MND +11.59%: A nice beat on FY24 earnings met recent weakness in the share price to propel the stock meaningfully higher today;
- Total revenue of $2.03 billion, +11% y/y, beat expectations of $2.01 billion
- Ebitda of $127.4 million, +17% y/y, relative to consensus of $123.4 million / 3.2% beat
- Final dividend per share A$0.3300 vs. A$0.2500 y/y
While no specific guidance was issued, they spoke very favourably about the trends in their business and the strong demand for maintenance services and higher levels of activity in the engineering construction sector. This positive commentary met a market that had sold MND off pretty aggressively in recent months. Work in hand is strong, with the company winning more than $3 billion in new contracts and contract extensions since the beginning of FY24. They also highlighted balance sheet capacity for potential acquisition opportunities to facilitate expansion within their services division.
MM now likes MND, though, we have a preference for smaller SRG
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