AZJ -3.47%: The rail haulage business fell today following their FY22 results plus they painted a weaker picture for FY23. They reported underlying earnings before interest & tax (EBIT) from continuing operations of $875.3 million, down -3.1% for the year but marginally above the markets expectations for $866.9 million. The final dividend per share of 10.9c was down from 14.4c last year, however it was the guidance that was a touch soft, about 2% below where the market was currently positioned. Overall, not a bad result and we applaud them for issuing guidance, we suspect a lot of companies may not.
MM likes AZJ ~$3.80 as a defensive holding
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