Genworth Australia’s AUD 2.80 FVE Unchanged Despite Disappointing 1Q18 Results
Following disappointing first-quarter 2018 results, we’ve reduced underlying 2018 forecast earnings for no-moat Genworth Mortgage Insurance to AUD 100 million from AUD 107 million. Forecast fully franked dividend declines to AUD 25 cents per share, from AUD 26.6, but the earnings revision has no impact on our AUD 2.80 fair value estimate.Genworth’s first-quarter net earned premium, or NEP, was worse than expected, down 37.5% on the previous corresponding period. The NEP primarily reflects chang...
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