Humm Group Ltd

HUM: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.24	Nqzf	Zjmlbctl

Humm: Still Sturdy Amid Headwinds

Shaun Ler

Nov 17, 2023

We retain our fair value estimate for no-moat Humm at AUD 0.50 per share. We expect future earnings growth to be driven by operating cost-outs and a gradual moderation in funding costs from current highs. Revenue growth—primarily driven by transaction volume growth—and stronger credit control are also expected to provide supplementary earnings support.

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