FlexiGroup’s FVE Lowered to AUD 2.60 per Share on Expectations of a More Challenging Environment
Our fair value estimate for no-moat-rated FlexiGroup is cut to AUD 2.60 per share from AUD 2.80 following reductions to earnings forecasts. Commentary by Thorn Group on the near-term outlook for its consumer leasing business was more subdued than we expected at its recent fiscal 2017 results. We are less confident on the outlook for FlexiGroup due to expected weaker consumer spending and confidence, a tougher competitive environment and higher loan impairments. We downgrade forecast fiscal 2017 ...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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