Citi sees lower EBIT than forecast midpoint for Australia's Sims

Sims

09/06/2022 01:26

** Citi says scrap metals recycling firm Sims Ltd's  SGM.AX 
underlying earnings before interest and tax (EBIT) will be at
the lower end of its forecast range 
    ** Sims expects full-year underlying EBIT will be between
A$750 mln and A$770 mln, on higher metal prices and improved
metal volumes  urn:newsml:reuters.com:*:nASXbzxL3q 
    ** Citi says full-year underlying EBIT will be A$758 mln,
below the midpoint of Sims' outlook due to currency movements -
"any appreciation of the $A results in an adverse impact on
EBIT" 
    ** Citi trims PT to A$20.4 from A$21.6, maintains "neutral"
rating 
    ** Sims stock down 0.2% at A$18.27 
    ** Of 11 analysts, four rate SGM "buy" or higher, five
"hold", two "sell" or lower; median PT A$21.60 
    


 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))