Citi sees subdued exploration levels biting earnings for Australia's Imdex

Imdex

13/07/2023 01:45

** Analysts at Citi expect Australian mining technology co
Imdex Ltd  IMD.AX  to provide cautious commentary around the
prospects of near-term volume growth amid subdued exploration
levels  
    ** Says drilling has decreased in June across the globe
after two consecutive months of improvement
    ** Says there has been sequential improvement in IMD's
volumes in Australia compared to subdued 2H FY23
    ** Says IMD's Canada operations could be threatened by
suspension of exploration due to prevalent wildfires 
    ** Citi cuts IMD's EBITDA estimates by 6% for FY24 and FY25
to reflect subdued exploration in Australia and Canada 
    ** IMD shares are up as much as 1.1% at A$1.890 
    ** Stock down 14% this year, as of last close, vs a 1.4%
increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))