"What do people think of the results, any consensus?
Opened well up but now getting sold again so interested to hear thoughts on this one."
I can add absolutely zero value on why stocks trade like they do from one hour to the next.
But in terms of the result itself, I think it was reasonably clean, with $15m worth of redundancy costs (~3% of interim underlying EBIT) booked above the line.
But, when viewed in a broader, long-term investment context, what I think this result indicates is that this is not a growth business; rather, it is more akin to a fixed-income type of utility.
And, unfortunately, in a rising interest rate environment, fixed income securities are unlikely to rise in value.
In other words, those who have invested in AZJ for meaningful capital appreciation are likely to be disappointed, I suspect.
This is really an income stock today - with all the attendant characteristics (both positive and less positive) of low-risk, fixed income securities.
Expand
(20min delay)