Despite international and domestic being down -98% and -72% versus 2019 figures, Morgans lifts the target to $7.03 from $6.86 on rising passenger numbers in March. It’s assumed there will be no distribution until the second half of FY22 (paid early 2023).
The broker also notes positive forward indications from domestic carriers though the timing of recovery of the more valuable international segment is uncertain. The Add rating is maintained.
Sector: Transportation.
Target price is $7.03.Current Price is $6.04. Difference: $0.99 – (brackets indicate current price is over target). If SYD meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
