Primary, Boral, Inghams and Sonic - First impressions from reporting

Bell Potter



Boral: Net operating cash flow up 39.7% to $158m Divisional EBIT: Boral Australia (66% of rev) EBIT down 3% to $164m; USG Boral (15% of rev) up 28% to $117m; Boral USA (19% of rev) $13m. | Outlook: Boral’s outlook for FY2017 remains largely unchanged, with Boral’s EBIT expected to be higher than the EBIT delivered in FY2016, with improved performance partially offset by the loss of EBIT of ~$6.5 million associated with the divestment of Boral’s 40% share of Boral CSR Bricks in Nov-16.  (VIEW LINK)

Sonic Healthcare: Net operating cash flow up 2.6% to $333.2m | Constant currency revenue growth was 5%, driven mainly by growth in Germany 6% and Switzerland 8%; the UK- 3% and Belgium (flat) experienced a slowdown. Australian Pathology grew 7% (4% was organic). Organic cc growth in US Pathology was 3.3%. Imaging organic growth was 4%. | Outlook: Sonic guided to FY17 CC EBITDA growth of 5% +.  (VIEW LINK)

Inghams Group: EBIT up 8.6% to $76.9m and EBIT margin 6.3% | Net operating cash flow up 11% to $79.2m | Outlook: “The company reconfirms that its FY17 prospectus forecast of $98.8M pro forma NPAT is expected to be achieved based on the current trading outlook. Reconfirm intention to pay fully franked dividends of 65 – 70% of pro forma NPAT.”:    (VIEW LINK)

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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