UBS cuts PT on New Zealand's KMD Brands as co outlook misses estimates

KMD Brands

14/07/2023 01:34

** Analysts at UBS cut price target on New Zealand's KMD
Brands  KMD.NZ  to NZ$1.15 per share from NZ$1.55 
    ** KMD on Wednesday said it expects to log about NZ$1.10 bln
($702.90 mln) in sales for FY23, well below UBS estimates and
consensus expectations
    ** Brokerage acknowledges co's near-term earnings risk and
expects more stock clarity as the Aussie consumer sentiment
revives
    ** Adds FY23 EBITDA outlook of NZ$105-NZ$110 mln was also
19% below its estimates
    **  Brokerage slashes EBITDA estimates in the range of 20%
to 30% on co from FY23 to FY25
    ** Stock down 6.8% this year, as of last close

    ($1 = 1.5649 New Zealand dollars)

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