26c EPS would put it as $106m so ahead of guidance of stated $100-105m. If we assume the FY21 & FY22 EBITDA difference is flowing to profit then we should be seeing a NPAT growth of $6.3m. $106m + $6.3 = $112.3m.
Here's my thinking: fully expensed IT spend of $8m for FY21 will be reduce to at most $2m in FY22. So the forecast $112.3m is only NPAT growth from a normalising IT expense. So what about the core business? The improved RMBS pricings?The COVID overlay claw back? Loanbook growth?
FY22 forecast is probably under promising but RMC being cheap is because there's a pretty good reason....The biggest sellers for RMC over the past 3 weeks have been Bell Potter and Wilson's. I think its a win-win situation to so I sold some this morning just to hedge market being right in front running results (my guess is commentary around FY22).
Note I could be wrong so please do your own research.
And yes RMC is cheap.
Ann: Resimac FY21 Investor Call, page-20
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Last
94.0¢ |
Change
-0.015(1.57%) |
Mkt cap ! $376M | |||
| Open | High | Low | Value | Volume |
| 96.0¢ | $1.04 | 94.0¢ | $139.2K | 141.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3182 | 94.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 97.5¢ | 47650 | 1 |
View Market Depth
| Last trade - 16.10pm 15/05/2024 (20 minute delay) ? |
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Last
95.0¢ |
Change
-0.015 ( 0.52 %) |
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| Open | High | Low | Volume | ||
| 94.5¢ | $1.02 | 94.5¢ | 11841 | ||
| Last updated 15.59pm 15/05/2024 ? | |||||
| RMC (ASX) Chart |