No Surprises in Steadfast’s Solid First-Half 2017 Profit; AUD 2.60 Fair Value Estimate Unchanged
There were no major surprises in no-moat-rated Steadfast Group’s AUD 41 million first-half fiscal 2017 cash profit, despite coming in just short of our AUD 43 million estimate. Operating performance was broadly in line with management’s expectations. In the longer term, we expect stronger market conditions and improved insurance pricing to support our positive view. CEO Robert Kelly reaffirmed fiscal 2017 guidance, with cash profit expected at AUD 85 million-AUD 90 million, implying growth of 4%...Steadfast Group is engaged in the provision of services to Steadfast Network Brokers, the distribution of insurance policies via insurance brokerages and underwriting agencies, and related services.
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