$30M buyback = 65% of 2H23 NPATA, so total 2H23 NPATA = 46M 253M shares on issue = ~18.2c EPS, annualised would be 36c EPS, though earnings have been weighted to 2H. At current market cap the buyback is equivalent to a yield of ~4.4% for the half, and at current SP we're on a PE of ~8, so the buyback is effectively buying a ~12% return.
While the macro economic environment gives me some concerns of an Australian economic slowdown in the mid-term, the fact that Australia has such high migration at the moment is a tailwind for the car market as it's something that effectively no one brings with them and a sizeable proportion of new arrivals would want once they get here.
FPR Price at posting:
$2.70 Sentiment: Hold Disclosure: Held
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