The negative operational surprises appear behind us for NCM after it announced a 55% jump in profits for the full-year on revenue of $4.6bn, EBITDA soared 33% to $2.4bn. At this stage it feels that whatever NCM had delivered the stock was destined to drift in-line with negative sentiment towards the sector, we believe this could be an ever tightening spring but the sentiment doesn’t warrant MM increasing our current exposure.
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Thursday 28th March – ASX200 +80pts, All Time High, Retail Sales
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MM is bullish NCM but frustrated by its performance
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