Credit Corp Group Ltd

CCP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$71.30	Zqp	Vzlvvypz

Initiating on Credit Corp Group with AUD 18.00 FVE

Mar 7, 2017

We initiate coverage on Credit Corp Group with a fair value estimate of AUD 18.00 per share as well as no-moat and medium uncertainty ratings. Credit Corp is an Australia-based financial services provider. Its core business is purchasing past due consumer debt primarily from major Australian banks then seeking to recover outstanding balances from customers. More recently, it has entered the U.S. market for purchased debt. The company also provides loans to consumers in Australia with limited access to credit. At current levels, Credit Corp trades at an 10% discount to our fair value estimate.

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