Australia's Audinate Group rises as Morningstar initiates coverage

Audinate

31/05/2024 03:01

** Shares of Australia's Audinate Group  AD8.AX  rise as
much as 1.5% to A$15.2
    ** Analysts at Morningstar initiate coverage on the firm,
which operates in the audio-visual industry, with a fair value
estimate of A$23
    ** Forecast revenue to grow at 10-year compounded annual
growth rate of 22% and EBIT margins to expand to 36% by FY2033
    ** At current prices, Audinate shares seen as materially
undervalued - brokerage
    ** Says firm is a well-managed high-quality company with a
large and highly winnable market opportunity
    ** Three of seven analysts rate the stock "buy" and four
"hold"; their median PT is A$18 – LSEG data
    ** Stock down 7.4% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))