Tags
Asset Acceptance Capital, Asta Funding, distressed assets, Encore Capital, Ex-Cash Ratios, Margin of Safety, Owner-Operator, Portfolio Recovery Associates, value investing
- Mkt Price: $7.65
- Mkt Cap: $112.0 mio
- P/E: 10.8
- P/C: 1.02
- P/B: 0.65
Asta Funding’s a NJ based company which purchases, services and collects on charged-off, semi-performing and performing consumer receivables. This strategy offers attractive growth prospects, driven by increasing levels of consumer debt, defaults and use of third party collection agencies. As they say: ‘Never count out the American consumer’. Of course, one can also count on the US consumer to rack up and default on ever increasing amounts of debt! I was shocked to see, especially in the current environment, that Black Friday was the largest ever. But then again, the US savings rate is collapsing again, after a brief recession-induced spike to 8% in 2008. Longer term, this puny savings rate doesn’t bode well for the US. Globally, most countries have a savings rate that’s a multiple of the US rate…
Wexboy 