Analysts mixed on Australia's Johns Lyng Group's FY23 guidance

Johns Lyng

23/06/2023 01:11

** Analysts at Citi and Canaccord Genuity remain mixed on
Australia's Johns Lyng Group  JLG.AX  FY23 guidance 
    ** The buildings services provider on Thursday increased its
FY23 revenue and EBITDA guidance   
    ** Cannacord says JLG should enter FY24 with already strong
momentum across the business and with a record level of
catastrophe- (CAT) related volumes in hand and pipeline of
opportunities 
    ** However, Citi is disappointed by co's BAU (business as
usual) guidance as it has come in lower than expectations which
has also driven share price weakness 
    ** Citi says the key focus points heading into the full year
result are likely to be around BAU growth outlook in FY24, cash
conversion and concrete evidence of US expansion for JLG 
    ** Nine of 12 analysts rate the stock "buy" or higher, two
"hold" and one "sell" ; their median PT is A$8.00 – Refinitiv
data
    ** Stock was last trading down 11.9% at A$5.24, and has
fallen 15.4% this year as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))