BUZZ-Citi upbeat on Australia's PWR driven by growth in core sector

Reuters

Nov 21, 2024

BUZZ-Citi upbeat on Australia's PWR driven by growth in core sector

** Citi bullish on Formula 1 auto parts supplier PWR PWH.AX despite a loss of three EV programs and market slowdown

** However brokerage views strong growth in its core Aerospace & Defence sector as attracting investment opportunity

** Upgrades to "buy" rating at a target price of A$9.45

** Says despite revenue uncertainties stock is trading at ~24x FY26e price to earnings ratio due to significant IP, strong balance sheet and offshore growth potential

** Brokerage says the firm is nearing a significant defence contract and maintaining auto original equipment manufacturer(OEM) FY26-27 outlook buoyed by expected revenue increase from the Ford program

** Citi cuts PWH's FY25-27 NPAT estimates by 9%-34% citing lost OEM programs, a softer aftermarket outlook and higher operating costs from recent hires

** Stock down 29.8% YTD as of the last close

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com))

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