RaaS Research Group has published an update on ethically-motivated, diversified financials group Pioneer Credit (ASX:PNC) following the company's FY24 result in which it delivered NPAT adjusted of $1.2m. Our base case valuation has increased to $263m (previously $217m) or $1.96/share reflecting improved financing. We model a range based on a number of factors giving us a low case of $1.84/share and high case of $2.23/share. Our valuation presumes an ongoing business rather than treating the company as a run-off portfolio. Our forecasts have been upgraded on expected improvements in portfolio yields,the impact of lower finance costs and efficiency gains. Our forecasts for FY25f now reflect the company's guidance for more than $9m in NPAT this financial year
