SEK has reported results this morning and they look a big miss;
- Revenue from continuing operations $1.08 billion, -6.4% y/y, estimate $1.14 billion
- Net loss $100.9 million vs. estimate profit $187.8 million
- Final dividend per share A$0.16 vs. A$0.230 y/y
FY25 guidance is very light on relative to expectations. SEK is forecasting underlying revenue from continuing operations of $1.02 billion to $1.14 billion, with consensus already right at the high end, and underlying Ebitda of $430 million to $500 million, which at the mid-point is an 11% miss to current consensus of $527 million.
- We have not read through the commentary, however this looks a reasonable miss.
MM is neutral SEK
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