Macquarie raises PT for Australia's HMC Capital on Payton buy; shares down

HMC Capital

28/05/2024 04:24

** Shares of HMC Capital  HMC.AX  down about 0.4% to A$7.22%
    ** Asset manager last week said it will acquire Payton
Capital, a private credit manager
    ** Analysts at Macquarie are upbeat on the acquisition,
raising HMC price target to A$7.97 from A$6.76; upgrade rating
to 'Outperform' from 'Neutral'
    ** Macquarie says transaction is ~7% accretive to FY25
operating earnings per share 
    ** Acquisition increases co's AUM to A$12.5 bln, Macqaurie
adds
    ** Stock has risen 2.3% since the announcement of the
acquisition    
    ** HMC up 17.7% YTD, as of last close

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))