We update our model following the Aug trading update, posting a ~5%/18% downgrade to FY19/FY20e PBT and lowering our PT from 140p to 100p. Given the shift to net revenue reporting, we present our segmental growth/margin assumptions in this note, setting out our expectations going forward. We see consensus earnings for FY19/20e as now being sufficiently reset to tilt earnings risk to the upside, and retain our Buy rating favouring the LT growth opportunity at play, though we acknowledge that u
16 Sep 2019
Model updates – 5%/18% PBT cut FY19/20e; PT lowered to 100p; retain Buy
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Model updates – 5%/18% PBT cut FY19/20e; PT lowered to 100p; retain Buy
Kin and Carta Plc (KCT:LON) | 130 0 0.0% | Mkt Cap: 230.6m
- Published:
16 Sep 2019 -
Author:
Kunal Walia -
Pages:
11
We update our model following the Aug trading update, posting a ~5%/18% downgrade to FY19/FY20e PBT and lowering our PT from 140p to 100p. Given the shift to net revenue reporting, we present our segmental growth/margin assumptions in this note, setting out our expectations going forward. We see consensus earnings for FY19/20e as now being sufficiently reset to tilt earnings risk to the upside, and retain our Buy rating favouring the LT growth opportunity at play, though we acknowledge that u