Ann: Profit Guidance, page-4

Some other interesting elements :

1/ regarding margin
The market for new motorcyle has increased by 20 % yoy between June and Dec, while MTO expected EBITDA (excluding jobkeeper) has doubled vs H1 last year, which gives an idea of the margin improvement,

2/ regarding debt
MTO may have decreased its net debt by at least 25 m during H1 21 (vs a market cap of 160 m), if we compare with FY 20 when they were able to get a free cash flow of 34 m in FY 20 with a level of EBITDA for the full year 20, equivalent to the EBITDA for H1 21,

3/ regarding dividend
"future dividend payment under review with policy at 50 % to 70 % of NPAT" (source : AGM in November).

4/ regarding future results and valuation
Going forward, their growth will probably be mainly driven by the acquisition of new dealerships, while margins may come back a bit compared to the high level reached during H1 21.
Looking at the past couple of years, it is clear that the company's improvement is not only due to its market.
There has been a clear focus to improve organic earning growth, by expanding product range, with a good control of costs.
The stock is cheap, even on FY 19 results, before the rebound of the motorcycle market.