Transferring Coverage of Genworth Mortgage Insurance Australia; FVE Unchanged
We confirm our AUD 2.80 per share fair value estimate for Genworth Mortgage Insurance Australia as we transition coverage to a new analyst. Our no-moat, very high fair value uncertainty and Standard stewardship ratings are unchanged. We reaffirm our 2017 NPAT forecast of AUD 149 million and if achieved will be 30% lower than 2016. Despite the expected profit decline, our AUD 25.5 cents per share dividend forecast equates to an attractive 8.7% fully franked dividend yield. Genworth Australia is s...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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