PIONEER CREDIT LIMITED (PNC)
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24/08/2026

1

Buy

$1.05

53.28%

Shaw and Partners maintains its Buy recommendation for Pioneer Credit with its target price increased to $1.05 from $1.00 following an FY26 result that largely matched guidance provided during the July 2026 capital raise.

Management reaffirmed strong FY27 operating guidance alongside FY29 net profit after tax guidance exceeding $35m, with the higher outer-year target implying stronger purchased debt portfolio and cash flow generation than previously modelled.

The broker's estimates incorporate management guidance and indicate a breakout year for cash collections in FY27 expected to range between $170m and $180m, driven by investment in aged debt and effective harvesting of high-returning prior inventory.

The analyst highlights that potential increases in aged debt supply from major banks seeking alternative profit levers will further drive cash flow growth and support ongoing balance sheet deleveraging.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.00 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 16.50 cents.