A very strong 1H21 result from the integrated marketing business and the stock should track higher from here. While top line revenue of $340.8m was pretty much inline, they’ve managed costs very well, margins have been improving and they’ve managed to pay down a lot of debt ($47m) during the half. While Job Keeper provided a decent benefit ($14.9m) operating EBITDA excluding Job Keeper was a strong beat. The half yearly net profit of $23m was just $2m below where the market was for the full year! Importantly, they also announced a 7cps dividend which annualised puts it on a yield of ~9%, which is actually more than it’s current P/E! They also reinterated FY21 EBITDA forecast of $100m post AASB changes. The stock ended 13.08% higher today.
MM remains bullish IGL
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