Praa is almost $120 a share. They made a killing buying all that debt after the 2008 financial crisis. By servicing in house with their 2,000 employees they controlled their own destiny and costs. With asta not much in the debt buying game after their "big purchase" issues, companies like praa and ecpg got bigger and better. Wow, praa is one will managed company with really great management. Just look at their stock performance.
companies that develope their business internally like praa and that do not have to rely on joint ventures and give away profit in the form of participations will be rewarded by investors that will buy the stock for what they see as being very smart business leaders and if they make money like praa and ecpg their stock price will reflect this in a very positive way.
buying debt is still a great business if you have the best people to buy and service the debt.