GrainCorp Eases Concerns With Capital Management -- Market Talk

Dow Jones05-17

0006 GMT - GrainCorp's capital management helps offset worries over the quantum and abruptness of the Australian grain handler's drop in earnings, according to Wilsons analysts. They caution that fiscal 2024 guidance for underlying Ebitda of A$250 million-A$280 million sits below management's view of average through-cycle earnings, but tell clients in a note that they still expect GrainCorp to keep paying special dividends through fiscal 2024 and fiscal 2025. Wilsons lifts target price by 14% to A$8.27 and maintains a market-weight rating on the stock, seeing fair value at current levels. Shares are at A$8.14 ahead of Friday's open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

May 16, 2024 20:06 ET (00:06 GMT)

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