Jefferies positive on Australia's Cleanaway Waste Management after FY24 forecast update
22/10/2023 22:24
** Jefferies says Australia's Cleanaway Waste Management's CWY.AX FY24
trading update provides confidence that its business remains on track to deliver
operating profit growth for the FY
** Total waste management co had forecasted its operating profit to be A$350
million ($220.96 million) for FY24, and pegged net finance costs to be A$110
million for the current fiscal urn:newsml:reuters.com:*:nFWN3BP3AE
** Says stronger improvement in its Health and Queensland businesses are
expected to offset softer landfill volumes
** The broker expects Cleanaway to deliver on its mid-term financial
ambition of achieving operating profit target of more than A$450 million
** Brokerage maintains "Buy" rating on the stock, retains price target of
A$3.08 per share
** Five of 12 analysts rate the stock "buy" or higher, six "hold" and one
"sell" or lower; their median PT is A$2.85 – LSEG data
** Stock has fallen ~10.7% this year, as of last close
($1 = 1.5840 Australian dollars)
(Reporting by Archishma Iyer in Bengaluru)
((Archishma.Iyer@thomsonreuters.com;))