Jefferies raises PT on Australia's United Malt on unchanged FY22 volume outlook

United Malt

13/02/2022 22:44

** Jefferies raises price target on United Malt Group
 UMG.AX  to A$5.00 from A$4.85; maintains "buy" rating
    ** The commercial maltster on Friday said in a AGM address
that it expects processing volumes to approach pre-COVID-19
levels in FY22  urn:newsml:reuters.com:*:nASX7xNKl9 
    ** UMG added that it sees 1H22 being both positively and
negatively on factors of pandemic, supply chain disruptions, and
drought making near-term outlook hazy
    ** Brokerage says UMG's qualitative update is in-line with
its positive view which premised on full growth capex benefit in
FY, among others
    ** Flags that Canadian drought has been tough on top of
COVID-19; Sees FY23 to be fully normal
    ** Cuts 2022 adjusted net profit estimate by 4.3% to A$59.9
mln
    ** Six of eight analysts rate the stock "buy" or higher, two
"hold"; their median PT is A$4.75 – Refinitiv data
 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))