FY20 guidance has been reinstated with net profit expected to be $84-88m. Trading in May and June has been very strong.
Macquarie observes the defensive attributes of the business are on show, supporting a solid outlook for FY21.
However, demand is expected to moderate somewhat. Outperform rating maintained. Target is raised to $6.90 from $6.70.
Sector: Retailing.
Target price is $6.90.Current Price is $5.79. Difference: $1.11 – (brackets indicate current price is over target). If BAP meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges – negative figures indicate an expected loss).
