UBS and Jefferies hike PTs on Australia's Tyro Payments after HY results

Tyro Payments

17/01/2023 01:18

** Analysts at UBS and Jefferies raise their price targets
on Tyro Payments Ltd  TYR.AX  after Australian fintech firm's HY
results beat estimates of both brokerages 
    ** Jefferies raises PT to A$1.25 from A$1.20, while UBS
hikes it to A$1.95 from A$1.85
    ** UBS says TYR's strong 1H23 results "pleasingly" driven by
underlying trading performance, notes benefit from higher
interest income as rates move higher
    ** Both brokerages see TYR as fundamentally expensive than
peers, but believe it has strong trading momentum and strategic
value
    ** UBS upgrades FY23 and FY24 EBITDA estimates by 24% and
10%, respectively
    ** Jefferies expects TYR's FY23-25 EBITDA to rise by 67%,
12% and 9%, respectively 
    ** Jefferies cuts total transaction value estimates for FY24
and FY25 by 3% and 4%, respectively, amid cautious view of
consumer cycle
    ** TYR last up 1.7% amid a largely flat broader market
 .AXJO 
    ** Three of nine analysts rate the stock "buy" or higher,
three "hold" and three "sell" or lower; their median PT is
A$1.40 – Refinitiv data 
    ** TYR, which lost more than half of its value in 2022, up
3.5% this year, as of last close
($1 = 1.4384 Australian dollars)
 (Reporting by Udbhav Krishna P)
 ((UdbhavKrishna.P@thomsonreuters.com;))