Author: Harry Watt
JB Hi-Fi (JBH) +4.8% Another strong result for JBH – without the benefit of a strong online offering (only 8% of sales). Top line sales beat expectations for FY20 coming in at $7.92bn v $7.88bn while underlying NPAT was $332.7 versus $328m expected (not $302m as suggested in the recording this morning – that was statutory […]
Lend Lease (LLC) +1.39% A particularly messy result even to LLC standard given they’re in the middle of offloading their engineering business. The core business posted a $96m profit for the year however they also realised a $406m loss on the outgoing business which included $368m in exit costs. Those figures were largely pre-guided in […]
Beach Energy (BPT) +7.12% A strong FY20 result from BPT today with our medium-term thesis for owning intact. We’ve got a new energy analyst at Shaw (Michael Clark) and today BPT beat his expectations reporting underlying NPAT of $461m v his expectations for $442m. Operating cash flow of $874m is down 15% on FY19 due […]
Commonwealth Bank (CBA) -0.48% Released FY20 results this morning and I said on the recording yesterday (click here) that it was a good result and it was with CBA showing why it’s the No 1 bank in Australia. Reading through initial analyst commentary some are suggesting that cash profit was a decent miss ~7%, however […]
Magellan (MFG) +2.8% Full year results came in ahead of expectations with Adj. NPAT of $438.3m beating analyst expectations by 2% and 5% above last year’s result. The beat came despite a drop in performance fees for the group, being driven by management fees outpacing expense growth. This comes despite Magellan pushing on with bonus […]
James Hardie (JHX) +6.83% One of the top performers today, James Hardie impressed the market with a “better than feared” first quarter, along with supportive outlook statements despite the headwind’s construction is seeing. While sales slipped just 5%, first quarter profit was down nearly 90% on last year to just $US9.4m. The company expects a […]
Ive Group (IGL) -21.88% The hits keep coming for IVE Group with Coles scaling back the use of weekly catalogues. This is an obvious negative to IGL and when viewed against high leverage and an uncertain operating environment it’s a hard one to stomach. Coles today said that from September 2020 they will cease distribution […]
Adairs (ADH) +11.31%: one of the winners of lockdowns appears to be homewares retailer Adairs which saw EBIT rise 24% in its main brand, while the contribution of the online only company Mocka helped total group EPS rise 17% to 21c, a 9% beat to estimates. Online sales were the main driver with a meteoric 110.5% […]
GPT Group +0.52% The diversified property manager was out with half year results that confirmed the big separation in performance between classes of property through the first half of the year. GPT manage office, retail and industrial space making it a great bell weather for reporting season across the REIT space. Office: Leasing held up […]
Nick Scali (NCK) +14.58% Furniture retailer was out with their full year report pre market – it was a beat, no doubt about it. They pre-released earnings back in June, just a few weeks out from the end of the Financial year but even that sold the result short. Profit of $42.1m was 5% above […]
