Ann: COVID-19 Trading Update 95 - Week Ended 7 January 2022, page-16

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Sentiment Indicator

0.8

No. Of Recommendations

4

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET
Macquarie	12/11/2021	3	Neutral	$3.50	31.58%
Morgan Stanley	20/10/2021	1	Overweight	$4.70	76.69%
Morgans	12/01/2022	1	Add	$4.00	50.38%
Ord Minnett	11/01/2022	1	Buy	$4.30	61.65%

Morgansrates TYR asAdd(1) - (issued today)

Morgans has issued an update on its Insurance and Diversified Financials coverage following market updates at the end of the first half. The broker highlights Australian and major global equities indices rose 3-7%, with a majority of the increase in the fourth quarter of 2021.

Morgans decreases Tyro Payments' earnings per share forecasts -1% and -5% for FY22 and FY23 respectively. The company's first quarter gross profit was softer than expected, and the broker looks to full first half results for further clarity on outlook.

Tyro Payments is Morgans' second sector pick. The Add rating is retained and the target price decreases to $4.00 from $4.25.

This report was published January 4, 2022.

Target price is$4.00Current Price is$2.64Difference:$1.36
IfTYRmeets the Morgans target it will return approximately52%(excluding dividends, fees and charges).

Current consensus price target is$4.13, suggesting upside of55.7%(ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Morgans forecasts a full yearFY22dividend of0.00cents and EPS ofminus 2.70cents. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) isminus 97.78. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is-1.5, implying annual growth ofN/A. Current consensus DPS estimate isN/A, implying a prospective dividend yield ofN/A. Current consensus EPS estimate suggests the PER isN/A.

Forecast for FY23:

Morgans forecasts a full yearFY23dividend of0.00cents and EPS of0.60cents. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is440.00. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is0.9, implying annual growth ofN/A. Current consensus DPS estimate isN/A, implying a prospective dividend yield ofN/A. Current consensus EPS estimate suggests the PER is294.4.

Market Sentiment:0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources