Limited pays Keith John more than the median CEO remuneration at companies of a similar size, in the same market. … We compared total CEO remuneration at Pioneer Credit Limited with the amount paid at companies with a similar market capitalization.

Simply Wall St -

Here's What Pioneer Credit Limited's (ASX:PNC) P/E Ratio Is Telling Us

We'll show how you can use Pioneer Credit Limited's (ASX:PNC) P/E ratio to inform your assessment of the investment opportunity. … Looking at earnings over the last twelve months, Pioneer Credit has a P/E ratio of 10.75. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Does Pioneer Credit Limited's (ASX:PNC) April Stock Price Reflect Its Future Growth?

Pioneer Credit Limited (ASX:PNC) is considered a high growth stock. … However its last closing price of A$2.1 left investors wondering whether this growth has already been factored into the share price. … According to the analysts covering the company, the following few years should bring about good growth prospects for Pioneer Credit

Simply Wall St -

What You Must Know About Pioneer Credit Limited's (ASX:PNC) Major Investors

In this analysis, my focus will be on developing a perspective on Pioneer Credit Limited’s (ASX:PNC) latest ownership structure, a less discussed, but important factor. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine PNC's ownership structure in more detail.

Simply Wall St -

Spotlight On Pioneer Credit Limited's (ASX:PNC) Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Pioneer Credit Limited (ASX:PNC), it

Simply Wall St -

How Does Pioneer Credit Limited's (ASX:PNC) Earnings Growth Stack Up Against Industry Performance?

Today I will examine Pioneer Credit Limited's (ASX:PNC) latest earnings update (31 December 2017) and compare these figures against its performance over the past couple of years, in addition to how the rest of PNC's industry performed. … How PNC fared against its long-term earnings performance and its industry … PNC's trailing twelve-month earnings (from 31 December 2017) of AU$14.66m has

Simply Wall St -

PNC Company Info

Description

Pioneer Credit Limited provides financial services in Australia. It acquires and services unsecured retail debt portfolios. The company is headquartered in Perth, Australia.

Details
Name: Pioneer Credit Limited
PNC
Exchange: ASX
Founded:
A$38,355,940
63,398,249
Website: http://www.pioneercredit.com.au
Address: Pioneer Credit Limited
108 St Georges Terrace,
Level 6,
Perth,
Western Australia, 6000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX PNC Ordinary Shares Australian Securities Exchange AU AUD 01. May 2014
CHIA PNC Ordinary Shares Chi-X Australia AU AUD 01. May 2014
Number of employees
Current staff
Staff numbers
0
Pioneer Credit employees.
Industry
Specialized Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 10:57
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/01/08
Last earnings filing: 2020/02/28
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.