Previous guidance issued on 16 August 2021 for FY 22 was NPAT of between A$159-166 million. Today, this was upgraded to between A$163 and A$170 million, so pleasing.
What struck me at a quick media release read was the similarity of all results from various divisions. All appear excellent, and above expectations.
I liked the two words 'prudent acquisitions'. That sums up SDF and a company it has about a five per cent holding in that reported today, JLG.
For FY 21, NPAT rose 20.2 per cent to $130.7 million so for 1H 22 to achieve an increase of 26.4 per cent to $76.3 million is terrific.
The dividend is rising ahead of CPI, which will please those who rely on dividend income and who aren't perhaps quite as focused on capital growth.
I've not met Robert Kelly but along with being the founder, he has a wealth of experience in the insurance subsector that is hard to replicate. He has committed to staying on (health permitting) until the end of 2023 IIRC so that's a positive.
This company won't attract the headlines APT used to, or ZIP does, but its performance since listing has been very good. What a shame some of us (looking in mirror) weren't informed enough to know about SDF until the last 18 months or so. Ignorance personified!
SDF Price at posting:
$4.68 Sentiment: Hold Disclosure: Held
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