Goldman Sachs (NYSE:GS) has adjusted its price target for Helia Group Ltd (HLI: AU), a company listed on the Australian Securities Exchange, to AUD4.29 from the previous AUD4.55. The investment firm maintained a Neutral rating on the stock.
The revision follows Helia Group's announcement of its first half of 2024 financial results. The company reported an underlying net profit after tax (NPAT) of A$106.5 million, a decrease of 22% compared to the prior corresponding period (pcp).
Despite this decline, the result was 4% higher than Goldman Sachs' estimate and 20% above the Visible Alpha Consensus Data.
Goldman Sachs noted that Helia Group's capital position remains robust, with a Prudential (LON:PRU) Capital Assessment (PCA) coverage ratio of 2.08 times, surpassing both Goldman Sachs' and Visible Alpha's expectations of 1.83 times.
The Board of Helia Group declared an ordinary dividend per share (DPS) of 15 cents, in line with both Goldman Sachs' and Visible Alpha's forecasts.
After accounting for the dividend distribution and the remaining A$92 million share buyback program, management anticipates that the pro-forma PCA coverage ratio will be at 1.91 times. This figure still exceeds the board's target range of 1.4 to 1.6 times, indicating a strong capital buffer for the company.
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