March quarter was softer for investment bonds sales, down -14%. More positively, funds under management rose 8% and benefited from positive net flows and market movements.
Morgans downgrades FY19 and FY20 forecasts for earnings per share by -10% and -27%, respectively. The broker considers the longer-term growth story is intact. Add rating maintained. Target is reduced to $0.82 from $1.06.
Sector: Insurance.
Target price is $0.82.Current Price is $0.60. Difference: $0.22 – (brackets indicate current price is over target). If GDG meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges – negative figures indicate an expected loss).
