2023 General, news, etc, page-201

Citi bullish on Australia's NRW Holdings, expects record FY24 results

Dec 8, 202305:48 GMT+8

** Citi says FY24 shaping up to be "another record year" for Australian construction and mining contractor NRW Holdings
** Brokerage says revenue visibility over next 18-24 months better than ever before and continuing to improve
** "Progressive uplift in secured work balance in an environment that favours contractors in terms of pricing and risk allocation should bode well for NRW's near-term outlook" - Citi
** NWH in its AGM on Nov. 29 said it expected headline revenue to grow again in FY24, and was optimistic about strong growth in FY24 revenue and earnings
** Brokerage hikes FY24 revenue view by 3% to A$2.92 bln ($1.93 bln); that compares with NWH's FY23 revenue of A$2.67 bln
** Citi retains "buy" rating and a price target of A$3.15 vs last close of A$2.730
** Eight of nine analysts rate NWH "buy" or higher, and one "hold"; their median PT is A$3.04 – LSEG data
** NWH down 2.9% this year, as of last close
($1 = 1.5154 Australian dollars)