RaaS Research Group has published an update on ethically-motivated, diversified financials group Pioneer Credit (ASX:PNC) following the company's announced new $272.5m four-year syndicated senior finance facility. Our base case valuation has increased to $250m (previously $217m) or $1.94/share due to lower finance costs in FY26 (down $8m to c. $20m) and ongoing. We estimate that Pioneer should be capable of paying a dividend from FY25 onwards. Competition for debt portfolios is declining while volumes of PDPs offered for sale by major banks and non-bank institutions has increased.
