Ann: MTO FY22 Full Year Results Presentation, page-2

So far I've only read the annual report not the above presentation.

Seems a reasonable result despite the decline in NPAT, as the variant of COVID-19 (lockdowns) plus severe flooding in NSW and Queensland affected trading during FY 22.

The overall dividends for FY 22 are identical to FY 21, although the final and interims differ.

I like how MTO at six per cent growth beat the general market in Oz as latter only had four per cent growth in new motorcycle sales.

Continuing supply problems for new bikes is a concern, as is the MD's comment that MTO is 'preparing for softer trading conditions'.

This may mean MTO can acquire some of the 650 plus individually owned dealers at more attractive earnings multiples. That MTO doesn't overpay for acquisitions is a key metric for retail (and other) shareholders.

The number of shareholders has increased in FY 22 to 1801 from 1616 in FY 21, up 11.44 per cent. The 'top 20' total stake has decreased from above 74 per cent to around 72 per cent, so still tightly held.

We're buying a stake in the business that may have some short/medium term challenges but overall appears from what little I can observe to be well run. The Board has a good range of expertise.

There's scope for sensible growth here notwithstanding inflation, interest rate rises and the difficulty in obtaining delivery of their motorbikes for eager customers.