Policy Stimulus May Provide a Short-Term Boost to FlexiGroup, but FVE Unchanged
No-moat FlexiGroup’s fair value estimate is unchanged at AUD 1.50 per share despite a potential short-lived boost to financing volumes from recent fiscal and monetary stimulus. We think an ongoing poor macroeconomic backdrop and intensifying competition from digital financing providers will continue to be headwinds. Recent stimulus measures may assist Australian retail sales over the next few months but off a very low base, and we expect any improvements to be temporary. The most recent Australi...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.
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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