Ann: H1 FY23 Market Update, page-22

Revenues up, gross margin is up, DAS is profitable and despite some sectors suffering from the refresh through covid (although holders through that period benefitted as DDR paid out the higher dividends), other sectors (as Vlad indicated) are picking up the slack.

What is perhaps not fully appreciated (and why I think they have shown EBITDA for the first time in this update) is the impact of interest rates on their business; 16% increase in EBITDA in a challenging environment is no mean feat and then to still grow bottom line. I believe what they are trying to show is that interest has increased significantly YoY (~4m last year, and I estimate ~9-10m this year so pretty large impact).

Expect a slower 3Q if things this year go as they normally do, and then a strong finish in 4Q.

Conservatively, doubling this profit you get ~NBT $110m and NPAT of ~77m which means EPS of ~43c....marginally up on last year, but not bad for a business that is cycling huge comps and paying higher interest rates....that's a ~7% fully franked yield at $8.50 price with upside potential (perhaps not this year, but given their track record, it would be reasonable to assume they will deliver).