ALL one of the many upgrades coming.
Ord Minnett released a note today assessing the HY22 results as "solid" and "robust" issuing a revised TP of $49.00!! This is consistent with UBS's per-release TP of $49.00 as well. The results smashed forecasts, with analysts expecting HY profit to be between $525m–$535m ( as opposed to $580.1m announced today). Plans to return up to $500m to shareholders via an on-market share buyback clearly demonstrates management believe the current SP is well below intrinsic value. Brilliant results especially considering what took place o/n.
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