Challenger Ltd

CGF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.20	Dvyry	Pfrzytmlr

Challenger Transfer of Analyst Coverage

Sep 6, 2016

We have transferred analyst coverage of Challenger. We reaffirm our current forecasts, DCF-based fair value estimate of AUD 8.50 per share, and no-moat and high uncertainty ratings. The stock is currently trading at a 9% premium to our current fair value. While we remain optimistic on retail annuity sales growth, we are perhaps slightly more cautious than the market on long-term margins. We forecast a five-year CAGR in EPS of 7% to fiscal 2021.

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