NZ's KMD Brands falls, Macquarie reduces PT on weak sales

KMD Brands

21/12/2023 03:01

** Analysts at Macquarie cut PT for outdoor lifestyle and
sports co KMD Brands  KMD.NZ  by ~11% to A$0.62/shr on weak
sales
    ** KMD shares fall as much as 2.7% to NZ$0.720; on track for
third straight day of declines, if trend holds 
    ** Co's group sales for the first four months of FY24 down
12.5% from last year
    ** Macquarie says sales and EBITDA were below its estimate 
    ** Adds, decline in EBITDA to continue for balance of the
half year
    ** Brokerage reduces EPS estimate for FY24 and FY25 by 52.3%
and 34.3%, respectively 
    **  Three of five analysts rate the stock "buy" or higher
and two "hold"; their median PT is NZ$0.95 –– LSEG data
    ** Stock has fallen 28.2% this year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))