Iress Could Offload More Non-Core Assets -- Market Talk

Dow Jones03-18

2225 GMT - Iress could sell more assets following a deal for its platforms and mortgage-servicing units, Wilsons analysts say. They think that the Australia-listed financial software provider could look at offloading its sourcing business, while its South African and Canadian operations could also offer potential options. They write in a note to clients that Iress could lower its 2024 adjusted Ebitda guidance on completion of the platforms and mortgage-servicing sales to about A$110 million-A$120 million, from A$127 million-A$137 million. This excludes the impact of any first-half headwinds, they add. Wilsons lifts its target price by 13% to A$9.00 and keeps a market-weight rating on the stock, which is at A$8.58 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

March 17, 2024 18:25 ET (22:25 GMT)

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They write in a note to clients that Iress could lower its 2024 adjusted Ebitda guidance on completion of the platforms and mortgage-servicing sales to about A$110 million-A$120 million, from A$127 million-A$137 million. This excludes the impact of any first-half headwinds, they add. Wilsons lifts its target price by 13% to A$9.00 and keeps a market-weight rating on the stock, which is at A$8.58 ahead of the open. 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