Having had a chance to review the 2018 financials I note a couple of things;
The reported EPS of 64.3c includes the provision for back taxes of $3.014m, so based on the ‘normalised’ NPAT of $54.02m the EPS would be 68.1c, so not such a large miss on consensus EPS of 69.7c for 2018. The issue now is that to reach the current 2019 EPS consensus of 77.1c implies a 2019 growth rate of 13.2% against the 10 year CAGR of 10.6%.
Sales increased by 11.8% v expenses increase of 12.2%, leading to a slight reduction in margins.
Cash on hand went from $27.6m in 2017 to $9.2m in 2018 or -$18.4m, receivables were up about 10% and inventories up about 20% YoY.
ROE fell from 18.1% to 16.8%.
As a holder for over 15 years I have no doubt that ARB is a very high quality business but the question has to be asked if these results justify the current valuation with a P/E of 33 and a div yield of 1.7%?
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$38.03 |
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Mkt cap ! $3.131B |
Open | High | Low | Value | Volume |
$37.99 | $38.14 | $37.33 | $11.43M | 301.0K |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 482 | $38.02 |
Sellers (Offers)
Price($) | Vol. | No. |
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$38.10 | 515 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 200 | 37.030 |
3 | 299 | 37.000 |
1 | 225 | 36.600 |
1 | 300 | 36.100 |
1 | 1000 | 35.510 |
Price($) | Vol. | No. |
---|---|---|
38.300 | 580 | 2 |
38.500 | 7973 | 2 |
38.720 | 281 | 1 |
39.000 | 60 | 1 |
39.310 | 1259 | 1 |
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