Returning $1.7m of JobKeeper payments to the government...
Nice bit of virtue signaling by management, paid for of course by the shareholders.
As will their obscene bonuses this year. Things are good no doubt about it, but how much of it can be attributed to management skill? Every operator in their segments is printing money in the current environment. Meanwhile it seems like they've blown up more shareholder capital on the Macpac acquisition. If you can't sell adventure gear in this market you'll never be able to sell it. Buying a business from CHAMP Ventures was always going to be risky. Su-Ming is a shark, if you are a corporate hack, just assume he is a lot smarter than you are!
And they continue to "normalise" their earnings. All sorts of BAU expense items stripped out so management can hit their incentive targets. Over the past 5 years SUL has "normalised" out $210 of expenses, equivalent to 22% of total pre-tax earnings over that period.
SUL Price at posting:
$11.75 Sentiment: None Disclosure: Held
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