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General Information

FlexiGroup Limited
FXL
http://www.flexigroup.com.au
Other Diversified Financial Services
1,034
304

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
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Company Overview

Business Description
FlexiGroup Limited (FXL) is a diversified financial services group providing leasing, vendor finance programs, interest free and visa cards, mobile broadband, lay-by and other payment solutions to consumers and businesses. FlexiGroup operates in Australia, New Zealand and Ireland within a diverse range industries including: home improvement, solar energy, fitness, IT, electrical appliance, navigation systems, trade equipment and point of sale systems. Services are offered through four business units: Certegy (no interest ever & lay-by), Flexirent (lease), FlexiCommercial (vendor leasing programs) and Lombard (credit card and interest free).
Strategy Analysis
The broad strategy is to diversify revenue streams and drive growth by offering new products and targeting new markets. To this end FXL is undertaking both organic and acquisition initiatives. The results to date from recent initiatives have been positive. The acquired business Certegy and the start-up Flexi-Commercial both produced strong fiscal 2012 results and are key drivers of profit growth. FlexiGroup reported NPAT up 10% to $30.25m for the half-year ended 31 December 2012. Revenues from ordinary activities were $136.18m, up 15.4% from the same period last year. First half receivables growth has been largely driven by Certegy and Flexi Commercial, with receivables increasing 29% and 82%, respectively on 1H12. Diluted EPS was 10.6 cents compared to 10.0 cents last year. Net operating cash flow was $34.96m compared to $39.67m last year. The interim dividend declared was 7 cents compared with 6 cents last year. The Group remains committed to strong NPAT growth through to FY14 from receivables growth, increased economies of scale, reducing risk profile and funding costs.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 102.3 33.7 12.5% 10.1 20.0 5.9% 100.0%
2015 F 91.0 29.9 7.3% 11.4 18.0 5.3% 100.0%
2014 A 84.6 27.9 11.1% 14.7 16.5 4.0% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Challenger (CGF) $3,971M 0.0459 -0.0355 0.0267 11.4998 11.9227 11.6128 3.73% 4.27% 4.52%
FlexiGroup (FXL) $1,028M 0.1239 0.0759 0.1122 12.1060 11.2517 10.1167 4.88% 5.13% 5.67%
IOOF (IFL) $2,944M 0.1260 0.1178 0.0627 18.7357 16.7606 15.7717 4.84% 5.30% 5.76%
Macquarie Group (MQG) $27,380M 0.5572 0.2274 0.1076 22.4516 18.2914 16.5141 4.57% 3.78% 4.25%
Platinum Asset Mgmt (PTM) $4,420M 0.4366 0.0817 0.1790 23.2737 21.5161 18.2499 4.50% 4.78% 5.31%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.92 11.50 2.68 1.22
Market 0.91 16.80 1.31 2.35
Sector 1.18 15.50 1.12 1.72

Directors

Name Position Start Date
Mr Tarek Robbiati Chief Executive Officer, Managing Director 28/01/2013
Dr Christopher Thomas Beare Non-Executive Chairman, Non-Executive Director 01/07/2014
Mr John Skippen Non-Executive Director 20/11/2006
Mr Rajeev Dhawan Non-Executive Director 14/11/2006
Mr Andrew Abercrombie Non-Executive Director 14/11/2006
Ms Anne Ward Non-Executive Director 01/01/2013

Management

Name Position
Peter Lirantzis Chief Information and Operations Officer
Julianne Lyall-Anderson Company Secretary
Rob May General Manager - Certegy
Nicholle Lindner General Manager - Consumer and SME
Anthony Roberts General Manager - Enterprise

Substantial Shareholders

Holding Name
76,765,251 (25.24%) The Abercrombie Group Pty Ltd (Formerly Eight SRJ Pty Limited)
15,243,348 (5.01%) National Australia Bank Limited

Calendar of Events

Date Event
04 February 2016 Report (Interim)
16 October 2015 Report (Annual)
06 August 2015 Report (Annual)
06 August 2015 Report (Prelim)
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