Jefferies bumps up fair value estimate on Australia's Steadfast Group

Steadfast

19/11/2023 21:21

** Jefferies raises fair value estimate on Australia's
Steadfast Group  SDF.AX  by 5% to A$6.30 after the company
announced capital raising and raised guidance 
    ** Insurance broker on Thursday said it was aiming to raise
A$280 million ($182.22 million) in an institutional placement to
fund a 70% stake purchase in regional underwriting agency Sure
Insurance
    ** Co upgraded FY24 underlying EBITA guidance to A$520
million-A$530 million ($338.42 million-$344.92 million)
    ** Brokerage expects 2024 adjusted EBITDA to be A$484.1
million
    ** We recommend participating in the share purchase plan,
providing it is consistent with your individual investing goals
- Jefferies 
    ** 6 of 10 analysts rate the stock "buy" or higher, 4
"hold"; their median PT is A$6.50 – LSEG data
    ** Stock down 4.4% this year, as of last close


($1 = 1.5366 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))