FY19 results were solid, Citi assesses. Net flows are expected to pick up in FY20, driven by market share gains as well as an improvement in adviser activity levels.
A Neutral rating is maintained, as downside risks are envisaged to overall industry pricing, particularly as cash rates head lower. Target is reduced to $8.00 from $8.10.
Sector: Diversified Financials.
Target price is $8.00.Current Price is $7.53. Difference: $0.47 – (brackets indicate current price is over target). If NWL meets the Citi target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
