Challenger’s AUD 12.80 FVE Unchanged Following 1H 2018 Results
We maintain our AUD 12.80 fair value estimate for no-moat Challenger but moderately reduce our 2018 earnings forecast following the release of its first-half 2018 results. Challenger reaffirmed its 2018 guidance of normalised net profit before tax, or NPBT, of between AUD 545 and 565 million, but we have reduced our 2018 NPBT forecast to AUD 552 million, from AUD 565 million. Our moderate reduction was driven by a larger-than-expected fall in the Life business cash operating margin to 4.05% in t...
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