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Brokers Rerating on MoneysuperMarket ahead of Trading Update
July 11, 2016 8:31 pmVideo
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Moneysupermarket (MONY) finished up 5% today at 260p after broker Canaccord upgraded the stock from HOLD to NEUTRAL ahead of an expected trading update this week. The broker however cut its target price from 352p to 325p citing exposure to credit markets which may come under pressure in the event of another recession despite its assertion that price comparison sites “should be relatively recession resistant”.
The broker expects that the company is still on track for full year earnings inline with previous estimates. Canaccord in a note to clients said “Moneysupermarket has been significantly de-rated, and now trades on a 2017 price to earnings (PER) ratio of 15.6x and enterprise value (EV)/EBITDA of 10.3x, backed by a dividend yield of 4.0% – and with £78m of projected 2017 year end net cash. We nudge down our target price to reflect downgrades/relative valuations, cutting from 352p to 325p. But this offers potential 32% upside, putting the shares on a 20.0x ex-cash PER, EV/ EBITDA of 13.5x and yield of 3.0%.”
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