CWY –4.14%: Fell today despite a solid/inline result while longer term guidance (EBIT to $450m but FY26) is aligned with current market thinking. FY23 revenue of $3.56bn compared to consensus of $3.52bn, EBIT of $302.2m above $298.8m expected with Net Profit After Tax (NPAT) of $146.7m was inline. Two slight negatives were higher capex while they said a trading update would be provided on the 20th of October (i.e. not today).
- Solid result that does not change our view
MM is long & bullish CWY ~$2.55
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