Transferring Coverage of Credit Corp Group; AUD 18 FVE Unchanged
We reiterate our AUD 18.00 per share fair value estimate for Credit Corp Group as we transition coverage to a new analyst. Our no-moat, medium fair value uncertainty and Standard stewardship ratings are unchanged. At current prices, the stock is fairly priced. Following a largely in line fiscal 2017 result, we forecast fiscal 2018 NPAT to increase 15% to AUD 63 million, the top end of the AUD 60 million-AUD 63 million guidance range. Strong forecast EPS growth features and underpins our positive...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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