IVE -0.92%: The integrated marketing business reported a 1% increase in revenue for the half to $506m, around a 5% miss to expectations however, better margins provided an offset for earnings (NPAT) that came in at $22.7m, around 2% below expectations. Earnings per share for the half of 14.8c and an interim dividend 9.5c fully franked while they reaffirmed their FY24 underlying earnings guidance range, for NPAT of $41-44m (post JacPak acquisition).
- IGL is trading on ~8x FY24 earnings paying a yield of over 8%, although there are some structural issues (AI) that the business is exposed to, while debt remains too high.
MM has turned neutral on IGL
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