ABB+11.86%: Had a nice move today on a solid FY24 result and reconfirmation of FY25 earnings guidance:
- Revenue increased 27% y/y to $999.7 million, ahead of $983 million expected.
- Underlying EBITDA up 34.5% to $120.5 million vs $118m consensus.
- They reaffirmed FY25 EBITDA guidance in the range of $125 million to $135 million, with current consensus of $130 million at the midpoint of guidance.
- ABB also announced it’s maiden dividend of 4cps
- Symbio, which was bought by ABB during the period performed well, with an EBITDA contribution of $12 million for four months.
Aussie has been under pressure since the loss of the Origin contract where it was the provider of a white label solution that ultimately went to Superloop, however, today’s announcement alleviates some concerns around their broader business, reinforcing their strong growth path, with their new challenger brand ‘Buddy’, is doing well since coming to market recently.
MM remains long & bullish ABB
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