GNC graincorp limited

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$7.59

Ann: Annual General Meeting Addresses and Presentation, page-9

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Hopeful9

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16/02/23

19:12

Post #: 66295536
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Originally posted by fourdollars: ↑

The thing that bugs me about GNC is the Board / Management target for what it refers to as "through-the-cycle" EBITDA. In spite of the extraordinary 2022 results ($703m EBITDA) and the forecast for a very strong 2023 result (approx $500m EBITDA) there has been no revision to this target.

I understand that we have had very favourable weather that has led to bumper crops and that drought at some stage is inevitable, but GNC has retained a significant proportion of these extraordinary earnings - in FY2022, only around 76c of the approx $3.10 / share EBITDA (which eventuated in an approx $1.70 / share profit) - was returned to shareholders by way of dividend + extraordinary dividend + share buyback. This left a significant amount of cash in the company with which it could build infrastructure / make investments / improve processes etc ...

Given this windfall for spending on such initiatives, I believe the Board should be increasing its through-the-cycle EBITDA target. Not doing so sends the message that the company can pat itself on the back in future years based on relatively modest achievements.

Was anyone at the AGM? And if so, was this issue raised?

Also, does anyone know if the AGM presentations / shareholder questions were recorded and available to view? TIA.

Expand

Above you'll find my summary of the sole question (overtly) asked at the AGM

In its notice of meeting dated 15 January 2023, GNC stated:

"...The AGM will also be recorded and made available to view after the AGM on the GrainCorp website..."

but so far today it hasn't been.

The matter you discuss was not raised at the AGM.

GNC Price at posting: $7.60 Sentiment: Hold Disclosure: Held
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(20min delay)
Last $7.59		Change 0.020(0.26%)		Mkt cap ! $1.687B

Open	High	Low	Value	Volume
$7.72	$7.81	$7.56	$7.452M	974.6K

Buyers (Bids)

No.	Vol.	Price($)
1	750	$7.57

Sellers (Offers)

Price($)	Vol.	No.
$7.60	1850	1

View Market Depth

No.	Vol.	Price($)
1	750	7.570
1	200	7.550
1	3000	7.540
1	500	7.520
1	2000	7.500

Price($)	Vol.	No.
7.600	1850	1
7.620	4900	1
7.650	132	1
7.700	1355	1
7.710	4000	2

Last trade - 16.10pm 25/07/2025 (20 minute delay)

GNC (ASX) Chart

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