Morningstar initiates coverage on fund manager Centuria with A$1.75 estimate

Goodman

29/09/2023 03:29

** Analysts at Morningstar begin coverage on Australia's
Centuria Capital Group  CNI.AX  with fair value estimate of
A$1.75/security
    ** CNI shares currently down 0.7% to A$1.37
    ** Says co is undervalued at the time and market is focused
on near-term outflow risks and is ignoring long term growth
opportunities
    ** Brokerage sees annual funds under management growth to
recover to 5% for the rest of its 10-year discrete forecast
period
    ** Flags CNI lacks economies of scale of larger fund
managers like Charter Hall CHC.AX   and Goodman Group GMG.AX  
    ** Four of nine analysts rate the stock "buy" or higher,
four "hold" and one "sell"; their median PT is A$1.70 – LSEG
data
    ** Stock has fallen 19.4% this year as of last close 

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