AGM update – A$127m of underlying NPBT in first 4-months of FY21 (implies A$29m in April). While this performance implies a FY run-rate of cA$380m, we note this period (Jan-Apr) is seasonally weaker for the group/industry. We think the run-rate is more like cA$400m, however with 8 months still to go, we now sit at A$371m. Strong rhetoric around BS strength and active review of M&A opportunities was a new angle and important in terms of APE’s track record in this regard and its potential to provide additional earnings support when margins ultimately ease. We think APE looks very well placed on a number of fronts – both from industry tailwinds and strategies of its own making. New PT of A$17.39; Add maintained.
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