Global Research and Evidence Lab 14 August 2024 First Read Orora UBS SnapShot: FY24 EBIT better than feared ONE LINER FY24 better than feared and will support re-basing of FY25 consensus estimates. KEY NUMBERS (A$) FY24 rev.: Up +9% to $4.7bn (+1% vs. UBSe, +2% vs. VA cons). EBIT: Up +26% to $404mn (+5% vs. UBSe & +6% vs. VA cons). EBIT (ex Saverglass): +1% to $323mn (+3% vs. UBSe/VA cons). UNPAT: Up +10% vs. pcp to $224mn (+10%vs. UBSe/VA cons). Final DPS: 5cps (unfranked) vs. VA cons. 3.7cps. Net Op. CF: ...

Global Research and Evidence Lab 13 August 2024 First Read MatsukiyoCocokara & Co. Q1 FY3/25 results: OP missed the consensus forecast Q: How did the results compare vs expectations? A: Q1 FY3/25 OP came in at ¥17.3bn (-1% yoy), missing our forecast (¥18.7bn) and the IBES consensus (¥18.8bn). We estimate that Q1 OP was roughly in line with the company's target as sales and gross profit surpassed plans while SG&A costs were heavier than expected. Q: What were the most noteworthy areas in the results? A: The ...

First Read Amotiv Limited UBS SnapShot: FY24 Results ONE LINER In line result, solid Cash conversion and BS, Outlook as expected KEY NUMBERS Rev $987m (+8% y/y) vs UBSe $997m (-1% miss) / Cons. $991m (in line). EBITDA $224m (+6% y/y) vs UBSe $221m (+1% beat) / Cons. $222m (+1% beat). EBITA $195m (+5% y/y) vs UBSe $193m (+1% beat). NPATA $119m (+5% y/y) vs UBSe $117m (+2% beat). EPS(A) 84.4cps vs UBSe 82.3cps (+3% beat). Final DPS 22cps vs UBSe 20cps. ND/ EBITDA 1.6x vs UBSe 1.8x. RESULT HIGHLIGHTS 1) 4WD&T ...

Global Research and Evidence Lab 14 August 2024 First Read AGL Energy UBS SnapShot: 2H24 Results ONE LINER Solid in-line result with underlying EBITDA and NPAT finishing FY24 2% ahead of consensus estimates and FY25 guidance in line with expectations. A $250m acquisition of Firm Power & Terrain Solar adds battery development sites to AGL's portfolio. KEY NUMBERS 1) Underlying 2H24 NPAT $413m vs UBSe ($386m) and consensus ($397m) 2) Underlying 2H24 EBITDA $1,142m vs UBSe ($1,087m) and consensus ($1,104m) 3) ...

Global Research and Evidence Lab 14 August 2024 First Read BWP Trust UBS SnapShot: FY24 Result ONE LINER Strong result and g'dance for growth KEY NUMBERS NPAT (adj. for straight lining rent) $120.5m vs UBSe $117.5m (+1%). Distributable amount $124.1m and DPS 18.3c (pre-announced). RESULT HIGHLIGHTS 1. Comp. rental growth 4.2% (4.8% 1H24). Five Bunnings market rent reviews were finalised for the period, resulting in a 4.4% increase in rents. In FY24, rent reviews are split between CPI (51) and fixed (101) wi ...

First Read Commonwealth Bank of Australia UBS Snapshot: FY24 Result ONE LINER In-line result but not enough in our view given current mkt rating KEY NUMBERS (FY24 seq., continuing operations unless stated otherwise) (1) PPOP $15.0B, (in-line with cons); (2) Impairments $802M, 11% better than cons ($900M) and 12% above UBSe ($913M); (3) Cash NPAT $9.8B (~1% above cons); (4) Cash Diluted EPS (incl. discontinued) 582.6cps (in-line with UBSe 582.7cps, +6% above cons 550.7cps); (5) Interim div 250cps (UBSe 238cp ...

First Read HomeCo Daily Needs UBS SnapShot: FY24 Result ONE LINER FY24 result in line, FY25 guidance -1% below cons. and -3% below UBSe KEY NUMBERS FFOps of 8.6c vs. UBSe/cons. 8.6c, DPS 8.3c (pre-announced). RESULT HIGHLIGHTS 1) Portfolio ($4.8b): +4.0% comp NOI growth. >99% collection rate. >99% occupancy. +6.0% releasing spreads (6.4% Dec-23). 4.8yr WALE. Cap rate: 5.64% (5.57% Dec-23). WARR 3.8% blended, 3.6% fixed, 4.3% CPI-linked. 2) Capital: $1.44 NTA/Unit vs. $1.44 Dec-23 (valuations +1.6% gross, +0 ...

Global Research and Evidence Lab 14 August 2024 First Read Seven Group Holdings UBS SnapShot: FY24 EBIT growth of +20% beats guidance ONE LINER Solid result. Operating momentum at WesTrac, Coates and Boral to drive HSD EBIT growth in FY25. KEY NUMBERS (A$) FY24 revenue: Up +10% to $10.6bn (-1% vs. UBSe/VA cons). Group EBIT: Up +20% to $1.4bn (-2% vs. UBSe and -1% vs. VA cons) underpinned by Industrial Services EBIT growth of +28%. UNPAT: Up +30% to $850mn (+5% vs. UBSe and +4% vs. VA cons). Final DPS: Pre a ...

Global Research and Evidence Lab 14 August 2024 First Read Seven West Media UBS SnapShot: 2H24 Result ONE LINER Miss to consensus. Dividend cut, top line in Sep/Oct tracking slightly below. 2H24 KEY NUMBERS Revenue $640m (UBSe $631m, VA cons. $645m); EBITDA $63m (UBSe $52m, cons. $71m); Reported NPAT $24m (UBSe $6m, cons. $23m); Capex -$14m (UBSe -$23m, cons -$24m); No dividend declared (UBSe Ocps, cons. 2cps). 2H24 RESULT HIGHLIGHTS 1. 'Seven' Total TV" rev $554m (UBSe $534m, cons $559m), EBITDA $56m (UBSe ...

ab 14 August 2024 Global Research and Evidence Lab Region Group Growth pushed out again Limited growth into FY25 disappointing but more positives emerging RGN's FY24 FFOps of 15.4c was -2% below guidance and FY25 guidance of 15.5c - 5% below UBSe (-3% vs. cons.) with ongoing property expense inflation a headwind in both FY24/25. In addition to setting out a target for comp NOI growth of +3%, guidance also allowed for several 'one-off' items including lost rent from centre repositioning, line fee drag on und ...