Australia's Sims extends gains on positive FY25 update, Macquarie ups earnings estimates

Sims

20/09/2024 01:31

** Australia's Sims Ltd  SGM.AX  up as much as 2.3% to
A$12.68, hitting its highest level since April 4
    ** Macquarie raises 1HFY25 EBIT estimate for Sims Ltd's
 SGM.AX  metal businesses to A$127.5 mln
    ** Brokerage revises the estimate for the metal recylcer
after co forecast A$55 mln ($37.44 mln) in 1QFY25 for its Metal
businesses
    ** Also revises 1HFY25 EBIT estimate to A$59.5 mln for the
metals recycler's North America Metal business from A$18.9 mln
after co forecast A$29 mln EBIT in 1QFY25 for the same
    ** Brokerage revises 1HFY25 EBIT estimate to A$30.2 mln for
co's Australia New Zealand business from A$58.4 mln; co forecast
A$13 mln EBIT in 1QFY25
    ** Stock has fallen 20.3% YTD, as of last close


($1 = 1.4689 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))