Amotiv Limited（AOV.US）UBS SnapShot： FY24 Results

Investment Rating - The report assigns a 12-month rating of "Buy" for Amotiv Limited, with a price target of A$13.00 [2][15]. Core Insights - The report indicates that Amotiv Limited's FY24 results were in line with expectations, showcasing solid cash conversion and a balance sheet that is in much better shape compared to previous forecasts [2][3]. - Revenue for the company reached A$987 million, reflecting an 8% year-over-year increase, while EBITDA was A$224 million, marking a 6% increase year-over-year [2][3]. - The outlook for FY25 suggests further revenue growth and underlying EBITA, with expectations of stable new vehicle sales and resilience in wear and repair services [2][3]. Summary by Sections Key Numbers - Revenue: A$987 million (+8% y/y) vs UBS estimate of A$997 million (-1% miss) - EBITDA: A$224 million (+6% y/y) vs UBS estimate of A$221 million (+1% beat) - NPATA: A$119 million (+5% y/y) vs UBS estimate of A$117 million (+2% beat) - EPS: 84.4 cents per share vs UBS estimate of 82.3 cents (+3% beat) [2][3]. Result Highlights - 4WD & Trailering revenue increased by 5% y/y to A$349 million, while LP&E revenue rose by 13% y/y to A$325 million - Operating cash flow decreased by 17% y/y to A$171 million, with cash conversion around 93% - Net debt stood at A$329 million, with a net debt to EBITDA ratio of approximately 1.6x [2][3]. Valuation - The price target of A$13.00 is based on DCF/SOTP valuation methodologies, indicating a forecast price appreciation of 27.8% and a forecast dividend yield of 4.7% [4][6]. Guidance - The company anticipates continued growth in revenue and underlying EBITA for FY25, with corporate costs expected to be around A$14 million and capital expenditures projected at A$25 million [2][3].