NSR +1.26% delivered exactly what we’d expect today, a clean, inline result with a slight upside bias to guidance given they usually under promise and over deliver;
- Underlying EPS $0.113 vs consensus estimate $0.11
- Underlying profit $154.2 million, +8.7% y/y, vs consensus estimate $154.4 million
- Final distribution of $0.055 (unfranked)
- NTA up 2% to $2.52
For FY25, they see underlying EPS of at least $0.118 relative to consensus of $0.12, reconfirming payout guidance of 80-100% of earnings.
MM remains long & bullish NSR
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