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A2 Milk (A2M) $5.40

A2M +9.98%:  Produced a solid FY22 results today, launched a NZ$150m buy-back and said that sales would be up high single digits in FY23, with higher margins meaning earnings will increase by more. All in NZ dollars, for FY22 they produced $1.44b in revenue ($1.39b Exp), EBITDA of $196.21m ($184.4m Exp) and profit of $122.62m ($113m Exp). The guidance for high single-digit revenue growth did look light on given consensus was looking for 12% already, however, better margins and a buy-back were enough to allay concerns with that metric. All in all, a beat is a win for A2 and the positive reaction today was warranted.

MM is neutral A2M
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A2 Milk (A2M)
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