Comparing it to 2 months ago, the Euroz conference, everything is the same except:
1)
On page 13: the line is removed
"Wellington to return to growth in H2 as NZ public sector spend returns"
2)
On page 17, the outlook page
"Solid Revenue growth in H2, over H2 FY17" replaced with "FY18 earnings guidance to be expected Tuesday 5th of June 2018"
3)
"H2 EBITDA to be significantly stronger than the first half" replaced with "Continue to expect strong H2 earnings compared with H1"
4)
"Strong operating cash flow in H2" replaced with "Continue to expect solid operating cash flow for H2 and full year"
Interpretation:
1) Wellington is still not growing
2) H2 18 is no longer expected to be better than H2 FY17, at least not significantly better. It's just better than H1, as it always should be
3) better H2 Ebitda rather than H1 significantly better
4) solid cash flow but not strong
all pointing to one thing - earning downgrade on 5th of June
EPD Price at posting:
45.0¢ Sentiment: Sell Disclosure: Held
