FY22 underlying profit of
Morgans lowers expectations for FY23, given the probability of another year of challenges in the wholesale electricity market. The broker had hoped there would be more options in electricity derivatives but it appears this is not the case.
Therefore, FY24 earnings forecasts are also reduced to allow for a longer period of time for pricing increases to flow through. Add maintained. Target is reduced to
Sector: Utilities.
Target price is
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