Under my expectations but I did expect additional revenue above quarterlies - upside is payments are arriving quicker and overall this is better for business. Ever heard a CEO/MD admit they underperformed what they thought they would have achieved with no excuses - PW did today in the report - I’m looking for a lot in 2023 and I think PW should be motivated to do more now. The market and analysts like earnings growth and hence the lower net profit (pretty much explained - non cash) does not bode well for valuations. On the upside CUV is happy to build cash instead. It will be a challenge to increase revenue and net profit but they should get the balance and accounting right to do both. Increased Div good for me and franked. They are aware of the buyback opportunity but choose not to? On the surface a little underwhelmed but I see a lot of development on many fronts this coming year. Hope the sentiment for the sector continues to improve. GLTA
CUV Price at posting:
$17.36 Sentiment: Buy Disclosure: Held
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