MTS +0.82%: announced FY21 results today for an April year end. The numbers were broadly a miss both at top and bottom line despite 10% revenue growth, and 27% growth in NPAT line on FY20. Consensus was around 6% higher at the bottom line, the stock still managed to trade higher today given FY22 has started strongly. The first 8 weeks are tracking better than feared with the market pricing in a significant slowdown in sales as COVID impacts subside. Liquor and hardware are both showing better than 25% growth on FY20, before COVID helped boost sales. They also announced a $175m off-market buy back to take place in August to utilise some of the franking credit balance.
We remain bullish MTS
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