Q: In an answer in November you seemed somewhat optimistic on the outlook for AND . But in a previous answer in July you referred to it as " not needed to be owned " .... How do you feel about in now in the new year and why ? Thanks Garth
5i Research Answer:
Forecasts for 2024 look solid with EPS growth of 16.5% and revenue growth of 4.9%. Our comments from November are relatively unchanged as AND has reported weaker than expected financial results as of late, with the pandemic benefits that the company capitalized on starting to subside in recent quarters. Free cash flow has been steadily improving along with having net debt at $45.1M. We think AND could show decent growth this year but at a 24.2x forward earnings valuation, it is expensive.