CWY +0.78%: The waste management company had a volatile session following the release of the 1H24 results this morning, which were slightly below expectations for the half, however, they maintained medium-term guidance which the market eventually took as a positive. Net revenue of $1.59bn was inline with expectations, underlying profit (NPAT) of $83m was 2% below while the interim dividend of 2.45c was inline but not the reason to own CWY. Like all stocks, but probably more importantly for CWY, it’s is all about the future as they come off a tough period. They still expect FY24 earnings (EBIT) of approximately $350m with a mid-term ambition for FY26 EBIT of >$450m on track.
- We like CWY, it’s just still a little bit ‘messy’- excuse the pun, but execution is on the improve.
MM is neutral CWY
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