Originally Posted by
Shareguy
Craigs not impressed. Neutral TP $1.40
Guidance withdrawn, outlook mixed. At the time of the $100m capital raise in March OCA issued guidance that the two acquisitions being funded by the raise would be "low to mid single digit EPS accretive" to then consensus estimates for FY22e uNPAT. OCA did not re-iterate that guidance today. In the absence of firm guidance, growing cost inflation headwinds, some deferral of new build completions due to recent Covid restrictions, and seasonality, suggests to us that trading will remain subdued in 2H22. We have upgraded our headline uNPAT estimate from $51m to $54m to reflect that OCA is now backing out depreciation on Care Suites to calculate uNPAT