agm impressions

A couple of key things from the AGM materials:

-Revenue expected to be in line with FY2013 – not many peers are expecting that.
-$25m of overhead cost reductions compared with FY2013, should help CGH remain competitive
-Recommitment to Dividend policy – should mean steep div yields!
-Strategy still on track
-Ability to pursue acquisitions given balance sheet and backing of First Reserve
-MD appointment process well advanced
-Assume there will be a conservative approach to outlook commentary after last year –beat revised April 2013 guidance, but won’t want any more disappointments ….
-Confirms view looking very cheap – analysts have PT’s of 50-55 cents and they are on 3.5 x consensus P/E!