We have repeatedly asserted that providers of Home Collect Credit (HCC) need to understand their customers’ thinking in order to lend profitably. Equally, to properly appreciate the risks and rewards that the HCC companies offer investors, we need to understand their corporate culture. In this note, we review MCL’s focus on quality, giving practical examples of how the group aims to generate sustainable profit growth. Conservatism runs throughout MCL’s lending, accounting, agents, customer selection and new product development. We have not changed our steady growth forecasts, and our valuation range remains 171p to 197p.