Australia's Wagners falls as Morgans downgrades to 'hold'

Wagners Holding

01/10/2025 06:13

** Shares of Wagners Holding Company Ltd WGN.AX fall 2.1% to A$2.74

** Morgans downgrades construction material producer to "hold" from "accumulate"

** Cites A$30 mln ($19.82 mln) Sept placement as "incrementally dilutionary" as proceeds only reduce debt

** Brokerage hikes PT to A$2.9 from A$2.78, citing Brisbane 2032 Olympics, SE Queensland demand optimism

** Whilst it’s unclear what specific contracts WGN may win, the increase in aggregate demand across the region will likely be beneficial - Morgans

** Flags competitive concrete industry, project revenue uncertainty risks

** Stock doubled in value so far this year, including the day's moves

($1 = 1.5135 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))