FlexiGroup’s FVE Reduced Following Material Downgrade to Earnings Guidance
A material downgrade to its fiscal 2019 guidance, combined with continuing macroeconomic and regulatory headwinds drive a reduction in no-moat FlexiGroup Limited’s fair value estimate to AUD 1.50 per share from AUD 2.05. While we had lowered our earnings forecasts for the company in December 2018 in the face of increasing macroeconomic and regulatory headwinds, the company’s new guidance suggests the extent of these headwinds were underestimated. The company’s new guidance is 20% lower than its ...Flexigroup is a financial services group providing no interest ever, leasing, vendor finance programs, interest free and Visa / Mastercards, managed print services, lay-by and other payment solutions to consumers and businesses. Co.'s business areas include: no interest ever products and cheque guarantee services; the interest free cards business, which provides personal finance products; the Australia leasing business, which provides leasing products throughkey partners; the New Zealand leasing business, which provides leasing products primarily to small and medium sized businesses and the education sector; and the New Zealand cards business, which provides non-bank consumer credit.
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