At the AGM, management has provided additional guidance for net profit of $176-204m. Recent strength in building approvals is expected to support volumes in FY19.
Deutsche Bank notes the performance of Viridian continues to improve, albeit from a small base. The broker upgrades to Hold from Sell on valuation. Target is raised to $4.88 from $4.68.
Target price is $4.88.Current Price is $4.76. Difference: $0.12 – (brackets indicate current price is over target). If CSR meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges – negative figures indicate an expected loss).