Category: Analyst Research

Medibank Private (MPL) reported FY18 results with NPAT of 445.1m and EPS of 16.2cps, both of which came in below market estimates

CCL’s 1H18 result highlighted improving conditions in the core Australian Beverage segment, ongoing strength in the NZ / Fiji business, whilst Indonesia continues to disappoint due to overall macro conditions (according to management).

South32 (S32) FY18 result was solid in our view, with underlying EPS up +19% to US10.5cps, and revenue up +9% to US$7.6bn.

Brambles (BXB) FY18 result represents a resilient performance in times of significant costs inflation.

WTC reported a very strong FY18 result, which came in ahead of consensus and company guidance. Compared to previous corresponding period (pcp) revenue was up +44.1%, operating earnings (EBITDA) up +44.7%, and underlying NPAT up +26.6%.

Bapcor Ltd (BAP) FY18 results were largely in-line with consensus estimates, with proforma NPAT of $86.5m coming in consensus range of $85.2m-90.3m which saw the stock price increase marginally.

ARB Corporation Ltd (ARB) reported FY18 results, with EPS of 64.3cps, NPAT of $50.9m and revenue of $423.9m,

IDP Education (IEL) announced FY18 results with a revenue increase of +25% on a constant currency basis to $487.2m and EBITDA was up +28% to $89m, in line with market consensus.

Spark New Zealand (SPK) reported FY18 results that beat consensus estimates on the earnings front. Compared to the previous year, adjusted EBITDA (excluding Quantum implementation costs) was up +2.2% to $1.0bn as a result of ongoing revenue growth across mobile,…

Overall, in our view, Inghams Group (ING) reported a solid FY18 result, with much of the ongoing investment debate focused on the quantum of cost increases in FY19.

Lendlease Group (LLC) FY18 results, came in above market expectations but management noted FY19 construction margins would likely be impacted by underperforming projects and elevated bid costs in Australia after narrowing in FY18.

APA’s FY18 results came in above market expectations, with operating earnings (EBITDA) of $1,518.5m, +1.3% above market expectations of $1,499m