PIONEER CREDIT LIMITED (PNC)
Share Price Analysis and Chart

02/10/2025

1

Buy, High Risk

$0.80

25.98%

The latest employment data from the ABS offers a good macro backdrop and trading conditions for Pioneer Credit, according to Shaw and Partners.

Its cash flow statements and non-GAAP disclosure regarding remaining collections offer insights for the analyst, who retains the view FY26 cash collections should rise by around 20% to $169m vsFY25.

The broker estimates remaining cash collections will surpass $760m in FY26 from $702m in FY25, with an estimated net present value of circa $500m or over $3/share.

Target 80c retained and the broker believes it is achievable if Pioneer can meet FY26 net profit after tax guidance of $18m.

Buy, High Risk rating retained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.10 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.10 cents.

04/09/2025

1

Overweight

$0.82

29.13%

Wilsons highlights stronger-than-expected growth in Pioneer Credit's FY25 net profit, with $10.5m recorded vs guidance of $9m, and $1.2m in FY24.

The broker expects the net profit recovery to extend into FY26, underpinned by a meaningfully improved funding structure, lower cost to serve and disciplined execution on attractively priced PDP (purchased debt portfolio) acquisitions.

Upside risk comes from a major bank that appears to have been out of market since 2017, opening a large PDP opportunity.

Overall, the broker remains of the view the stock is an attractive turnaround play.

Overweight. Target rises to 87c from 82c..

FORECAST
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 11.50 cents.
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.30 cents.