Jefferies initiates coverage on NZ's Smartpay with 'buy'

Smartpay Holdings

11/07/2023 21:02

** Analysts at Jefferies initiate coverage on New Zealand's
Smartpay Holdings  SPY.NZ  at a price target of NZ$3.2/share,
rate the stock 'buy'
    ** Brokerage says that co is seeing structural growth in its
Australia business
    ** Says co's stagnant NZ business has potential to see
transformation, bringing its revenue model in line with the
Aussie operations
    ** Adds expected timeline for a NZ relaunch catalyst is
mid-calendar year 2024
    ** All the three analysts covering the stock rate it "buy"
or higher; their median PT is NZ$2.05 – Refinitiv 
    ** Stock has risen 77.4% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))