SUL +6.24% result rallied to fresh all-time highs after the retailer delivered a strong trading update, including a dividend payout above expectations.
- Normalized net profit after tax A$242.1 million, -11% y/y, estimate A$242.8 million (Bloomberg Consensus)
- Net income A$240.1 million, -8.7% y/y, estimate A$240.7 million.
- Revenue A$3.88 billion, +2.1% y/y.
- Supercheap Auto revenue A$1.50 billion, +3.5% y/y, estimate A$1.5 billion.
- Rebel revenue A$1.29 billion, -1.3% y/y, estimate A$1.3 billion.
- BCF revenue A$879.1 million, +4.7% y/y, estimate A$877.5 million.
- Final dividend per share $0.37 + a $0.50 special. The special was expected.
- Segment Ebit A$400.4 million, -8.6% y/y, estimate A$396.9 million.
- Normalized profit before tax A$343 million, -12% y/y
- Comparable sales 0% vs. +8% y/y.
This was a solid trading update by a quality retailer, suggesting the consumer recovery is on track – – MM holds SUL in our Active Income Portfolio.
MM is long and bullish SUL
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