WDS +3.94%: A better than feared 1H24 result today, while the interim dividend was also a beat.
- Sales revenue US$6,109m.
- NPAT (underlying) US$1,632m ahead of consensus of US$1,345m.
- EBITDA (underlying) US$4,371m ahead of consensus of US$4,201m
- Interim dividend US$0.69 with a payout of 80% – well ahead of exp
- Gearing at the bottom end of the range, at 13% (they target 10-20%)
The fact they maintained an 80% payout ratio on underlying NPAT should be taken as a vote of confidence in their outlook given a lot to juggle from a capex perspective – we thought a lower dividend would be announced.
MM is neutral WDS
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