Yes. Takeaways:
- FY23 results were not great (obviously)
- Wants to pay the 4cps FF special div in September
- "We're not for sale", but we'll list a value that we think is appropriate for each business...
- Similarly, had no intention of selling Morrisons (yet somehow there were multiple bidders).
- Strong trading from Q3FY23. July/August also strong
- Some of the rev drop due to reclassification of ASIC fees (no longer recognized as rev/expense)
- 20-25% Rev increase on FY23
- Aiming for 15% pre-tax return on listed ROE values in the presentation. Nothing diff to what's in the announcements
- Still wants a 90-100% payout ratio.
- Does not want to spend the money quickly. Will take time to find the right acquisition (market clearly thinks otherwise).
- Wants to buy at 3-4x EBITDA.
- Doesn't really want to buy licensees (I imagine the $2m in compliance issues and subsequent insurance failure left a scar)
Guiding for $12.5m EBITDA - head office costs. Expecting $10m EBITDA in total, not incl any acquisitions.
This is not without its flaws, but very cheap even with the tax burden to come.
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