Citi raises PT, earnings estimates for Australia's Siteminder

SiteMinder

06/02/2023 01:30

** Citi raises PT on Australia's Siteminder Ltd  SDR.AX  to
A$5.20 from A$4.50
    ** Citi analysts expect cash-burn to reduce "significantly"
in FY24 and estimates co to become free cash flow-positive in
second half of fiscal 2024
    ** Brokerage maintains "buy" rating on travel and leisure co
on expected support to leisure travel after relaxation of COVID
restrictions in China and on strong balance sheet
    ** Citi sees further rating improvement on expectations of
an acceleration in property growth and momentum
    ** Brokerage lifts FY24 and FY25 EBITDA estimates by A$7 mln
($4.84 mln) and A$6 mln, respectively 
    ** Eleven of 12 analysts covering the stock rate it "buy" or
higher and one "hold"; their median PT is A$4.50 – Refinitiv
data
    ** SDR shares fall as much as 5.9% on Monday - set for worst
day since Dec 20, 2022 if losses hold
    ** Stock had fallen 42.4% this year, as of last close 
($1 = 1.4476 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))