FY19 results were slightly below Morgan Stanley’s estimates. The special dividend of $1.29 was also below estimates. Guidance is for FY20 operating expenditure growth of 6-8% and capital expenditure of $75-80m.
Equal-weight retained. Target is $64. Industry view: In-Line.
Sector: Diversified Financials.
Target price is $64.00.Current Price is $85.70. Difference: ($21.70) – (brackets indicate current price is over target). If ASX meets the Morgan Stanley target it will return approximately -34% (excluding dividends, fees and charges – negative figures indicate an expected loss).