Challenger Ltd

CGF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.10	Tckh	Xcgjzts

Challenger Earnings: Past Investments Bearing Fruit

Shaun Ler

Feb 13, 2024

We marginally lift our fair value estimate for no-moat Challenger to AUD 7.40 per share from AUD 7.30 following the first-half fiscal 2024 results. An 8% intraday rerating in shares follows 16% growth in normalized pretax profits against the previous corresponding period and more upbeat guidance for fiscal 2024. Shares are now close to fair value.

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