Not a bad update, if you are willing to look through.
FY24 forecasts are pretty resilient. What we are seeing is a pull back in 2H23 and 1H24, and then returning to growth. This is driven by declining volumes, increasing prices (moaty!), and flat EBIT margins (10.6% in 23, 10.4% in 24). The business is holding up quite well despite the slow down in consumer spending and customers inventories being worked through.
On a valuation basis, the current share price is better than reasonable but arguably not cheap:
* PE(24)=12.7x
* P/FCF(24)=7.1% or 14.1x
* Dividend=5.7%, and growing.
If you believe there is a return to growth of MSD in 24 and HSD thereafter (which seems reasonable to me), then a 7.1% yield with some 6-8% EPS growth is a decent sleep-easy investment.
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Not a bad update, if you are willing to look through. FY24...
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Last
$15.12 |
Change
0.070(0.47%) |
Mkt cap ! $9.741B |
Open | High | Low | Value | Volume |
$15.02 | $15.17 | $15.00 | $43.82M | 2.900M |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 1524 | $15.10 |
Sellers (Offers)
Price($) | Vol. | No. |
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$15.12 | 11425 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 60 | 15.000 |
1 | 363 | 14.800 |
2 | 1500 | 14.670 |
1 | 68 | 14.590 |
4 | 5406 | 14.500 |
Price($) | Vol. | No. |
---|---|---|
15.130 | 500 | 1 |
15.170 | 4285 | 3 |
15.180 | 65 | 1 |
15.190 | 4567 | 6 |
15.200 | 2041 | 4 |
Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$15.13 |
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Change
0.070 ( 0.28 %) |
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Open | High | Low | Volume | ||
$15.03 | $15.17 | $15.00 | 470600 | ||
Last updated 15.59pm 03/05/2024 ? |
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