Goldman Upgrades Johns Lyng Following Floods

AFR2022-03-22

Goldman Sachs has kept its “buy” rating on property services group Johns Lyng and lifted its target price on the company due to an expected increase in catastrophic (CAT) event work driven by the ...

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shoude
2022-03-22
shoude
Comment please
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This is slightly above the longer-term average of $92 million a year between FY17 and FY24.Analysts said the higher forecasts were justified given Johns Lyng had grown its market share of insurance restoration, and geographic diversity provided the company with greater exposure to CAT events across the country.Additionally, Johns Lyng is positioned to benefit from an expected increase in the frequency and severity of CAT events based on recent history as well as the latest Intergovernmental Panel on Climate Change report, which suggests an increase in heavy precipitation and flood events.Goldman Sachs increased its target price on Johns Lyng by 26 per cent, from $9 to $11.35. 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