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Berenberg trims Kooth target price after H1 update
(Sharecast News) - Analysts at Berenberg lowered their target price on mental health services firm Kooth from 300p to 260p on Tuesday following the group's first-half results earlier in the morning. Kooth noted that it expects FY25 revenues and adjusted underlying earnings to be in line with current consensus expectations on a constant currency basis. This will mean that, on a reported basis, Kooth actually expects FY25 revenues to be 2-3% below current consensus expectations of £66.8m and its FY25 adjusted EBITDA to be 6-8% below expectations of £10.2m.
As a result, Berenberg reduced its FY25, FY26 and FY27 estimates for revenue by 4%, 4% and 5%, respectively, and for adjusted EBITDA by 5%, 3% and 6%, respectively.
However, the German bank, which has a 'buy' rating on the stock, said this implies "a significant margin improvement" in H2, as Kooth reduces its marketing investment.
It also pointed out that user registrations in California were now above 130,000, while the company noted that it will further expand its service offering in an evolution of its existing strategy to drive more sustainable growth.
Reporting by Iain Gilbert at Sharecast.com
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