Ann: Resimac FY21 Investor Call, page-21

First 21 Last

Share
Profile

Follow
daniel1990

266 Posts.

26

30/08/21

12:48

Post #: 55679137
Share

Originally posted by Nostrovostro: ↑

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.

Expand

Why would Wilsons be selling when they just initiated with a target price of $3.80 a few weeks ago.... Also Cyril from Bell Potter still pumping the stock on LinkedIn. Tomorrow morning... RMC announces year on year profit increase of 100%+ & over $100m NPAT. We also learn more about IT spend, the ensuing productivity gains, settlement growth & new asset finance division. Within the next fortnight they will announce completion the $1b RMBS issuance. It's finally going to get the attention it deserves & analysts initiating with buy calls... stay the course folks. #GLTAH

RMC Price at posting: $2.39 Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

Reply