Credit Corp plummets as US business faces impairment
Shares in Credit Corp (ASX:CCP) plunged on Wednesday as the company shocked the market with news of a write-down in the carrying value of its US debt ledger business.
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Credit Corp Group Limited
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News
Trading Tidbits: TRS, CCP, NUF
While the overall market continued its strong start to 2023, the ongoing challenges were on full display in Wednesday's updates from The Retail Shop, Credit Corp and Nufarm.
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Credit Corp Shares Hit on Flat Outlook
Tuesday’s 5.3% slide in Credit Corp shares to $23.02 told the company that talk of no growth in Australia / NZ and problems in the growing US market was unacceptable.
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Credit Not Such a Dirty Word After All
Shares in Credit Corp jumped 6% at one stage yesterday as investors enthusiastically greeted what was a solid interim result, higher dividend and upbeat outlook.
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Steady As She Goes for Credit Corp
Debt recovery group Credit Corp shares softened yesterday after the company forecast a 2021-22 performance not that much different to the 11% rise in net profit in the year to June.
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Analyst Views
CCP – Macquarie rates the stock as Outperform
The broker retains an Outperform rating and reduces the target to $33.10 from $34.80.
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CCP – Morgans rates the stock as Add
Credit Corp’s first-quarter result was strong overall, according to Morgans, with strong cash collection and a rebound in lending demand.
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CCP – Macquarie rates the stock as Outperform
After analysing comparative US purchase debt ledger data, the broker notes PDL pricing in Australia appears to be adjusting materially when US pricing has been slower to respond, and Wallet Wizard book contraction should be an earnings headwind.
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CCP – Morgans rates the stock as Add
FY19 results were in line with expectations. Net profit guidance of $75-77m is below Morgans’ original forecasts but appears conservative. The broker expects FY20 will benefit from earnings uplift in the US and an increase of 16% in the consumer lending book as well as significantly lower debt.
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CCP – Morgans rates the stock as Add
The company has raised $125m via a placement and launched a share purchase plan to raise a further $10m. The debt facility has increased to $350m, providing $250m of funding capacity.
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