OFX Group’s FVE Cut to AUD 2.10 on Expectations of Slower Long-Term Growth
We cut our fair value estimate for no-moat OFX Group by 25% to AUD 2.10 from AUD 2.80 per share following the disappointing first-half fiscal 2017 performance and a reassessment of longer-term growth potential. Another benign performance in client numbers raises concerns about competitive pressures. We take a more conservative view on the company’s ability to hold efficiency gains from technology improvements and its need to continually invest more in the brand and client retention in the face o...OFX Group is engaged in the provision of international payments and foreign exchange services. Co. offers fast international money transfers at competitive rates for individuals & businesses. Co.'s two products are international payment services and international payment solutions. International payment services are monitored by geographic region (based on client location) and provide bank to bank currency transfers servicing businesses and consumers. International payment solutions are monitored globally and provide strategic partners with a package which includes: OFX Technology platform; client service; compliance sophistication; banking relationships; and payments capabilities.
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