IGL -8.75%: Hit today as FY23 results came in a touch light v expectations while it was FY24 guidance that prompted the sell-off. FY23 Revenue of $970m was a ~1% miss, as was EBITDA ($119m v $120m exp) and NPAT $39.7m v $40.6m expected while the final dividend of 8.5cps was a beat. For FY24, they said we should expect NPAT of $40-43m versus consensus of $45.3m. This implies only low single-digit growth and is an 8.3% miss to consensus – hence the weakness.
- A soft update and weak guidance, how,ever the share price reaction was too large in MM’s view.
MM likes IGL below $2.20
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