APE +8.97%: Topped the leader board today with FY22 results that met expectations while their guidance for FY23 was stronger than expected. Revenue of $8.54bn was largely inline with consensus while underlying profit before tax of $405m was around a 2% beat driven by better margins while the dividend of 71cps compared well to the 60cps expected. They talked a big game for the year ahead, guiding to $9.5-10b in sales in FY23, which is ~8% above where the market was. This strong result and positive commentary about the year ahead, we suspect will have also helped leasing & salary packaging business Smart Group (SIG) who reported an inline result today against some more negative market positioning. We have held both stocks in the past, with SIQ residing on our hitlist.
MM is neutral/bullish APE
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