BUZZ-Australia's Johns Lyng falls; Jefferies cuts PT despite upside from weather events

Reuters
04/22
BUZZ-Australia's Johns Lyng falls; Jefferies cuts PT despite upside from weather events

** Disaster recovery and building restorer Johns Lyng JLG.AX falls 1.7% to A$1.975

** Insurance Council of Australia says insurance losses from ex-Tropical Cyclone Alfred and February's North Queensland floods exceeded A$1.2 bln ($771.6 mln)

** Jefferies estimates this could represent potential value of contracts of ~A$11 mln EBITDA for JLG

** However, trims PT to A$3.20 from A$3.80 and maintains "buy" due to recent changes in market multiples of similar cos

** Notes it's too early to quantify JLG's exact impact, but sees potential upside to consensus

** JLG loses 47.1% YTD

($1 = A$1.5552)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))

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