Thank you @Pioupiou, for your analysis. I have not completed mine, but following are some interesting observations I have made from the reports:
- NA growth has surprised to the upside, meaning it will overtake ANZ in size sooner than I had predicted in some of my earlier posts. I now believe that the 2 operations will be very similar in size (ACV) by June 2022 - only about 16 months away.
- Despite ANZ ACV growth disappointing slightly, ANZ earnings growth has not. The Analyst presentation reveals that ANZ segment, despite only growing ACV by 9%, grew EBIT by 29% PCP assisted by 22% lower capture cost amortisation and overheads. This is a great sign that ANZ profitability can continue to grow substantially.
- NA capture cost amortisation also declined PCP, somewhat surprising for me. Capture costs as a % of NA revenue should continue to decline rapidly, particularly when the next generation camera system is introduced in FY22.
IMO, the future for NEA does look bright.
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