FY17 results were below UBS estimates. The broker believes the company has simultaneously pre-funded the next 3-5 years of growth and improved its resilience to asset market volatility while enhancing strategic growth options.
FY18 guidance for pre-tax profit of $545-565m is -3% below UBS estimates. The broker retains a Neutral rating. Target is reduced to $12.35 from $12.80.
Sector: Diversified Financials.
Target price is $12.35.Current Price is $12.35. Difference: $0.00 – (brackets indicate current price is over target). If CGF meets the UBS target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).