This was one of the results about which I was most apprehensive, but while I don't think the quality of the result is all that flash, at least they haven't downgraded EBITDA outlook for FY25, which implies a 10% EBITDA growth.
But I'll wager no analysts have fully accounted for the interest expense line, which is surging - $65m in DY203 and $86m in JH25, for a total of $151m for FY24, and which is expected to rise by a further 25% in FY25.
It means that operating leverage benefits will be dampened and 10% EBITDA growth will probably only be matched at the bottom line.
But still, could have been worse.
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SHL Price at posting:
$27.72 Sentiment: None Disclosure: Held
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