Tightening Credit Standards, Lower Growth and House Price Falls Prompt a Reduction in Genworth’s FVE
A change in analyst leads to a downgrade to no-moat Genworth’s fair value estimate to AUD 2.55 per share from AUD 2.70. The reduction is prompted by our expectation the recent downturn in the Australian economy, including the systemwide fall in home loan growth to 4.9% in 2018 from 6.8% in 2017 and declining Australian home prices will persist over the near term. This is likely to reduce the level of new insurance written and increase claims. The deterioration in the economy could also lead to l...Genworth Australia is a provider of lenders mortgage insurance (LMI) under authorisation from Australian Prudential Regulation Authority. Co. provides three LMI products: Standard LMI, Homebuyer Plus and Business Select/Low Doc. Co. maintains commercial relationships with over 105 lender customers across Australia.
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