Financials Credit Corp Group Limited

Equities

CCP

AU000000CCP3

Corporate Financial Services

Market Closed - Australian S.E. Other stock markets 02:10:03 2024-05-21 am EDT			5-day change	1st Jan Change
14.45 ^AUD	-2.69%		-5.56%	-10.86%

May. 17	Commonwealth Bank of Australia Exits as Substantial Holder of Credit Corp Group	MT
Jan. 31	Credit Corp Swings to Net Loss in Fiscal H1	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,456	1,049	2,001	1,376	1,348	983.6	-	-
Enterprise Value (EV) ¹	1,576	1,061	1,968	1,475	1,596	1,287	1,314	1,318
P/E ratio	18.8 x	61.1 x	22.9 x	13.7 x	15 x	26.3 x	10.2 x	9.26 x
Yield	2.71%	2.31%	2.42%	3.65%	3.54%	3.52%	4.94%	5.41%
Capitalization / Revenue	4.49 x	3.35 x	5.34 x	3.35 x	2.85 x	2.04 x	1.81 x	1.7 x
EV / Revenue	4.86 x	3.39 x	5.25 x	3.59 x	3.37 x	2.67 x	2.42 x	2.28 x
EV / EBITDA	13.6 x	9.42 x	13.8 x	9.29 x	10.2 x	8.99 x	7.5 x	6.95 x
EV / FCF	-317 x	23.7 x	30.3 x	-15.3 x	-18.7 x	-9,653 x	44.6 x	35.2 x
FCF Yield	-0.32%	4.22%	3.3%	-6.54%	-5.35%	-0.01%	2.24%	2.84%
Price to Book	3.14 x	1.76 x	3 x	1.86 x	1.65 x	1.23 x	1.15 x	1.08 x
Nbr of stocks (in thousands)	54,918	67,316	67,316	67,832	68,067	68,067	-	-
Reference price ²	26.52	15.58	29.73	20.28	19.80	14.45	14.45	14.45
Announcement Date	7/28/19	7/27/20	8/2/21	8/1/22	7/31/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	324.3	313.4	374.8	411.2	473.4	482.4	542.7	578.4
EBITDA ¹	115.5	112.6	142.7	158.7	156.5	143.1	175.1	189.6
EBIT ¹	113.2	101.7	131.9	148.2	145.3	142.7	172.5	190.9
Operating Margin	34.9%	32.44%	35.19%	36.04%	30.7%	29.59%	31.79%	33.01%
Earnings before Tax (EBT) ¹	100.5	22.16	125.9	143	128.4	118.4	145.5	162.9
Net income ¹	70.28	15.45	88.13	100.7	91.25	37.42	96.99	106.7
Net margin	21.68%	4.93%	23.51%	24.49%	19.28%	7.76%	17.87%	18.44%
EPS ²	1.412	0.2550	1.299	1.485	1.324	0.5504	1.418	1.561
Free Cash Flow ¹	-4.977	44.79	64.94	-96.48	-85.33	-0.1333	29.43	37.47
FCF margin	-1.53%	14.29%	17.33%	-23.46%	-18.03%	-0.03%	5.42%	6.48%
FCF Conversion (EBITDA)	-	39.78%	45.51%	-	-	-	16.81%	19.76%
FCF Conversion (Net income)	-	289.8%	73.69%	-	-	-	30.35%	35.12%
Dividend per Share ²	0.7200	0.3600	0.7200	0.7400	0.7000	0.5088	0.7132	0.7821
Announcement Date	7/28/19	7/27/20	8/2/21	8/1/22	7/31/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2021 S1	2021 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	190.9	188	186.8	220.5	252.9	187.2	222.6
EBITDA ¹	64.61	68.73	73.98	55.69	100.8	0.072	88.12
EBIT	60.08	63.15	68.72	50.12	95.23	-5.475	-
Operating Margin	31.47%	33.59%	36.79%	22.73%	37.66%	-2.92%	-
Earnings before Tax (EBT) ¹	55.16	60.5	65.44	43.58	84.78	-	70.23
Net income ¹	38.6	42.28	45.85	31.83	59.42	-12.12	49.43
Net margin	20.22%	22.49%	24.55%	14.43%	23.5%	-6.48%	22.21%
EPS ²	0.6960	0.6230	0.6760	0.4560	0.8680	-	0.6850
Dividend per Share ²	0.3600	0.3600	0.3600	0.2300	0.4700	0.1500	0.2700
Announcement Date	1/27/20	2/1/21	8/2/21	1/31/23	7/31/23	1/30/24	-

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	120	12.1	-	98.9	248	304	330	334
Net Cash position ¹	-	-	33.4	-	-	-	-	-
Leverage (Debt/EBITDA)	1.039 x	0.1076 x	-	0.6231 x	1.587 x	2.121 x	1.885 x	1.762 x
Free Cash Flow ¹	-4.98	44.8	64.9	-96.5	-85.3	-0.13	29.4	37.5
ROE (net income / shareholders' equity)	21%	2.92%	14%	14.3%	11.7%	9.21%	11.6%	11.9%
ROA (Net income/ Total Assets)	11.6%	9.22%	11.7%	11.5%	8.21%	7.25%	8.97%	9.14%
Assets ¹	608.1	167.6	751.9	877.9	1,112	516.5	1,081	1,167
Book Value Per Share ²	8.440	8.830	9.910	10.90	12.00	11.70	12.60	13.40
Cash Flow per Share ²	5.820	6.040	5.690	5.700	5.600	5.500	6.010	9.160
Capex ¹	1.89	3.15	2.78	3.82	1.33	2.25	2.43	2.43
Capex / Sales	0.58%	1%	0.74%	0.93%	0.28%	0.47%	0.45%	0.42%
Announcement Date	7/28/19	7/27/20	8/2/21	8/1/22	7/31/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Credit Corp Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.45 AUD

Average target price

20.08 AUD

Spread / Average Target

+38.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Corporate Financial Services

	1st Jan change	Capi.
CREDIT CORP GROUP LIMITED	-10.86%	675M
POWER FINANCE CORPORATION LIMITED	+22.61%	18.46B
MITSUBISHI HC CAPITAL INC.	+10.05%	9.6B
CHAILEASE HOLDING COMPANY LIMITED	-19.69%	7.81B
ELEMENT FLEET MANAGEMENT CORP.	+14.75%	6.96B
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	+78.65%	5.69B
FEDERAL HOME LOAN MORTGAGE CORPORATION	+74.12%	5.03B
L&T FINANCE LIMITED	-3.76%	4.79B
REINET INVESTMENTS S.C.A.	+4.46%	4.58B
FAR EAST HORIZON LIMITED	+2.28%	3.53B

Other Corporate Financial Services