The company has sold Banksmeadow to a private equity group for $50m. The sale price was at the lower end of expectations, hence Macquarie suggests lower buyback capacity.
The broker believes greater visibility is needed to drive any reassessment of valuations in what is a challenged outlook. Neutral maintained. Target is reduced to $2.25 from $2.35.
Sector: Commercial & Professional Services.
Target price is $2.25.Current Price is $2.22. Difference: $0.03 – (brackets indicate current price is over target). If BIN meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).