ASX-listed Downer at over 2-year high; Macquarie upgrades PT, earnings forecast

DOWNER EDI

02/09/2024 03:57

** Shares of ASX-listed Downer EDI  DOW.AX  rise as much as
5.1% to A$5.88 - their highest since May 2022 
    ** Co reports FY24 underlying net profit after tax
attributable of A$210 mln ($142 mln), 4% above Macquarie's
estimate and 3% above Visible Alpha consensus
    ** Macquarie ("neutral") raises PT on the commercial and
professional service provider from A$4.86 to Street-high A$5.77
    ** Says upgrade reflects higher earnings by co coupled with
lower net debt
    ** Raises earnings forecast by 6%, 6% and 7% over the next
three years on higher EBITDA and lower expenses related to
interest rates
    ** Stock has risen 27% YTD, as of last close

($1 = 1.4797 Australian dollars)

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