FY21 Result: A very strong update from BSL this morning with a ‘beat’ overall. Revenue of $12.87b (small beat), EBIT of $1.72bn (small beat) & an underlying NPAT of $1.19bn was a strong beat v the $1.17bn expected. A FY21 dividend of 25cps was below 32cps expected however they’ve topped up with a 19cps special dividend + they announced a $500m buy back. In terms of guidance, they see 1H underlying EBIT of $1.8-$2bn which is consistent with expectations. Assuming BSL meet current FY21 expectations, growth will remain robust, including +17% at the revenue line with EBITDA +46% and NPAT up another 65% in FY22 pushing the BSL P/E down to a forecasted 6x. Shares are trading up +1.65% at $25.91
MM remains bullish BSL
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