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
$4.03 |
Change
0.030(0.75%) |
Mkt cap ! $118.8M |
Open | High | Low | Value | Volume |
$4.04 | $4.04 | $4.00 | $30.58K | 7.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 30 | $4.03 |
Sellers (Offers)
Price($) | Vol. | No. |
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$4.04 | 4837 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 30 | 4.030 |
3 | 15940 | 4.000 |
1 | 6 | 3.990 |
1 | 3000 | 3.970 |
1 | 5000 | 3.960 |
Price($) | Vol. | No. |
---|---|---|
4.040 | 4837 | 1 |
4.050 | 39354 | 1 |
4.150 | 10000 | 1 |
4.190 | 1271 | 1 |
4.210 | 4231 | 1 |
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