CREDIT CLEAR LIMITED (CCR)
Share Price Analysis and Chart

25/09/2024

1

Buy

$0.44

57.14%

Shaw and Partners draws the comparison between the current valuation ascribed to Credit Clear against an unlisted peer which obtained $60m in capital, valuing the company at 7 times run-rate sales or $350m.

The broker emphasises Credit Clear is valued at $110m enterprise value of 2x sales and attributes the difference to the unlisted company because it is a debt collection partner of a buy-now-pay-later business with around $50m in US sales.

Shaw and Partners believes Credit Clear has scope to double its market share in Australia to 20%, generating FY30 revenues of $120m versus FY25 guidance of $50m.

Buy rating. High risk and 44c target price unchanged.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.20 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.60 cents.

23/12/2024

1

Buy

$0.60

114.29%

Petra Capital notes ASIC's data on company insolvencies for the first five months of FY25 point to full-year insolvencies of 16,500, up from around 11,000 in FY24.

Separate data on personal insolvencies for the September quarter showed a rise of 3,307 new insolvencies, up from 3,108 in the same period in 2023.

Both data benefit Credit Clear and the broker sees the company as well-placed for a stronger operating result this year and to benefit from continued macro tailwinds flowing into FY26.

Buy rating unchanged and target price remains at 60c.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.10 cents.
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.