Ann: Revenue update for period to 31 January 2021, page-4

*******It may start an up cycle.
sp reached $10 in 2017. ow=$5. it had difficult a couple years.
The weathers in the most countries where NUF has businesses are good.

broker, MB

Action and recommendation
• Upgrade to Outperform (from Neutral).

Earnings and target price revision
• We increase FY21e, 22e and 23e EPS by 84%, 30% and 20% respectively
(law of small numbers at play). This reflects higher Australian/NZ and
European earnings and lower interest expense. This also incorporates change
in balance date to Sept Y/E. We lift our TP to $5.50 from $4.50 based on a
global peer valuation (EV/EBITDA of 8.5x FY21e).

*******EPS increased huge amounts for FY21, 22, 23