Morningstar cuts fair value estimate for Australia's Audinate Group

Audinate

06/08/2024 20:30

** Analysts at Morningstar lower fair value estimate for
Australia's Audinate Group  AD8.AX  by 20% to A$18.50 after the
networking solutions company's preliminary FY24 results
    ** Company posts prelim FY24 revenue of $60 mln, gross
profit of $44.5 mln
    ** AD8 expects to generate FY25 gross profit lower than FY24
and sees a decline in revenue in FY25
    ** "While fiscal 2024 result is in line with our revenue and
profit forecasts, guidance for fiscal 2025 signifies a dramatic,
unexpected slowdown" - Morningstar
    ** Three of seven analysts rate the stock "buy" or higher,
four "hold"; median PT is A$18.60 – LSEG data
    ** Stock down 47.6% YTD, as of last close

($1 = 1.5293 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))