"Investment View: Retain Buy, Price Target $4.25
We conclude that the initial roll out of Technegas in the US is proceeding and expect
further announcements regarding subsequent contract signings in the short term. We
have updated the earnings forecast to modestly slow the roll out of Technegas flow
generators (FGs) as our previous forecast had underestimated the time taken to gain
Value Analysis Committee Approvals, therefore the company is unlikely to achieve 20
FG’s by 31 Dec 2023. The forecast now includes updated pricing assumptions and a
series of minor adjustments. We retain our Buy rating and drop the Speculative risk
warning. We retain our price target at $4.25."
CYC Price at posting:
$1.96 Sentiment: None Disclosure: Held
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