Morningstar

Morningstar, Inc.

Equity Bottom-Up

Our positive long-term view on general insurance broker, Steadfast Group, remains firmly intact following our regular post result management catch-up. Despite a modest fully franked dividend yield around 3%, the firm offers attractive earnings upside due to robust underlying fundamentals and a focus on growth--both organic and acquisition. We expect earnings growth to be underpinned by better operating efficiency, continued strength in insurance pricing and leveraging the firm’s proprietary…

No-moat general insurance broker, Steadfast Group, maintained earnings guidance for fiscal 2019 following a strong first half. Our positive view is intact and at current prices, the stock is trading close to our AUD 3.00 per share fair value estimate. Underlying cash NPAT increased an impressive 17% to AUD 50 million, just ahead of our AUD 48 million expectation. The fully franked interim dividend of AUD 3.2 cents per share, or cps, was in line, increasing 14% on the previous corresponding…

No-moat-rated insurance broker, Steadfast Group, modestly upgraded earnings guidance for fiscal 2019 at the firm’s AGM. The commercial general insurance market is benefiting from mid-single-digit premium rate increases and Steadfast continues to leverage good organic growth plus contributions from recent acquisitions. Our positive view is intact, and at current prices, the stock is trading close to our AUD 3.00 per share fair value estimate. We increase our fiscal 2019 cash earnings forecast by…

Our positive long-term view on no-moat Steadfast Group is intact following our regular post-results management meeting. This is based on the firm’s attractive growth options, resilient revenue and earnings, the high proportion of long-standing small to midsize enterprise customers, impressive renewal rates, and high customer switching costs. We like the company's attractive earnings upside based on robust underlying fundamentals, but aggressive expansion and execution risk remain key concerns…

No-moat Steadfast Group's fiscal 2018 cash earnings of AUD 97.3 million was 3.5% below our forecast, but still up a healthy 11.6% on fiscal 2017. The final fully franked dividend of AUD 4.7 cents per share, or cps, took total dividends for the year to AUD 7.5 cps, up 6.8% based on a 79% payout. Despite a modest fully franked dividend yield around 3%, the firm offers attractive earnings growth upside due to a strong underlying growth profile. The stock is fairly valued, trading broadly in line…

Australia

Steadfast Group Ltd is a provider of services to broker businesses across Australia, New Zealand and Singapore. The Company has equity interests in insurance broker businesses, underwriting agencies and other complementary businesses.

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