Citi expects Australia's Johns Lyng to reaffirm FY24 forecast at AGM

Johns Lyng

22/11/2023 21:36

** Analysts at Citi expect building services provider Johns
Lyng Group  JLG.AX  to reaffirm FY24 earnings forecast at its
annual general meeting on Thursday
    ** Citi maintains PT of A$7 and "buy" rating on stock
    ** JLG's FY24 forecast for revenue excluding commercial
construction of A$1.14 bln ($0.7419 bln) and EBITDA forecast of
A$130 mln is in line with Citi estimates
    ** Brokerage sees forecast upgrades, if any, to stem from
catastrophe-related works from East-coast flood and hurricanes
in the U.S.
    ** Eight of 11 analysts rate the stock "buy" or higher, 3
"hold"; median PT is A$7.32 – LSEG data
    ** Stock down 1.5% this year, as of last close
    

($1 = 1.5366 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))