FY23 NPAT was $569m. One would imagine they can get back to that figure fairly easily unless the acquisitions made recently have been horribly done and have been EPS dilutive.
That aside, bottom end of EBITDA guidance for the full year is 2.3 x the H1 EBITDA. Assuming no improvement in NPAT margins, NPAT for the full year comes at $464m.
That is quite the difference between FY20 earnings and FY24 earnings. If covid hadn't happened, earnings would have growth mid single digits to over $650m in FY24.
The above makes it look like the acquisitions were poorly executed. I haven't been following SHL for a while. Can some long term holders weigh in on why the earnings for FY24 are likely going to be lower than FY20 (pre covid))? Or have I simply been too conservative with assuming 2H NPAT margins being same as 1H?
Ann: Half Yearly Report and Accounts, page-10
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