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Elanor Investors Group – Downgraded due to price action

by Will Arnold | Feb 26, 2019
We downgrade our recommendation on Elanor’s 7.10% notes due 2022 Underperform due to price appreciation. Our credit outlook remains Stable. The Group however continues to perform strongly, in line with expectations. Core earnings in 1H19 increased 42% to AUD7.31m compared to the prior period. This was primarily driven by the continued growth in funds under management from AUD1.082bn to AUD1.149bn over the half.