DMP -14.02%: A tough session for DMP today following a miss on their 1H22 results. Profit for the half was around ~6% below expectations while same store sales (SSS) growth for the start of CY22 is tracking at 1.77%, below their longer term target of 3-6% range. Worth noting they are coming off a strong comparable period and it was widely expected that SSS would miss, just not by that margin. In any case, DMP has fallen from ~$165 to now trade sub $90, we would have thought a portion of todays result was factored in however the SP decline clearly shows otherwise. While we don’t think this is the time to be stepping up and buying misses, DMP looks interesting and is certainly now back on the MM hit list.
MM has now added DMP onto our Hit List – sub ~$90 looks interesting
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