Thorn First-Half Fiscal 2017 Profit in Line; Underlying Business Doing Well. AUD 1.80 FVE Unchanged
Despite mounting regulatory pressure, no-moat-rated Thorn Group has transitioned into a successful consumer leasing and equipment financing business with solid first-half fiscal results supporting our positive long-term view. We maintain our AUD 1.80 fair value estimate with stock currently trading at a 7% discount to valuation. Potential headwinds from rising funding costs and bad debts remain. Our high uncertainty rating accounts for these factors, as well as for exposure to discretionary reta...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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