Transferring Coverage: Genworth Australia’s FVE Cut to AUD 2.80 on Expectations of Earnings Pressure
We transfer analyst coverage of Genworth Mortgage Insurance Australia. Our fair value estimate decreases to AUD 2.80 from AUD 3.00 per share on lower premium growth and higher loss assumptions. Our no-moat, very high fair value uncertainty, and Standard stewardship ratings are reaffirmed. In our opinion, Genworth Australia does not have sustainable competitive advantages to justify the existence of an economic moat. The risk of major value destruction from a sharp and prolonged increase in housi...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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