BUZZ-Jefferies cuts Australia's Origin PT on Kraken markdown

Reuters

Feb 02

BUZZ-Jefferies cuts Australia's Origin PT on Kraken markdown

** Jefferies lowers PT on Origin Energy ORG.AX primarily driven by the lower valuation of Kraken Technologies

** Cuts price target to A$12.87 from A$13.23, primarily driven by lower valuation of Kraken to $11.1 bln from $12 bln on foreign‑exchange movements; Keeps 'Buy' rating

** Jefferies says that despite the business delivering solid operational results, its EBITDA forecasts for FY26 - 28 have been trimmed by an avg of 4.6%

** Flags headwinds from softer electricity prices, with a stronger AUD further weighing on APLNG earnings and trimming the valuation of UK-based Octopus

** However, adds that it remains positive on ORG at current levels, given the strength of its core businesses, with Octopus offering a compelling growth option

** In December, Octopus Energy said it would spin off its Kraken tech arm as an independent company valued at $8.65 billion, while ORG separately announced a $140  million investment that will keep its stake at 22.7% in the platform

** Stock up 2.7% this year as of last close

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))

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Keeps 'Buy' rating** Jefferies says that despite the business delivering solid operational results, its EBITDA forecasts for FY26 - 28 have been trimmed by an avg of 4.6%** Flags headwinds from softer electricity prices, with a stronger AUD further weighing on APLNG earnings and trimming the valuation of UK-based Octopus** However, adds that it remains positive on ORG at current levels, given the strength of its core businesses, with Octopus offering a compelling growth option** In December, Octopus Energy said it would spin off its Kraken tech arm as an independent company valued at $8.65 billion, while ORG separately announced a $140  million investment that will keep its stake at 22.7% in the platform** Stock up 2.7% this year as of last close (Reporting by Kumar Tanishk in Bengaluru) ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"event","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}