Consenus is for about 3 25bp rate cuts in CY25 priced to start by May.
With the current debt load, the interest savings plus underlying growth should see FY26 NPAT up towards 40m.
Resolutions to the legal issues in CY25 should also be a catalyst for a re-rate.
At circa ~20c EPS (FY26) the stock could easily trade between $2 and $3, maybe closer to $3 again as FY27 is likely to feel the full effect of the rate cuts and see profits heading into the mid 40s.
SVR Price at posting:
$1.33 Sentiment: None Disclosure: Held
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