Good results, given that their sales remained flat (no renovation rebound yet) : + 9 % to + 10 % for EBIT and NPAT.
They clearly focused on profit :
- volume decrease offset by price/mix improvement,
- lower costs due to freights and cost cutting measures.
The most impressive part of their results : + 64 % for free cash flow, due mainly to the change in working capital and partly from EBITDA improvement.
Based on H1 24 free cash flow annualised, the company has a free cash flow yield of 10 %.
Part of this free cash flow is probably not sustainable as it is due "to the timing of payment for stock".
Despite its recent rebound, the stock does not look expensive as it has such a high free cash flow yield, while their earnings may have bottomed.
Ann: FY24 Half Year Results Presentation, page-2
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