Jefferies cuts United Malt's PT on supply chain issues and other external events

United Malt

23/05/2022 20:13

** Jefferies cuts commercial maltster United Malt's  UMG.AX 
PT to A$4.50 from A$4.85 due to external events including
COVID-19 and the Russia-Ukraine crisis
    ** Brokerage also changes FY22-24 EPS to -19%, -3% and -3%,
respectively
    ** Says events such as COVID, drought in Canada and the
Russia-Ukraine conflict have "simultaneously impacted" UMG
    ** Adds events have thrown supply chains into disarray    
    ** Seven of eight analysts rate the stock "buy" or higher
and one "hold"; their median PT is A$4.50 – Refinitiv Eikon data
    ** UMG stock down ~11.5% so far this year, as of last close 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))