Staying disciplined

研报英文原文证据摘录

Staying disciplined

Macquarie Equity Research

14 July 2026

Financial Services

Credit Corp Group Australia

Tim Olivia

Key Points Lawson, CFA Onslow

• CCP recently withdrew its non-binding indicative proposal to acquire CCP AU Outperform

Humm (HUM-ASX, not rated). Price (at 14 Jul 2026) AUD12.82

• After a period of research restrictions, we are at OP and $13.83 TP. 12-month target AUD13.83 12-month TSR (%) 14.4

CCP core business is fundamentally unchanged post Humm proposal Volatility Index Medium

withdrawal. Market Cap (Local) (m) 873

Market Cap (USD) (m) 605• CCP’s trading update in May reaffirmed FY26 NPAT guidance. Gross

lending and ledger investment guidance expectations were upgraded. 30-day avg turnover (AUD) (m) 8.2

Investment Fundamentals

• Consumer lending remains the key growth driver. Lending volumes YearRevenueend(m) 30 Jun 2025A545.6 2026E599.1 2027E669.1 2028E715.6

remain on track for record volumes at ~A$425m, +15% YoY in May-26. EBITDA (m) 178.4 195.4 208.6 218.8

Growth supported by strong demand from new and returning customers. EBITDA growth (%) 64.4 9.5 6.7 4.9

CCP has managed upfront provisioning to remain within FY26 guidance, EBIT (m) 169.9 185.7 197.7 207.9

which should support more sustainable loan book growth into FY27. EBIT growth (%) 72.1 9.3 6.5 5.1

Reported profit (m) 94.1 105.1 113.3 121.9

Adjusted profit (m) 94.1 105.1 113.3 121.9• AU/NZ debt buying resilient. AU/NZ continues to be resilient, with

good ledger availability flagged at the 3Q update. Return to growth in EPS adj (¢) 138.2 154.5 166.5 179.0

EPS adj growth (%) 85.6 11.7 7.8 7.5

revolving-card and unsecured usage have the potential to rebuild the PER adj (x) 9.3 8.3 7.7 7.2

purchasing pipeline for FY27. Higher investment levels in 3Q supported PER rel (x) 0.5 0.5 0.6 0.6