Thorn Group Disappoints Again with Earnings Downgrade; Ceasing Coverage
We plan to cease coverage on Thorn Group in mid-December. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Thorn Group is no-moat-rated with a market capitalisation of around AUD 150 million, and a poor near-term earnings outlook. The firm is dealing with an Australian Securities & Investments Commission court case into its lending practices as well as a potential class action. The business is under price and volume pressure and w...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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