NHC+1.65%: Reported FY24 results today that were broadly in line from an earnings perspective, and a slight beat in terms of the dividend. While the YoY numbers are a big decline given the high coal prices in FY23 relative to FY24.
- Revenue of $1.80 billion, -35% y/y, inline with consensus of $1.78 billion
- Underlying Ebitda $859.9 million, -51% y/y, and inline with $861 million consensus
- DPS for the 2H of 22cps and full year of 39cps was slightly ahead of expectations.
They remain focused on the organic growth of the business via the ramp-up of New Acland Mine, sustained increased production at Bengalla, and the development of Malabar’s Maxwell Underground Mine, all of which are low-unit cost assets.
MM remains long & bullish NHC for income
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