Initiating on Credit Corp Group with AUD 18.00 FVE
We initiate coverage on Credit Corp Group with a fair value estimate of AUD 18.00 per share as well as no-moat and medium uncertainty ratings. Credit Corp is an Australia-based financial services provider. Its core business is purchasing past due consumer debt primarily from major Australian banks then seeking to recover outstanding balances from customers. More recently, it has entered the U.S. market for purchased debt. The company also provides loans to consumers in Australia with limited acc...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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