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Business Description: Mortgage Choice Limited (MOC) is a mortgage broker, with a national network of franchises and loan consultants supported by Group and State Offices. A number of the company's consultants provide a broader service offering, also helping customers source personal and commercial loans, asset finance, deposit bonds and risk and general insurances. The company holds an Australian Credit Licence and is a member of the Mortgage & Finance Association of Australia (MFAA).
Strategy Analysis: Organic growth is driven by the expansion of its franchise network. This requires minimal capital expenditure with excess cash returned to shareholders. Long-term growth strategies may include acquisition of compatible businesses, further product diversification and overseas expansion. MOC holds no balance sheet risk, rather facilitates loans between lenders and borrowers. Industry consolidation is positive as it will further legitimise larger groups like MOC and force smaller operators to exit the highly fragmented market. Long term risks include a cut to the existing commission structure and fluctuations in volume growth as driven by the domestic housing market.
Mortgage Choice reported NPAT up 16.7% to $7.51m for the half-year ended 31 December 2012. Revenues from ordinary activities were $74.19m, up 3.3% from last year. Diluted EPS was 6.1 cents compared to 5.3 cents last year. Net operating cash flow was $5.11m compared to $5.55m last year. The interim dividend declared was 6 cents, compared with 6 cents last year.
The Age 25/05/2013 |
In the mid-1960s, when Australia's trade minister Sir John McEwen was urging Holden and Ford to seek export markets in Asia, the leader of one of Asia's poorest countries decided his country needed a car industry.
The Age 25/05/2013 |
Debts to tradespeople and suppliers by collapsed builder National Buildplan Group have blown out to $58 million but administrators say they are likely to recoup only cents in the dollar.
The Age 25/05/2013 |
There's a simple message in what appeared to be conflicting statements from the Federal Reserve, its chairman, Ben Bernanke, and an assortment of other Fed heavies this week about the timing of a move to re-tighten monetary policy.
The Age 25/05/2013 |
Investors are contemplating a future without support from one of the biggest drivers of the global economy in recent years - the US Federal Reserve.
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