Credit Corp Group Ltd

CCP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$88.80	Kdmm	Gsgmqpm

Credit Corp: Headwinds Gradually Being Recognized

Shaun Ler

May 9, 2024

No-moat Credit Corp is performing in line with expectations, contending with near-term headwinds from higher interest rates, increased United States delinquencies, and a decreased debt ledger supply in Australia. Such headwinds adversely affect revenue generation and profitability. Its recent market update affirms a continuation of the trends. We maintain our AUD 15.80 per share fair value estimate, with shares appearing fairly valued at current prices. The share price decline since February 2024 likely reflects the market's recognition of the aforementioned downside risks.

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