Allco Finance Group
Stock Code
Stock Exchange
Allco Finance Group (AFG) is a global investment company. The company extends services in the areas of asset origination, funds creation and funds management. Allco listed on the Australian Stock Exchange on 28 February, 2001. The company's operations are mainly held in Asia Pacific, Europe and North America, with offices in Sydney, London and San Francisco.The company is organised into aviation, shipping, real estate, rail, funds management, infrastructure and financial assets segments. In July 2007, Allco acquired the business operations of Allco Equity Partners Ltd.
Allco Finance Group's (AFG) chief executive officer David Clarke who was employed for the last 18 months to rescue the company from debt has resigned with a fall in share market. Last November AFG was valued at $52 million. On April 2007, when Clarke joined the company, the share price was about $11.50. The appointment of Clarke was considered as a historic, key movement for the company.
Allco Finance Group (AFG) have an Outperform stock recommendation and an increased share price target of $13.70 from Macquarie Research Equities (MRE). The company has "superior and increasing returns (RONTA 28%)" because of the "healthy investment banking climate" and so Allco Finance (AFG) remains one of MRE's best recommendations. "The current high debt position is manageable and should materially reduce as Allco Finance realises the assets into Allco managed funds.
Stock analyst Macquarie Research Equities (MRE) have an Outperform rating and a $13.45 share price target for the Allco Finance Group (AFG) stock. This stock price target was reached by applying a price to earnings multiple of 16x FY08E EPS, a 6 percent premium to MRE's industrial peer multiple of 15.1x. Formerly, Record Investments, Allco Finance Group (AFG) reported a stellar result according to the stock analyst but the market took profits leading the stock 4 percent lower on the day.
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