Discipline pays dividends - Macquarie Research rate Adelaide Brighton - ABC Outperform - following results delivered yesterday

Discipline pays dividends - Macquarie Research rate Adelaide Brighton - ABC Outperform - following results delivered yesterday. ABC reported FY13 underlying NPAT of $151.4m (vs Macq E $152.4m). It declared a 9cps final dividend and 3cps special dividend (both fully franked). ABC is in a strong position with low gearing giving sufficient balance sheet strength for special dividends and organic/acquisitive growth. FY14e EPS reduced by 1.3% to 25.7cps, FY15e EPS reduced by 1.3% to 27.4cps, target increased from $3.51ps to $4.25ps. Retain outperform.


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