Citi ups PT on Australia's McMillan Shakespeare after consensus-beating results

McMillan Shakespeare

03/09/2023 19:15

** Brokerage Citi upgrades price target on Australia's 
McMillan Shakespeare Ltd  MMS.AX  to A$17.95 from A$16.10 after
the company's annual results beat expectations 
    ** Asset manager posted FY normalised EBITDA of A$143
million ($92.24 million), a 10% beat to Vissible Alpha consensus
estimates 
    ** FY revenue of A$626 million was 5% above Visible Alpha
consensus
    ** Citi increases FY24 and FY25 EBITDA forecast by 6 and 11%
respectively (excluding discontinued operations)
    ** Brokerage maintains "neutral" rating on co
    ** Two of six analysts rate the stock "buy", 3 "hold" and 1
"sell"; their median PT is A$20.55 – Refinitiv data
    ** Stock up 32.5% this year, as of last close


($1 = 1.5504 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))