Forget about the notion of "consensus", because unless you know exactly what is behind those consensus figures, they are near-meaningless.
For example, in this result, the effective tax rate was 31%, compared to 27% in FY2017.
So, unless those consensus figures expressly assumed an increase in the tax rate, its hard to know whether or not they are reliable reference points.
This result happened to be another very clean result, with good, old-fashioned, boring 10%pa EBIT growth (that growth rate being - in typical consistent, boring ARB fashion - equal in both the first and the second half years.)
ARB's problem is not its financial performance... it delivers that in spades.
Year-in and year-out.
ARB's problem is that the market has got way ahead of itself in the way it has been valuing the company in recent years.
It is going to take two or three years of double-digit growth in operating profits chewing into the current valuation multiples before the stock gets to a point where it is reasonably valued once again.
ARB Price at posting:
$21.22 Sentiment: Hold Disclosure: Held
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