CREDIT CORP GROUP LIMITED (CCP)
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05/08/2026

1

Outperform

$13.34

-0.15%

Macquarie highlights the market was let down by the FY27 outlook on the purchase debt ledger (PDL) with Credit Corp aiming for $100m-$130m US PDL investment and $100m-$150m in A&NZ.

FY26 US PDL net profit rose 57% to $26.2m, and collections lifted 24% with productivity up 37%. The analyst notes 4Q26 legal channel growth of 36% boosted the result.

A&NZ PDL net profit lifted 5% while investment rose to $136m on credit card run-off book acquisition in 3Q26.

Management has established medium to long-term targets which could underpin earnings growth above both the broker's and consensus expectations if achieved.

Underlying net profit after tax guidance for FY27 was $110m-$118m, or growth of 4%-12%, Macquarie states.

EPS forecasts are trimmed by -5% for FY27 and -6% for FY28. Target price slips -3.5% to $13.34 from $13.82. Outperform retained.

FORECAST
Macquarie forecasts a full year FY27 dividend of 84.00 cents and EPS of 167.70 cents.
Macquarie forecasts a full year FY28 dividend of 90.00 cents and EPS of 180.70 cents.

06/08/2026

1

Buy

$19.80

48.20%

Canaccord Genuity maintains a Buy rating for Credit Corp with its target price increased to $19.80 from $19.70 following an FY26 result meeting management's expectations alongside record capital outlays.

The Australia and New Zealand lending segment achieved a record $510m closing book, driving underlying segment profit towards $60m despite new product investment costs weighing on near-term earnings.

Domestic debt buying arrested a multi-year decline to deliver 5% net profit growth, while the United States division posted a record 57% profit increase despite disappointing FY27 ledger investment guidance.

Management targets an additional $300m in lending book growth over the next three years, expected to generate significant incremental net profit assuming returns remain stable above 15%.

Making minor revisions to estimates, the analyst considers the current valuation undemanding at eight times forward earnings and applies a 12x multiple to FY27 net profit projections to derive the updated valuation.