MTS - Macquarie rates the stock as Outperform
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The broker applauds the appointment of a very experienced former Tesco executive as the new Metcash CEO from September.
The company has substantially turned the ship around, the broker notes, leaving a more simplified business, lower costs and a balance sheet in good shape. There is enough free cash flow to provide for debt reduction and capital management and/or investment opportunities, which will now be up to the new guy.
Outperform and $2.60 target retained.
Sector: Food & Staples Retailing.
Target price is $2.60.Current Price is $2.47. Difference: $0.13 - (brackets indicate current price is over target). If MTS meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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