The company has raised around $90m to support the balance sheet by eliminating debt and two-position for growth. The unaudited result for FY20 is broadly in line with Macquarie’s forecasts.
While recent developments in Melbourne and a rise in the spread of the coronavirus may represent some downside to estimates, Macquarie is comforted by the recent extension of JobKeeper.
Outperform retained. Target is raised to $4.21 from $3.57.
Target price is $4.21.Current Price is $3.37. Difference: $0.84 – (brackets indicate current price is over target). If CCX meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).