A2M +19.66%: Had a strong day on the back of a very good 1H25 result, which demonstrated great execution across all aspects of the business. Revenue was 10% higher than expected driving bigger earnings beat and we’ll likely see chunky upgrades filter through on FY25 estimates.
- 1H25 Revenue of NZ$893.8 million was up +10% yoy and ~10% ahead of expectations.
- 1H25 Net income NZ$91.7 million was up +7.5% yoy, and compared nicely to consensus of NZ$81.3 million
- 1H Dividend 8.5 NZ Cents
In terms of guidance, they now expect FY25 revenue growth of low-to-mid double digits with slightly higher margins, implying 15-20% earnings growth would be our expectation.
- Good result with better operational execution the main highlight.
MM remains cautiously bullish A2M
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