Q: Thoughts on the quarter please?
5i Research Answer:
EPS of 24.7c beat estimates of 21.7c. Revenue of $88M was 2% short of estimates. EBITDA of $20.56M was 3% better. Revenue rose 2.3% but there was weakness in property sales (down $3.1M). EBITDA margin was 23.3%. The company has withdrawn its longer term growth targets and estimates for $2 in EPS, but this was expected due to the sale of some assets. The pace of M&A will not be enough to hit these old targets now. 2024 guidance though was maintained. Acquisitions are now planned at $50M to $100M, down from $75M to $125M. Nothing too exciting here. The stock dipped, but remains reasonably attractive overall on valuation.