Helloworld Travel Ltd (ASX:HLO) - Finally profitable
HLO's FY22 result beat expectations with the group returning to modest (EBITDA) profitability in the 4Q, despite the sale of the Corporate travel business. Cashflow and the balance sheet were also stronger than expected.
In a sign of confidence, HLO has rewarded shareholders with a 10cps final dividend. Add maintained.
Tyro Payments (ASX:TYR) - Pointing to a clear increase in operating leverage in FY23
TYR's FY22 Reported NPAT appeared below Bloomberg consensus (-A$29m versus -A$20m), but the result beat at EBITDA (A$10.5m versus A$8m consensus) while the mid-point of FY23 EBITDA guidance was ~+25% above consensus.
Add maintained. Our key result takeaway was the market had been waiting for TYR to give evidence of improving operating leverage, with FY23 EBITDA guidance of A$23m-29m (FY21 A$10.5m) particularly meeting that criteria.
Healius (ASX:HLS) - Pieces coming together- "a platform for growth"
FY22 underlying results were broadly in line with expectations, with double-digit revenue growth and ongoing cost outs driving leverage and robust cash flow. Not surprising, COVID testing underpinned the result, while Imaging and Day Hospitals went backwards on COVID-impacted elective surgery restrictions, lockdowns and increased costs.
We adjust our FY23-24 forecasts and roll forward valuation multiples. Add maintained.
Generation Dev Group (ASX:GDG) - A clean performance
In our view, this was a pretty clean result (without any obvious surprises), and it represented a relatively solid performance overall. Management also noted FY23 has seen a good start to the year for Investment Bond (IB) sales, albeit outlook commentary was pretty broad as per usual.
We continue to believe GDG is well positioned to execute a compound earnings growth story over time. Add maintained.
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