Morgans downgrades FY21 earnings -1% given a traffic recovery is unlikely to outpace higher corporate costs (related to SaaS accounting).
Issuance for the WestConnex acquisition and budget overruns for the
FY22 earnings -7% and FY23-24 earnings -1% to -2%. Dividend is downgraded 12% to 34c per share.
Target price eases -3c to
Add rating retained to reflect a potential total shareholder return of 10% including a 2.5% cash yield, with quarterly CPI increases a potential catalyst.
Sector: Transportation.
Target price is
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