Haven't listened to the call yet (wasn't able to attend Friday) but the share price and its response to what are phenomenal results are hard to work out.
Things that have caught my eye, in particular:
- despite increasing GLA by some 8% the right of use assets and lease liabilities are running down. The balance of power has clearly shifted to retailers from landlords, at least to some degree at this moment in the cycle.
- The huge uplift in contribution margin from stores. With the upsizing program in full swing, this again has significant room to run.
This is now trading on a PE ratio (underlying) of 8x for a business with no debt (at least by H122, accounting for operating cashflows and the contingent liability), that has been growing organically at >15%pa for a number of years now, through the cycle.
Haven't listened to the call yet (wasn't able to attend Friday)...
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Last
$1.86 |
Change
0.010(0.54%) |
Mkt cap ! $324.9M | |||
| Open | High | Low | Value | Volume |
| $1.84 | $1.88 | $1.82 | $551.8K | 299.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 19780 | $1.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.87 | 12205 | 2 |
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| Last trade - 16.10pm 25/06/2024 (20 minute delay) ? |
| ADH (ASX) Chart |