Citi raises PT on Australia's Invocare on positive half-year results

InvoCare

30/08/2022 02:34

** Citi raises Invocare's  IVC.AX  price target to A$11.50
from A$11.25 on slightly higher cash earnings, maintains neutral
rating
    ** Funeral services provider reported 8% jump in its HY
operating EBITDA to A$68.5 mln ($47.28 mln) and 10% jump in
operating revenue to A$283.3 mln
    ** Brokerage increases FY22-24 operating earnings per share
view by 6% on lower capex delays and lower interest expense
    ** Says 2H should be "stronger" than 1H
    ** Three of four analysts rate the stock "buy" or higher and
one "hold"; their median PT is A$3.00 – Refinitiv data
    ** Stock down 64.2% this year

($1 = 1.4489 Australian dollars)

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