Ann: Response to ASX Aware Query, page-7

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Posted on 3 December 2015 12:20 | DOW JONES INSTITUTIONAL NEWS
0220 GMT [Dow Jones]

Deutsche Bank keeps its buy rating on Spotless (SPO.AU) despite a warning by the cleaning and catering contractor that net profit will fall by about 10% this fiscal year. While the profit warning was disappointing, "we don't think the business is broken and believe SPO's current contract portfolio, defensive customer mix and long contract duration will allow it to generate stable EBITDA over the next few years, with organic growth opportunities coming from increased outsourcing over the medium to long term," Deutsche Bank says. The broker cuts its target price by 20% to A$1.98/share but says it doesn't see Spotless having a balance sheet issue, with earnings having to fall a further 40% for a debt covenant breach. ([email protected]; @beckthurlow