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92.0¢ lindsay australia limited

Ann: Half year FY24 Results Presentation, page-28

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Arpeebee

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25/04/24

00:22

Post #: 73507210
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Originally posted by Arpeebee: ↑

'Lindsay is on track to deliver underlying EBITDA towards the lower end of the previously provided guidance range of $102 million - $108 million in FY24 up c.13% on the pcp. We expect any delay in recovery in the Rural and Hunters businesses to be offset by performance in the transport division, supported by a slowing in the inflationary outlook and the non-discretionary spend nature of the bulk of Lindsay’s logistics freight. The Board continues to monitor the impacts of events as circumstances are subject to sudden change.'

Net Debt $120.6m up 12.5%. Net Leverage Ratio down from 1.27x to 1.21x (4.9%).

Cash flow negative $18.6m primarily due to WB Hunter acquisition. Note 15 in the accounts tells me they have have not yet worked through all aspects of the acquisition, particulary intangibles/goodwill which represented 42% of total purchase consideration.

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Agree with Hopeful about today's market reaction following release of inflation data.
Management may be challenged in meeting revised guidance which was predicated on a slowing in the inflationary outlook. Given the increased level of debt they are carrying, and the indigestion from the WB hunter acquisition, a further downgrade could be on the cards.

LAU Price at posting: 98.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 92.0¢		Change -0.005(0.54%)		Mkt cap ! $288.0M

Open	High	Low	Value	Volume
92.0¢	93.0¢	91.0¢	$230.4K	250.4K

Buyers (Bids)

No.	Vol.	Price($)
5	116590	91.0¢

Sellers (Offers)

Price($)	Vol.	No.
93.5¢	53673	2

View Market Depth

No.	Vol.	Price($)
5	116590	0.910
7	33484	0.900
2	12200	0.895
3	33316	0.890
6	53479	0.885

Price($)	Vol.	No.
0.935	53673	2
0.940	176617	4
0.945	30000	2
0.950	11210	2
0.955	50000	1

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