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RFG

1.47%

6.7¢ retail food group limited

Ann: FY23 Results Presentation, page-14

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sheepdogcapital

384 Posts.

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23/08/23

13:28

Post #: 69501764
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Originally posted by 1357.al.toh: ↑

The selldown is deserved, although if they execute, I can see H1FY24 being a bright spot, as they have utilised tax offset of $114m+ to offset future profits, significantly less one-offs allowing NPAT to align closely with EBITDA, and better cash conversion as they have now cleared ACCC and debt amortisation, which should hopefully translated to better statutory EPS.

In this current report, you have a underlying NPAT of $22m but statutory loss of $9m - very hard to swallow by the market in this environment.

I read the report in more details and overall, I am still a holder as I still believe in the turnaround. But this result is very messy and I can see why it is being dumped.

DMP also reported this morning, drop by a significant amount at the open but they reversed and is now up 10%. RFG just keeps diving. I thought RFG results, on the sale front, is better than DMP.

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puzzling to me, RFG posted better revenue and EBTIDA than DMP (-23% EBIT) yet we're down 14% and DMP is up 8%!

Management have shown they can innovate and optimise their operations (rack em bones ribs offset pizza decline) and I remain bullish on their ability to execute. Just very frustrating this company has removed all the previous overhang between COVID and the ACCC issues and is still in the very same position SP wise...

RFG Price at posting: 5.3¢ Sentiment: Buy Disclosure: Held
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