Earnings Challenges Mount for Thorn Group; FVE Cut 18% to AUD 1.35
Following our post AGM management meeting, we downgrade our near- to medium-term earnings forecasts and valuation on the back of mounting operational and regulatory challenges facing Thorn Group’s most important division, Radio Rentals. Materially lower earnings forecasts result in our fair value estimate reducing 18% to AUD 1.35 per share for the no-moat company. Our negative view on the firm’s earnings outlook is supported by tougher operating conditions, and increased legal and compliance cos...Thorn Group is a financial service provider. Co. has four reportable segments: Consumer Leasing, which leases household products; Business Finance, which provides financial products to small and medium enterprises including equipment leasing, trade finance and invoice discounting; Receivables Management, which provides receivables management, debt recovery, credit information services, debt purchasing and other financial services; and Consumer Finance, which provides personal loans.
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