Nomura Securities Maintains a 'Neutral' on WMS Industries (WMS); Cutting Estimates as Competitive Headwinds Remain Strong

May 1, 2012 10:02 AM EDT
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Price: $23.85 +1.49%

Rating Summary:
    5 Buy, 15 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Nomura Securities maintains a 'Neutral' on WMS Industries (NYSE: WMS) price target of $22.00.

Analyst, Harry C. Curtis, said, "WMS reported FYQ3’12 EPS of $0.41 vs. our $0.44 vs. Cons $0.43...We are lowering our 2013E EPS est. to $1.50, down from prior $1.66, and expect consensus to come in range of our updated est. The drivers of our lower est. are: lower ASP, slower build in the installed base, and higher D&A associated with refreshing the participation floor...While we lowered 2013 EPS est, we are lifting our WMS multiple to 15x, from 13x. Games ops appear to have bottomed as metrics increased seq., so we see less risk to the recurring portion of WMS’ biz. Our thesis has been that this is a competitive market and we see limited growth in the global slot pie."

For an analyst ratings summary and ratings history on WMS Industries click here. For more ratings news on WMS Industries click here.

Shares of WMS Industries closed at $24.51 yesterday.

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