Steadfast’s FY17 Profit Misses Our High Expectations. AUD 2.80 FVE Unchanged
No-moat Steadfast Group’s fiscal 2017 cash profit of AUD 87 million increased a healthy 6% on the prior year, but was 4% below our above-guidance forecast. Despite softer-than-expected fiscal 2017 performance, our positive long-term view is unchanged, based on resilient revenue and earnings due to the firm’s high proportion of long-standing small to midsize enterprise customers, high renewal rates, and strong customer relationships. The stock is trading at 7% discount to our unchanged AUD 2.80 f...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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