Our AUD 2.80 FVE for Genworth Is Unchanged Following Lower 2017 Full-Year Earnings
Our fair value estimate of AUD 2.80 for no-moat Genworth is unchanged despite a 19.4% fall in underlying NPAT to AUD 171.1 million in 2017, slightly above our forecast NPAT of AUD 168.9 million. The fall was precipitated by a 18.2% fall in net earned premium, or NEP, which was within previous company guidance of between a 17% to 19% decline.The NEP fall was due to earnings curve changes made after Genworth’s comprehensive earnings curve review completed in December 2017. This negatively impacte...
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