Morningstar upbeat on Washington H. Soul Pattinson after FY results
Morningstar kept its A$38.5 fair value estimate and said the results broadly met expectations, though it flagged headwinds in the private credit business.
Morningstar remained positive on Australia's Washington H. 9% from a year earlier. The investment research firm said SOL's results broadly met its expectations, but it flagged headwinds in the private credit business. It also pointed to strong net cash flows from investments and contributions from the company's energy infrastructure business, which supports data center builds.
5 a share for SOL, saying the market is too conservative in valuing the company's unlisted assets, including data center projects and a joint venture with Goodman Group among others. It also expects more overseas investment from the company, which has A$1 billion in credit balance, and said cash flow from those investments should support further investment and healthy dividends. The stock has risen more than 25% year to date, as of the last close. 4239 Australian dollars)