Ann: ING FY2024 Full Year Financial Results Announcement, page-92

On the ground I am hearing: QSR/restuarants/pubs demand remains weak, difficult to increase pricing because of weak demand, yet input costs increasing (especially labor).

This follows through on the UBS report:





As a result notice to the sharp pull back in UBS pricing (although they still rate it a "buy")




And notice as a result of the above, the pull back in UBS future earnings expectations:


The market is forward looking, if one decreases future earnings expectations, then share price weakness will occur. This is not just UBS (they were over bullish on their expectations before!!!)

Market consensus also pulling back on future earnings expectations:


From the above future earnings expectations on a downwards slope, not upwards.

The above earnings expectations are a result of year end financials and year end company guided expectations for for FY25.

I am hearing on the ground that things are not getting better, demand still weak.

So let's see, but I see no need to 'buy' now. I have some shares, I see no need to buy more now. I am happy to wait and see how things progress. Why allocate additional capital now???

So again, on current information available, I remain steadfast in only considering topping up around $2.50. That's still another 10% downside.

The only "positive" I see is that there are more 'buyers' than 'sellers' on the market right now which may support the share price.