CNI +1.82% with its operating profit met analyst expectations, which was reflected by the quiet day after the result.
- Revenue of $327mn was down -12% yoy and Net income of $102.2mn, -3.6% yoy.
- Operating profit of $94.7mn, down -18% yoy, and slightly below $95.6mn estimates.
- Operating EPS 11.7c v 14.5c yoy and estimates of 12c.
- Final distributions of 5c v 5.8c yoy.
- Assets under management of $21.1bn are up +0.55 yoy.
- FY25 forecasts EPS of 12c came in below estimates f 13c.
This is a steady result, but as we saw with Charter Hall (CHC) on Wednesday, expectations are low, and we’re still looking for a test of $2 over the coming year—MM holds CNI in our Active Income Portfolio.
MM remains long and bullish CNI
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