Ann: Half Year Results Presentation, page-7

The bad news I saw wasn't so bad - they added "while continuing to monitor the external COVID-impacted trading environment" to their outlook. There were some one-offs. Go To was slightly up as expected due to Covid impacting Mecca, F and F grew only slightly too. With about 19m (from memory) rev added from acqs, there was no organic revenue growth in the stat figures, but adding back that Chemist Warehouse 3.5m equity expense got us to organic growth (and CC number even better again).

I think the main thing that mattered was that everything under EBITDA (EBIT, PBT NPAT) was below consensus, mainly due to compensation and equity one offs, and the market didn't understand the one offs properly. See page 7-9 of the pres. The SP rightly should have fallen a bit, but 26% off looks like an over-reaction IMO. UNPAT was still up 20%. Any decent analyst should have had a line for those earn out etc costs.

Can BWX get us to an ueps of 16c for the full year? Seems possible to me.