Citi raises Brickworks' FY23 guidance after FY22 result beat; hikes PT

Brickworks

22/09/2022 21:46

** Citi says Brickworks Ltd's  BKW.AX  fiscal 2022 results
were a 'massive' beat to brokerage's estimate
    ** Brokerage raises PT to A$28.00 from A$26.00; maintains
'buy' rating
    ** Sees upside in brick maker's property income in longer
term 
    ** Citi raises its FY23 NPAT estimate by 9% to A$367 mln
($243.76 mln); raises sales forecast by 3% to A$1.16 bln
    ** Believe the strong backlog of work should see FY23
earnings being relatively resilient - Citi 
    ** The key question for earnings in FY23 and the next few
years is whether this gain can recur - Citi
    ** Three of seven analysts rate the stock "buy" or higher,
three "hold" and one "sell" or lower; their median PT is A$23.00
– Refinitiv Eikon data 
    ** YTD stock has fallen nearly 10% 
($1 = 1.5056 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))