MTO issued FY21 pre-AASB16 EBITDA guidance of A$42-45m. In response to strong industry data, we recently increased our FY21 EBITDA forecast to A$45.7m. We now sit in line with the top-end of guidance at A$45m (+63% yoy). With MTO’s balance sheet in a strong position, the group will return to paying ordinary dividends (50-70% payout policy), as we expected. Acquisitions are also being actively pursued. While conditions can only be described as ‘utopic’ currently, MTO remains relatively cheap and domestic tourism/recreation conditions could remain supportive for longer than the market expects. Add; A$3.18 PT
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