RRL – Deutsche Bank rates as Sell

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FY18 results were ahead of estimates because of higher revenue and lower depreciation. Deutsche Bank upgrades to Hold from Sell on valuation.

Target is $4.00. The broker notes for the next two years the cash balance will go backward because of capital expenditure and dividends.

Sector: Materials.

Target price is $4.00.Current Price is $4.26. Difference: ($0.26) – (brackets indicate current price is over target). If RRL meets the Deutsche Bank target it will return approximately -6% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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