ING +14.75%: the poultry business hit ~5-month highs today after better expectations for FY23 and significantly de-gearing the balance sheet. Revenue of $3b was up 12% and in line with consensus, EBITDA up 14% to $434m was a small beat while NPAT of $71m was ~14% ahead of expectations. The strong second half was largely driven by better prices with Aus volumes slightly lower and NZ volumes a touch higher. Debt to EBTIDA at 1.4x was the big surprise with the market expecting a number closer to 2x today, likely to benefit cashflow given a lower interest expense as a result. The company didn’t provide any commentary for FY24 which is not unusual for Inghams.
MM is neutral ING
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