OFX Group’s Earnings Downgrade Prompts a Moderate FVE Reduction
Higher operating expenses than expected in first-half fiscal 2019, focused primarily on increasing employee headcount and promotional activity, results in a reduction in our forecast fiscal 2019 underlying net profit after tax, or NPAT, for no-moat OFX Group to AUD 21.1 million from AUD 22.8 million. However, this has not resulted in a material change in our longer-term outlook for the business and our fair value estimate remains at AUD 1.80 per share. New management has continued the company’s ...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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