Morgans had 2H EBITDA of around $8.8m after $6.7m in 1H, rising to $18.4m next year. Earnings will now be DOWN slightly this half year on previous half year.
The obvious question is what does that mean for next year. Presumably much less than $18.4m given the headwinds from scaffolding (even if their importance is shrinking). Doubling this half year's earnings would only give $12-13m. Hardly surprising share price dropped.
ACF Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
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