Jefferies cuts PT after TPG Telecom's FY24 outlook misses consensus

Shenandoah Telecommunications

26/02/2024 18:57

** Jefferies says TPG Telecom's  TPG.AX  FY24 EBITDA
forecast range of A$1,950 mln ($1.27 bln) to A$2,025 mln misses
consensus by 1%-5%, cuts PT
    ** Telecom company posts FY NPAT of A$49 mln, down 90% YoY,
missing consensus expectations by 5%
    ** Jefferies adds that higher interest cost for TPG's bank
debt poses further threat to "downgrade" NPAT
    ** Maintains "hold" rating, cuts PT to A$5.12
    ** Morningstar says the rise in co's FY revenue was
"underwhelming"
    ** Adds TPG's FY underlying EBITDA missed brokerage's
forecast
    ** Morningstar cuts fair value estimate of TPG by 11% to
A$6.60/shr
    ** Five of 12 analysts rate the stock "buy" or higher, 5
"hold" and 2 "sell" or lower; their median PT is A$5.40 – LSEG
data
    ** Stock down 4.8% YTD, as of last close
    


($1 = 1.5305 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))