WES +0.65%: A better than expected FY22 results from Wesfarmers today with all key metrics coming in ahead of consensus expectations with net profit after tax around a 5% beat. While FY22 profit was down 1.2% on FY21, that was a result of a tough 1H with 2H earnings growth of 13.1% showing a strong rebound. The 2H dividend of $1 was a beat and while no guidance was provided, which is customary for WES, they talked to positive trends playing out at the start of FY23. The vibe we got from today’s conference call was all positive and quiet the opposite to what we had with both Woolies & Coles this week.
MM remains bullish WES, and long in our Income Portfolio
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