EPY’s 3Q21 update showed continued momentum in key earnings drivers. FY21 NPATA guidance was reaffirmed, implying a ~A$5m 2H21 result. EPY stated that the group expects a “material increase” in FY22 earnings. Core funding facility limits have been increased and terms largely improved. Continued execution of EPY’s refocused strategy and technology implementation looks highly encouraging. Trading on <9x FY22 PE, we maintain an Add recommendation.
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