After a funds under management (FUM) update for the June quarter, Morgans assesses an exceptionally performance overall, with record sales of $133m, which were up 48% on the pcp.
The broker lifts FY21-FY23 EPS forecasts by around 2%-13% on an increase to in sales assumptions and the target price rises to $1.16 from $1.03.
The analyst believes the recent Lonsec acquisition and the development of the new lifetime annuity product have the potential to expedite and accelerate existing growth.
Sector: Insurance.
Target price is $1.16.Current Price is $1.00. Difference: $0.16 – (brackets indicate current price is over target). If GDG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
