Credit Corp on track for 15-20% growth
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Morgans Financial Limited
Credit Corp (CCP) provided a trading update for the first four months of FY17. Key operational metrics include: cash collected +11% on the previous corresponding period; payment arrangements +3.8% over the four months; and the gross lending book growing 6% to A$143m. CCP stated that its lending book is on track to achieve proforma returns in FY18 (~15% ROE), which is in-line with our expectations. In our view, CCP already has an earnings base which gives relatively solid earnings visibility into FY18F. In our view, CCP has strong growth potential (17% three-year EPS CAGR), supported by a proven management team, solid cash flow generation, and balance sheet capacity. Read our note, including the analyst recommendation: (VIEW LINK)
1 stock mentioned
![Morgans Financial Limited](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBck1DIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--02c872159e981f777dbc1837b14f2ecd373b491f/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJY0c1bkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--c306068f01ab83c3650795f1865f4e6da1f93433/Livewire_Profile_200x200px.png)
Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.
![Morgans Financial Limited](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBck1DIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--02c872159e981f777dbc1837b14f2ecd373b491f/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJY0c1bkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--c306068f01ab83c3650795f1865f4e6da1f93433/Livewire_Profile_200x200px.png)
Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.