The FY21 outlook is mixed. Government stimulus, low interest rates and contracts on hand all provide positive tailwinds for PPC. However, the post C-19 outlook is unclear and PPC is positioning itself to withstand potential weakness post the stimulus induced spike in demand. Our FY21 forecasts reflect this uncertainty. Longer term there is upside to our $1.10 valuation (prior $1.20), but we believe a HOLD call (prior BUY) is currently more appropriate until full numbers are released in August and the outlook becomes clearer.
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