Sims' North America Metal Business Provides 'Greatest Improvement Opportunity,' Jarden Research Says

MT Newswires Live09-23

Sims' (ASX:SGM) North America Metal (NAM) subsidiary provided the "greatest improvement opportunity" for the company, Jarden Research said in a Friday note.

The investment firm is reacting to the metal recycler's update for the fiscal first quarter ending Sept. 30, with NAM's earnings before interest and taxes expected to reach AU$29 million, the note said.

Jarden said the expected EBIT performance of subsidiary Sims Adams Recycling was "solid," while the ANZ business "disappointed" due to the impact of Chinese steel exports.

The investment firm believes that Sims "is a better business" following the sale of its UK unit. The company is also pivoting its NAM business to focus on domestic clients to help manage its trading exposure, as per the note.

Jarden Research downgraded Sims' rating to neutral from overweight but upped its price target to AU$12.50 from AU$12.

Sims' shares slid 2% at market close on Monday.

Price (AUD): $12.12, Change: $-0.24, Percent Change: -1.94%

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