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Metcash (MTS) $3.76

MTS +4.74%: Full-year results out this morning were solid, and marginally ahead of consensus expectations. Underlying profit of $307.5 million was up 2.6% YoY and above Bloomberg consensus of $299.5 million. The FY dividend of 22.5c fully franked was also better than expected (21.2c) which puts it on a yield of ~6% based a today’s close. Divisionally, the result was okay with hardware as the main driver of growth, while they said the independents are retaining the majority of customers gained in Food that were accrued during Covid, although volumes have tapered off somewhat. Sales growth has continued in the first seven weeks of FY24 with all pillars continuing to perform well.

  • A solid update from MTS today which should allay some of the market’s recent concerns that have pushed shares down ~20% from their recent highs.
MM remains long & bullish MTS for income
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Metcash (MTS)
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