Wilsons cuts PT on Australia's MAAS Group on earnings downgrade

MAAS group

13/06/2023 05:14

** Analysts at Wilsons cut price target on Australia's MAAS
Group  MGH.AX  to A$3.57 per share from A$4.51
    ** Brokerage reduces FY23 EBITDA forecasts on the
construction materials, equipment and services provider by 3%,
reflecting lower residential activity and deferral of project
commencements
    ** Wilson further cuts FY24 and FY25 EBITDA expectations on
co by 13% and 3%, respectively, assuming that the co reports
broadly flat land lot settlements over the period
    ** Brokerage also expects higher interest expenses for co,
primarily driven by land development costs
    ** Stock down 7%, but has gained 12.8% this year, as of last
close
    

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