Big downgrade because interest costs have exploded.
That NPAT figure is also based on bad debts well within the normal range. That makes me nervous going into a period in which lag effects from rates will bite.
The only positive is that, in FY25 and FY26 if we see a lower rate environment which is consensus, the company will get the immediate benefit of the BBSW reducing on the debt, but the yield on the book will remain higher effectively being the reverse of what's happened today.
Unsurprisingly, the market is just selling the big miss on FY24 consensus today.
Ann: Market Update and FY24 trading conditions, page-8
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$1.30 |
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Mkt cap ! $265.2M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 1 | 7018 | $1.29 |
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| Price($) | Vol. | No. |
|---|---|---|
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