FlexiGroup’s FVE Unchanged Following Previously Guided to Poor 1H19 Results
Our fair value estimate for struggling no-moat FlexiGroup remains at AUD 1.50 per share following previously guided to disappointing first-half fiscal 2019 results. New CEO Rebecca James unveiled another strategy to simplify the business and surprised with an AUD 21.5 million placement to Tanarra Capital. A solid performance in its core Cetergy business as well as its New Zealand leasing and new Australian consumer leasing business was not enough to offset the weakness in its Australian and New ...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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