Mortgage Choice Remains on Track to Deliver Solid FY18 Earnings; AUD 2.50 FVE Unchanged
We maintain our AUD 2.50 per share fair value estimate for no-moat Mortgage Choice following a brief AGM earnings update. At current prices, the stock is trading 8% below our valuation and offers an attractive fully franked dividend yield around 8%. We confirm our fiscal 2018 net profit forecast of AUD 23.6 million and fully franked dividend of AUD 18.5 cents per share based on a 98% payout. Consensus fiscal 2018 estimates are broadly in line with our profit and dividend forecasts.Despite incre...
Mortgage Choice is engaged in mortgage broking. Co.'s activity includes: the provision of assistance in determining the borrowing capacities; the assessment, at the request of those borrowers, of a range of home loan or other products; and the submission of applications on behalf of prospective borrowers.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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