No-Moat FlexiGroup FVE of 1.90 Unchanged on a Change of Analyst
Our fair value estimate for no-moat FlexiGroup remains unchanged at AUD 1.90 following a change of analyst coverage. Our fair value estimate implies a forward 2018 price/earnings ratio of 8.4 times, and fully franked dividend yield of 4.2%. FlexiGroup’s share price is currently trading in line with our fair value.Our net profit after tax, or NPAT, forecast for fiscal 2018 is AUD 85 million, and remains at the lower end of management guidance of between AUD 85 to 90 million. Management is in the...
Flexigroup is a financial services group providing no interest ever, leasing, vendor finance programs, interest free and Visa / Mastercards, managed print services, lay-by and other payment solutions to consumers and businesses. Co.'s business areas include: no interest ever products and cheque guarantee services; the interest free cards business, which provides personal finance products; the Australia leasing business, which provides leasing products throughkey partners; the New Zealand leasing business, which provides leasing products primarily to small and medium sized businesses and the education sector; and the New Zealand cards business, which provides non-bank consumer credit.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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