Sent the post just as the result hit the wire.
Bit of a mixed bag, I have to say:
Strong operating performance (33% EBITDA growth above even my upper end expectation of 30%).
But much of this was negated by a 120% increase in the finance expenses line (due to lease interest rates, I assume).
Drilling into some of the key P&L ratios, GP Margin was 59.9%, up from 51.8% in pcp (testimony to the higher GP Margin ALS business, I suspect), but this was negated by CoDB-to-Sales which jumped from 43% to 51%.
In terms of balance sheet and cash flow, operating cash flows reasonable, reconciling well with P&L, and investing cash flows muted, resulting in improved net debt + lease position
So, some bouquets, some brickbats in the quality of the result (as is almost always the case with this sort of business).
Overall, I score it a 6.5, or maybe 7, out of 10.
Finally, there is the revision to full-year EBITDA guidance, from the previous 20% growth on FY2023, to 19% to 25% growth, effectively ($95m to $100m compared to FY2023's $80.1m).
Which sounds like an upgrade, but more accurately I think it can be described as "on average, an upgrade, but with small chance that it could end up being a downgrade".
.
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Last
86.5¢ |
Change
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Mkt cap ! $450.9M |
Open | High | Low | Value | Volume |
86.0¢ | 87.0¢ | 85.5¢ | $607.6K | 703.9K |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 7728 | 85.5¢ |
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Price($) | Vol. | No. |
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86.5¢ | 1376 | 2 |
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No. | Vol. | Price($) |
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1 | 7728 | 0.855 |
6 | 46307 | 0.850 |
1 | 6000 | 0.845 |
2 | 20640 | 0.840 |
3 | 81045 | 0.830 |
Price($) | Vol. | No. |
---|---|---|
0.865 | 1376 | 2 |
0.870 | 19704 | 2 |
0.875 | 37900 | 4 |
0.880 | 106107 | 3 |
0.885 | 5496 | 1 |
Last trade - 16.10pm 13/05/2024 (20 minute delay) ? |
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Last updated 15.58pm 13/05/2024 ? |
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MAGNUM MINING AND EXPLORATION LIMITED
Neil Goodman, MD
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