Great result.Interesting that on page 21, three FY 23 owners'...

Great result.

Interesting that on page 21, three FY 23 owners' corporation management businesses were acquired 100 per cent, rather than what I'd thought was JLG's preference for previous owners to retain a stake and continue to actively manage the business. Perhaps this is due to the age of previous owners who elect to retire?

Even with these continuing acquisitions, JLG is only managing fewer than three per cent of apartments and flats in Australia. Given Labor governments' love of high immigration (against the wishes of 70 per cent of Australians according to opinion polls), this market is set for expansion in the next few years.

Good that JLG is exiting commercial construction as its loss significantly blew out in FY 23. It's union-dominated by militant communists in the CFMMEU, so not a good space to be in. Hard to generate a sustainable ROIC, subcontractors collapsing as JLG briefly mentions. An unstated risk is from union thugs who threaten building site managers. See various Federal Court judgments. The Labor Party willingly accepts donations from the CFMMEU: shameful.

JLG has even pushed into Hawaii given the recent bushfires (called 'wildfires' in the USA).

Pleasingly, a good outlook although as usual JLG doesn't forecast CAT events.

No guarantee today that SP will rise as 'Mr Market' may perceive that a good result has been 'baked in'. Market is lethargic at present with some companies arguably overvalued, or close to so being.