Bit of a mixed bag. FY15 results outperformed consensus...

Bit of a mixed bag. FY15 results outperformed consensus expectations but their FY16 outlook was slightly disappointing, especially the line about NPAT growth now expected to be somewhat slower than EBITDA.

The broker movements also highlighted the mixed feelings:

UBS upgraded their recommendation to Buy from Neutral and price target from $2.27 to $2.43.
Deustche Bank maintained Buy with a price target of $2.50.
Moelis maintained Hold but downgraded their NPAT estimates for FY16 by 4%.
Macquarie lowered their recommendation to Neutral from Buy and slashed their price target from $2.50 to $2.35.

Positives for me were the net debt decreasing and interim dividends to be paid in the future. Hopefully they can maintain discipline with their expense line and continue paying down debt with their free cash flow. Will be interesting to see how the ASIC registry sale goes too.

This is a long term holding for me and I've accumulated throughout the past year, so I'm in the red from my average price. Definitely not cheap but still happy to hold as this is a quality business with strong competitive advantages.