OZL –0.76%: A weak result from OZL today with sharply lower financials compared to 2021. These were well flagged in recent quarterly updates however they’re not the numbers to report when you’re trying hard to squeeze a higher price from suitor BHP. Key financial headlines included, 1H22 NPAT $109.2M vs year-ago $268.6M, Revenue $908.6M vs consensus of $938.6M & EBITDA $358.3M vs consensus of $368.2M. The numbers all a little soft however the CEO Andrew Cole spent most time today talking about the growth pipeline putting forward a very strong argument why BHP should be paying more than the $25 they initially proposed.
MM recently trimmed OZL, but still remain long in our Flagship Growth Portfolio
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