The company has completed a $43m placement to fund growth initiatives and strengthen its balance sheet. Morgans considers the capital raising opportunistic but believes the strong growth trends warrant accelerated investment.
The broker maintains an Add rating and raises the target to $1.89 from $1.64.
Sector: Diversified Financials.
Target price is $1.89.Current Price is $1.72. Difference: $0.17 – (brackets indicate current price is over target). If Z1P meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).