MQA - Morgans rates the stock as Add
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March quarter data was a little weaker than Morgan is expected. The broker reduces the target to $5.74 from $5.84 to reflect this, as well as the increased share purchase plan and the re-setting of the base fee forecast.
Add rating retained. The broker believes the company is the laggard in an infrastructure sector that has bounced back strongly.
The market is expected to renew its focus on the doubling of the distribution between FY18 and FY19, as the broker forecasts, driven by toll revenue growth, cost controls and substantial savings on interest.
Target price is $5.74.Current Price is $5.29. Difference: $0.45 - (brackets indicate current price is over target). If MQA meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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