Corporate Action: Credit Corp FVE Increases on Improved Guidance; Recommend Participating in SPP
No-moat Credit Corp’s positive market update and capital raising that materially strengthens its balance sheet provide a platform for future strong earnings growth and prompts an increase in our fair value estimate to AUD 21.50 per share from AUD 20.70. The company's U.S. purchase debt ledger, or PDL, business is likely to be the primary driver of growth, supported by its growing consumer loan business and emerging opportunities in a rebalancing Australian PDL market. We expect gearing (net borr...Credit Corp Group is engaged in debt purchase and collection as well as consumer lending. Co.'s segments are comprised of: debt ledger purchasing, which is comprised of purchases of consumer debts at a discount to their face value from credit providers with the objective of recovering amounts in excess of the purchase price over the collection life cycle of the receivables; and Consumer lending, which provides various financial products to credit-impaired consumers.
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