EDV -12.33%: The pub and bottle shop owner was hit today on their FY22 result that painted a mixed picture, their hotel’s division doing well while their retail business is a bit tougher as the reopening tailwinds are coming through more than expected i.e. more people getting out and about while the return of buying drinks and sitting at home due to rising cost of living has not yet occurred. They guided to a tough 1H23 with additional cost inflation (COVID, supply chain, tech investment in systems and digital, wages +4.5%, impact of Vic gaming taxes) with these trends more of an issue for their retail business. Not a lot to like in this result really with EBIT margins on the retail business sitting at just 6.6%.
MM is negative EDV ~$7.25
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