Yes, the trading update provided at the end of January made no mention of the non-operating investment loss, which varies from one half to the next; so pretty understated guidance.
Separately, I was impressed by the improvement in Brokerage revenue in the half, up 12% on JH2023 and up 26% on DH2022. I'm sure the volume of market trading has not improved by anywhere near those levels, so it looks like they are taking market share in a meaningful way (from someone).
Also, they generated almost zero revenue from Corporate Advisory (a figure which for the previous 3 years was $12.4m, $5.7m and $11.1m, respectively) and Underwriting/Placement revenue was a record low of $12.8m (cf. to previous half-years of $22.7m, $16m, $22.3m, $21.3m, $27.7m and $24m).
And to think that even with those bombed out Revenue elements, they still managed to register normalised PBT of $4.6m.
When the cycle turns favourable again, the business will generate EBIT of $25m....compared to an EV of just $47m.
.
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83.5¢ |
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Mkt cap ! $139.2M |
Open | High | Low | Value | Volume |
84.0¢ | 86.0¢ | 83.0¢ | $37.97K | 45.37K |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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84.5¢ | 11741 | 1 |
View Market Depth
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2 | 4727 | 0.815 |
2 | 11200 | 0.810 |
2 | 38333 | 0.800 |
1 | 2000 | 0.785 |
Price($) | Vol. | No. |
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0.845 | 11741 | 1 |
0.875 | 9205 | 1 |
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