REH +5.56%: Reported a solid FY22 result after close yesterday, particularly given the backdrop of the share price being down ~50% from its highs. Revenue of $7.65bn was up 22% YoY while Net Profit After Tax (NPAT) of $392.5m was up a more impressive +37%, and above $361.8m consensus. The final dividend of 15cps also helps after a tough 12 months for the bathroom supply business that is now plastered on our screens thanks to their sponsorship of the Block. Looking ahead, they believe it is ‘past peak cycle’ on the demand side and they are preparing for weaker conditions moving forward i.e. a cautious outlook.
MM is neutral REH ~$17, believing patience will be required
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