It may end up with a loss at statutory profit level as estimated cost of restructuring in Japan will be provided in the FY 2024. Inflation impact too will be felt.
However adjusted net profit will be at least in line with 1st half as restructuring savings of $50m promised will flow through.
If you look at FY 2025 the full savings of $50m benefits will flow through. With ANZ, Germany and other European countries doing well accounting for 2/3 of revenue, Japan can not that much to bring share price so low.
PE assigned on future earnings is now at levels without any growth in my opinion.
I also noticed cheese prices have moved up and wheat prices have dropped. Also Japanese yen is recovering sharply over last week.
Ann: Business Update and FY25 Outlook, page-111
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