Australia's Symbio rises after Canaccord Genuity cheers EBITDA forecast update

Symbio Holdings

27/04/2023 03:51

** Shares of Symbio Holdings  SYM.AX  rise as much as 16.4%
to A$1.95, their highest since Feb 20
    ** Cloud communications software company on Wednesday
narrows range for full-year EBITDA forecast to A$26 mln - A$28
mln from A$26 mln - A$30 mln
    ** Canaccord Genuity called this a 'welcome update' as the
company is reporting improved trading and foreshadowing a much
stronger H2 FY23
    ** Brokerage says new forecast is more in line with its
earlier forecast of $27.1 mln and the FactSet consensus of
A$26.6 mln, both of which were leaning towards the bottom end of
the range
    ** "Commentary on Asian expansion reads positively with
Singapore within reach of breakeven" - Canaccord Genuity 
    ** Canaccord Genuity has trimmed its FY23 EBITDA forecast by
A$0.2m mln to A$26.9 mln, reflecting a smaller contribution from
its acquisition of Intrado in FY23 before a full run-rate of
earnings in FY24
    ** Stock has risen ~7.4% this year as of last close
    

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.bedi@thomsonreuters.com))