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Reporting Today (A2M, APX, ALX, AUB, BKL, CGC, CWM, APE, EDV, FLT, IFL, LNK, NIC, PRU, PTM, PNV, QAN, QUB, RHC, RMS, SBM, SSM, TYR, WHC, WOW)

Reporting Calendar:Download here

Companies reporting today include: A2 Milk (A2M), Appen (APX), Atlas Arteria (ALX), AUB Group (AUB), Blackmores (BKL), Costa Group (CGC), Cromwell Property (CMW), Eagers Automotive (APE), Endeavour Group (EDV), Flight Centre (FLT),  IOOF (IFL), Link Administration (LNK), Nickel Mines (NIC), Perseus Mining (PRU), Platinum Asset (PTM) – yesterday afternoon, Polynovo (PNV), Tyro Payments (TYR), Service Stream (SSM),  Qantas (QAN), Qube (QUB), Ramsay Health (RHC), Ramelius Resources (RMS), St. Barbara (SBM), Whitehaven Coal (WHC), Woolworths (WOW)

Companies on MM’s radar include:

  • A2 Milk (A2M) FY21 Results ($NZ): Expectations for revenue of $1.228b, EBITDA of $141m, NPAT of $95m (down ~75% on FY20), EPS of $0.128, No Dividend. Market currently pricing NPAT for FY22 of $173m, up ~82% on FY21. (MM Comment…Clearly a hugely challenging year for A2M and today’s results reflect that with profit down ~79%. They have reported inline revenue however EBITDA of $123m was ~12% below expectations while NPAT of $80.6m was also a miss on the $95m expected, however there was a number of one-offs included here which reduces the miss if we (optimistically) strip those out + a higher tax rate hurt profit. EBITDA margin was inline with prior guidance & they were operating cashflow positive. They have net cash if $875.2m and issued no earnings guidance. There was the potential for capital management, however they have elected to retain cash for growth. I would suspect this may have something to do with Nestle which has shown interest in A2M. A weak result, not a disaster but weaker than expected – corporate appeal remains…Overall, a miss)
  • IOOF (IFL) FY21 Results: Expectations for revenue of $743.2m, EBITDA of $233m, NPAT of $137.85m (up ~7% on FY20), EPS of $0.24, A FY21 Dividend of $0.199. Market currently pricing NPAT for FY22 of $233m, up ~70% on FY21. (MM Comment… The stock came into today’s result at 52 week highs so a fair amount was baked int0 the cake, and this looks a strong result with revenue of $770m a 3.5% beat, NPAT of $147.8m a 7% beat and a FY21 dividend of $0.23 ~10% ahead of expectations…Overall, a beat)
  • Whitehaven Coal (WHC) FY21 Results: Expectations for revenue of $1.52b, EBITDA of $207.37m, Loss of 75m (down from a $30m profit on FY20), EPS of -$0.074, No Dividend. Market currently pricing NPAT for FY22 of $338m, up a lot on FY21. (MM Comment…
  • Qantas (QAN) FY21 Result: Expectations for revenue of $5.78b, EBITDA of $356m, Underlying loss before tax of $1.91b, EPS of -$0.0715, No Dividend. Market currently pricing NPAT for FY22 of $77m, up a lot on FY21. (MM Comment…Obviously a year of losses expected for the flying Kangaroo however it was slightly less than we thought which is a positive, while underlying EBITDA of $410m was inline with company guidance but better than market expectations of $356m. Their restructuring program is ahead of schedule and their rhetoric today seems more positive. Overall, inline with some more optimistic commentary)
  • Flight Centre (FLT) FY21 Result: Expectations for revenue of $447m, Pre-Tax loss of $496m (better than the $662m loss in FY20), EPS of -$1.80, No Dividend. Market currently pricing another loss for FY22 of -$79m. (MM Comment…Revenue of $396m was around 10% below consensus however the pre-tax loss of $500m was inline with expectation. Lots of moving parts here and its all about the future which relies on vaccination rates and countries reopening. To that end, CEO Graham Turner said that “When lockdowns have lifted and borders have re-opened – as they have started to do in a more meaningful way outside Australia & NZ, we have typically seen immediate and strong travel recovery”. While they issued no guidance they did say that they have renewed confidence based on a strong Q4. Overall, inline + some more optimistic commentary)
  • Woolworths (WOW) FY21 Results: Expectations for revenue of $67.3bn, EBITDA of $5.90bn, NPAT of $1.91bn (up ~19.4% on FY20), EPS of $1.50, A FY21 Dividend of $1.06. Market currently pricing NPAT for FY22 of $1.7bn, down ~11% on FY21. (MM Comment…Sales inline with expectations, NPAT of $1.972bn a touch aheed of expectations and a dividend of $1.08 versus $1.06 expected. eCommerce sales up +58% to $5.6bn and growing plus a $2bn off-market buy-back announced to return $1.1bn of franking credits to shareholders…Overall, solid/inline with buy-back)
  • Ramsay Healthcare (RHC) FY21 Results: Expectations for revenue of $12.98bn, EBITDA of $2.04bn, NPAT of $476m (up ~54% on FY20), EPS of $2.08, A FY21 Dividend of $1.16. Market currently pricing NPAT for FY22 of $600m, up ~25% on FY21. (MM Comment…)
  • Platinum Asset Management (PTM) FY21 Results: (MM Comment…Reported after market yesterday with NPAT of $163.3m versus $165.3m expected and a FY21 dividend of 24cps v the 25cps expected. Overall, tiny miss)
  • Service Stream (SSM) FY21 Results: Expectations for revenue of $804m, EBITDA of $79m, NPAT of $39m (down ~33% on FY20), EPS of $0.095, A FY21 Dividend of $0.025. Market currently pricing NPAT for FY22 of $36m, down ~10% on FY21. (MM Comment…)

NB: Results will be covered on the MM Website throughout the day: Visit www.marketmatters.com.au

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