Jefferies cuts PT on Australia's Credit Corp after FY results

Credit

02/08/2022 20:35

** Jefferies cuts PT on Australia's Credit Corp Group
 CCP.AX  to A$29.08 from A$30.34 due to domestic supply
constraints
    ** Brokerage maintains "buy" rating
    ** With impairments in Australian unsecured debt remaining 
low, domestic supply constraints are likely to persist -
Jefferies
    ** Brokerage says increasing purchasing activity in U.S.
debt buying business will also be limited by resourcing issues
    ** The credit management services provider on Tuesday posted
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02548835-2A1388301?access_token=83ff96335c2d45a094df02a206a39ff4
 FY net profit after tax of A$96.2 mln ($66.59 mln), up 9% on
the same period last year; however, missed Jefferies estimate of
A$99 mln  urn:newsml:reuters.com:*:nL4N2ZE06V
    ** Five of six analysts rate the stock "buy" or higher and
one "hold"; their median PT is A$26.80 – Refinitiv Eikon data 
    ** Stock down ~5.3% YTD, as of last close 
    



($1 = 1.4447 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))