Veem Appears to Have Turned Corner on Road to Recovery -- Market Talk

Dow Jones03-25 06:25

2225 GMT [Dow Jones]--Veem's share price is down nearly 70% since the start of October after the company slugged investors with two major downgrades and a A$24.8 million gyrostabiliser related writedown. Still, Ord Minnett believes Veem has turned a corner on the road to recovery. It upgrades Veem to accumulate, from hold, even as it cuts earnings forecasts for FY 2026-2028 by 40-67%. Analyst John Lawlor says it will take until FY 2027 for Veem's recovery to be reflected in its financial results. "We remain of the view that Veem has significant submarine, propeller, and defence capabilities which will be highly sought after as global defence budgets increase dramatically over the next decade," Ord Minnett says. Veem ended Tuesday at A$0.58, below Ord Minnett's new A$0.90/share price target. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 24, 2026 18:25 ET (22:25 GMT)

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Analyst John Lawlor says it will take until FY 2027 for Veem's recovery to be reflected in its financial results. \"We remain of the view that Veem has significant submarine, propeller, and defence capabilities which will be highly sought after as global defence budgets increase dramatically over the next decade,\" Ord Minnett says. Veem ended Tuesday at A$0.58, below Ord Minnett's new A$0.90/share price target. 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