PTB Group has sold its Sydney property for a pre-tax profit of $5.8m, and has also upgraded FY21 net profit before tax guidance by $4m.
Morgans lifts the FY21 forecast net profit before tax to $15.1m (from $11.3m).
The analyst continues to see an overlooked covid-exit opportunity with recoveries underway in key customer markets, and potential to increase margins in the US business.
The Add rating is maintained and the target is increased to $0.89 from $0.86.
Sector: Capital Goods.
Target price is $0.89.Current Price is $0.74. Difference: $0.15 – (brackets indicate current price is over target). If PTB meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges – negative figures indicate an expected loss).
