Report
David Ellis
EUR 101.80 For Business Accounts Only

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...
Underlying
Thorn Group

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
David Ellis

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