NVT – Macquarie rates the stock as Neutral

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Management has updated on the medium-term growth outlook. With earnings re-based, the company appears confident an inflection point has been reached. Macquarie considers the new targets lofty, implying operating earnings of $165m in FY20, forecast to increase to around $200m in FY21 and over $250m by FY23.

The company has reiterated the FY19 outlook and remains comfortable with consensus expectations. Macquarie maintains a Neutral rating and $5.50 target.

Sector: Consumer Services.

Target price is $5.50.Current Price is $5.09. Difference: $0.41 – (brackets indicate current price is over target). If NVT meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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