Thorn Group Transfer of Analyst Coverage
We have transferred analyst coverage of Thorn Group. We reaffirm our current forecasts, DCF-based fair value estimate of AUD 1.80 per share, and no-moat and high uncertainty ratings. The stock is currently trading at a 20% discount to our current fair value and in our view, the stock is undervalued. We forecast a five-year CAGR in EPS of 5.5% to fiscal 2021. We believe a share price catalyst to help close the discount to our fair value will be a resumption of growth in the core Radio Rentals bus...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.
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.
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