Senate Inquiry Increases Credit Corp’s Regulatory Risks But Not Enough to Change its FVE
A combination of stronger-than-expected cash collections, continued strong performance in its Australian consumer lending business, and inaugural full-year profit from its new United States purchased debt ledger, or PDL, business, along with the time value of money, leads to no-moat Credit Corp’s fair value estimate increasing to AUD 19.80 per share from AUD 18.00. At our new fair value estimate, the shares trade at a 14 times fiscal 2019 P/E multiple and a dividend yield of 3.6%. The company re...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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