Yep, results look ok, but clearly below market expectations. Obviously - they do have a huge revenue CAGR, but this does not really count given that most of it is bought with Capital rises (including DRP). More interesting is the EPS CAGR (some would say - the only number which really counts) - and if I take that since they've been in the black numbers (since 2014), it is 11 %. Not bad, but not outrageous either.
However - if I take the 2015 to 2018 number, than EPS is flat ... so I guess, they still need to work a bit to convince the market that they are a consistent earner and able to grow without constant cap rises.
Forward EPS CAGR 2014 to 2020 is still 15%, but who knows - analysts might change their views after this result and after reading in the outlook just another excuse for a somewhat depressed 2019 EPS.
Time for the board to pull the finger and allow INA to be the outstanding growth company it could be without constant capital recycling. Don't recycle what you can just improve and keep using ....
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