MP1 +16.94%: Most of their FY23 result had been pre-reported to the market, so no new news in that respect, however, the guidance for FY24 was a surprise both in terms of the quantum and the elevated detail which has been a major criticism in the past. MP1 guidance for FY24:
- Revenue $190-195m (24-27% growth) – about inline with consensus at the upper end.
- EBITDA $51-57m (152-182% growth) – v consensus of $42.2m = 21% upgrade
- FY24 net cash flow positive
Simply a huge turnaround for Megaport with top-line momentum remaining strong and EBITDA margins expanding.
A good update but we are unlikely to chase strength in MP1
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