Some not so great commentary and a downgrade today are no doubt partially responsible for the fall:
Ord Minnett rates ADH as Downgrade to Hold from Accumulate (3) -
Ord Minnett assesses Adairs has been a beneficiary of elevated demand in the home improvement segment over the past 12 months. Sales growth has been well above average while operating margins appear unsustainably high.
The broker suggests this will normalise in FY22. Moreover, following settlement of the Mocka acquisition the implied earnings are below its forecasts.
This has required downgrades to estimates for FY21-23. Ord Minnett lowers the rating to Hold from Accumulate and reduces the target to $4.45 from $4.50.
Target price is $4.45 Current Price is $4.56 Difference: minus $0.11 (current price is over target).
If ADH meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.45, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY21:
Some not so great commentary and a downgrade today are no doubt...
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$1.73 |
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Mkt cap ! $302.2M | |||
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