IVC’s FY17 result overall was slightly above our market expectations, although FY18 outlook guidance was disappointing.
FY17 underlying EBITDA increased 8% to $124 million, the result was driven by 2% revenue growth.
Based on FY19 EPS of $0.68 and DPS $0.48, IVC now trades on a forward yield of 3.4%.
Author: Leon Hinde
Leon has been working in the financial services industry for 18 years in management and advisory roles. Leon has extensive experience in general advice and dealings involving securities and derivative financial products.
PS 146 Securities & Derivatives, ADA 1 & 2 accreditation, Responsible Manager Certificate. Leon is authorised to provide financial product advice and deal with respect to the following financial products:
· Deposit Products
· Interest in managed investment schemes; and
· Government debentures, bonds and stocks