Shareholders have voted in favour of the Endeavour Drinks restructure. This will allow for a reduction in ethical concerns, with the drinks business being separated, Macquarie assesses.
The broker also notes the AGM was told the second quarter trading was pleasing and the remediation costs for the underpayment of workers are likely to be at the lower end of initial guidance. Neutral rating and $37 target maintained.
Sector: Food & Staples Retailing.
Target price is $37.00.Current Price is $37.63. Difference: ($0.63) – (brackets indicate current price is over target). If WOW meets the Macquarie target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
