Australia's Peter Warren Automotive rises as Jefferies lifts profit estimate

Peter Warren Automotive Holdings

19/08/2021 02:54

** Shares of Peter Warren Automotive Holdings  PWR.AX  rise
as much as 2% to A$3.52
    ** Jefferies raises earnings est on car retailer after PWR
provided an upbeat profit guidance on Wednesday
    ** PWR expects net profit before tax of A$75.7 mln ($54.75
mln) for year ended June 30, up from a previous guidance of A$54
mln to A$57 mln  urn:newsml:reuters.com:*:nASXbQ0ZqH urn:newsml:reuters.com:*:nASX6WjGy2
    ** Jefferies says co's pre-tax profit is a 31% beat on
brokerage estimates
    ** Raises PWR's earnings before interest and tax (EBIT) FY22
guidance to A$69.7 mln, up from prior estimate of A$63.7 mln
    ** "With a current national market share of new vehicle
sales at around 2%, it (PWR) has significant potential to
consolidate the market over time" - Jefferies
    ** Five of five analysts rate the stock "buy" or higher;
their median PT is A$4.25 – Refinitiv data
    ** PWR stock down 0.3%, as of last close, since it debuted
on the ASX in late April this year
    

($1 = 1.3827 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com;))