Netwealth's FY24 to be 'solid year' as margins expand - Citi

Netwealth

16/08/2023 22:36

** Citi analysts expect fiscal 2024 to be a "solid" year for
Australia's Netwealth Group  NWL.AX  after the wealth manager's
FY23 net profit after tax grew 20%
    ** Brokerage raises price target on stock to A$14.45/share
from A$14/share; maintains "neutral" rating
    ** Citi forecasts about 29% EPS growth in fiscal 2024 for
company
    ** Expects company's net flows to pick up and margins to
expand on the back of slowing growth in operating costs
    ** Four of 14 analysts rate stock "buy" or higher, 6 "hold",
4 "sell" or lower; median PT is A$14.25 – Refinitiv
    ** Stock up 19.9% this year, as of last close

($1 = 1.5571 Australian dollars)

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