The company has downgraded its underlying earnings (EBIT) outlook for FY19 by -NZ$30m, the result of a disappointing Australian division. Given the sharp decline in Australia, management’s view that FY19 was a successful year is a surprise to Deutsche Bank.
The broker reduces FY20 estimates for earnings to NZ$530m from NZ$552m. Hold rating retained. Price target is NZ$5.33.
Sector: Materials.
Current Price is $4.88. Target price not assessed.
