Thorn Group’s Underlying FY17 Guidance Slightly Weaker Than Expected; FVE Unchanged
Our AUD 1.80 per share fair value estimate for no-moat-rated Thorn Group is unchanged post its slightly weaker-than-expected underlying fiscal 2017 profit guidance update. At current levels, the stock is trading at a 14% discount to our valuation. Potential headwinds from rising funding costs and bad debts remain, which in addition to exposure to weaker discretionary spending, are reflected in our high uncertainty rating. Despite the risks, attractive earnings upside is expected from growth in t...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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