EBO-Ebos

[Umpah]

Me too
Ditto

[Shareguy]

I'm still adding

[Basil]

I bought some today

Probably gonna regret it.

Craig's research almost as fraught as the Dunedin crowd

What does KW say about drinking and buying in a downtrend ?

And that's after the bean counters on here have pointed out the EPS CAGR is a very modest 5%.

[Left Field]

SP has been beaten down..... will this result help turn the corner?

https://api.nzx.com/public/announcement/468129/attachment/463152/468129-463152.pdf

[lorraina]

I doubt it.Both NPAT and EPS are down on last year.

Financial highlights (all $ figures are in AUD, and comparisons are made against HY25)
Period ended 31 December HY26 HY25 Change
Underlying results
Revenue 6,768 5,991 13.0%
GOR 868 799 8.6%
EBITDA 300 291 3.2%
Net Profit After Tax 125 131 (4.3%)
Earnings per share - cps 61.4c 67.5c (9.0%)
Underlying EBITDA (%) 4.4% 4.9% (50 bps)
Leverage ratio1
(x) 2.2x 1.9x2 0.3x
ROCE (%) 12.9% 13.3% (40bps)
Statutory results
Revenue 6,768 5,991 13.0%
EBITDA 303 276 9.7%
Net Profit After Tax 125 110 13.0%
Earnings per share - cps 61.1c 56.9c 7.4%

[winner (n)]

Net Profit After Tax 125 110 13.0%

NPAT up 13.0%

That's pretty good

[Gerald]

But underlying NPAT down 4% and negative $24m FCF. So many metrics to look at...

Maybe we are past the worst, 2H guidance would imply that (or shades of A2?  )

[winner (n)]

But underlying NPAT down 4% and negative $24m FCF. So many metrics to look at...

Maybe we are past the worst, 2H guidance would imply that (or shades of A2?  )

Should add $31m of lease payments to your FCF making it negative $55m

Even Operating Cash Flow of $16m is pathetic when $6.6billion comes in from customers.

Something not right

[Ferg]

NPAT as a % of sales is 1.84% which is almost the same as the average for the last 16 years which is 1.88%.  After a couple of "spikes" in FY23 & FY24 of 2.15% and 2.07%, EBO has reverted to the mean so to speak.

Share count is up 0.9% for the HY vs FY25 - this is lower than the historical 3% p.a. but the ongoing DRIP and issuance of shares for acquisitions is creating a headwind for EPS.

The FCF was low due to a massive +$156m increase in receivables, but this should reverse in H2.

You cannot view this attachment.

Disclosure: still not holding, but looking for a good entry price once I clarify any risks around the CW contract for NZ.