Bell Potter cuts PT on Integrated Research on tepid co outlook

Integrated Research

13/07/2023 01:37

** Analysts at Bell Potter cut price target on Australia's
Integrated Research  IRI.AX  to A$0.60 per share from A$0.65,
maintain "buy" rating
    ** The payments solutions provider said on Wednesday it
expects to record statutory EBITDA in the range of A$10 mln
($6.71 mln) to A$13 mln ($8.73 mln) for FY23, up 18%-53% from
previous year
    ** Co's FY23 EBITDA outlook misses brokerage's estimates of
A$13.9 mln while co's FY23 revenue outlook of A$67 mln-A$70 mln
also falls short of Bell Potter estimates of A$75.1 mln
    ** Brokerage downgrades FY23, FY24 and FY25 EPS forecasts by
19%, 26% and 16% 
    

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