PTB Group's net profit before tax for FY21 was in line with Morgan's forecast, however segmental results showed strong underlying earnings in the US business but weaker results in the Australian sector.

The company also announced it will be managing an additional 18 engines that will be flown by Trans Maldivian Airways. 

The company is yet to provide guidance for FY22 but this is expected at the November AGM. Morgans adjusts revenue forecasts downwards, and has underlying earnings up 22%.

The Add rating is retained and the target price increases to $1.18 from $0.93.

Sector: Capital Goods.

Target price is $1.18.Current Price is $0.83. Difference: $0.35 - (brackets indicate current price is over target). If PTB meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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