I changed my view on JYC and decided to buy it, despite being cautious previously (cf post in Sept 23), for 3 main reasons :
- difficult to ignore the performance of KWB in FY 23 and H1 24, when they are supposed to struggle,
- still not really convinced by other businesses, but they are now quite small and does not affect the total performance of the group,
- Joyce has now a better capital allocation and significantly increase its dividend (+ 42 % in FY 23 and + 38 % in H1 24).
The company has a high free cash flow yield (FY 23 free cash flow yield of 10 %, excluding minority interests), while still showing a high potential of growth (could double the number of KWB showrooms across Australia).
H2 24 KWB performance is expected to be weaker due to a combination of normalising gross margin, increased staff costs and higher marketing costs.
But it should not change the medium term trajectory of KWB which had a very regular performance for several years.
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Last
$4.20 |
Change
0.100(2.44%) |
Mkt cap ! $123.8M |
Open | High | Low | Value | Volume |
$4.20 | $4.20 | $4.20 | $1.827K | 435 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 3520 | $4.20 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.32 | 83 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 3520 | 4.200 |
1 | 15 | 4.160 |
1 | 3679 | 4.140 |
1 | 4250 | 4.100 |
1 | 125 | 4.010 |
Price($) | Vol. | No. |
---|---|---|
4.320 | 83 | 1 |
4.330 | 1644 | 1 |
4.510 | 1000 | 1 |
0.000 | 0 | 0 |
0.000 | 0 | 0 |
Last trade - 11.58am 29/08/2024 (20 minute delay) ? |
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