METCASH LIMITED (MTS)
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MTS - METCASH LIMITED

FNArena Sector : Food, Beverages & Tobacco
Year End: April
GICS Industry Group : Food & Staples Retailing
Debt/EBITDA: 2.18
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Metcash is an Australian conglomerate marketing produce, alcohol, hardware and other consumer goods. Its brands include IGA, Mitre 10 and The Bottle O. Originally founded in 1927 by Joe David, it became a listed entity in 2005.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.13

23 Dec
2024

0.000

OPEN

$3.13

0.000

HIGH

$3.13

0

LOW

$3.13

TARGET
$3.61 15.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . BFC . CCL . CKF . COL . DMP . EDV . GDA . GYG . ING . LRK . MBH . RFG . SGLLV . TSI . TWE . WOA . WOW . YOW .
FNARENA'S MARKET CONSENSUS FORECASTS
MTS: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 25.8 24.9 xxx
DPS (cps) xxx 19.5 17.1 xxx
EPS Growth xxx - 3.8% - 3.5% xxx
DPS Growth xxx - 13.3% - 12.4% xxx
PE Ratio xxx N/A 12.6 xxx
Dividend Yield xxx N/A 5.5% xxx
Div Pay Ratio(%) xxx 75.6% 68.6% xxx

Dividend yield today if purchased 3 years ago: 4.47%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.23

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 13/12 - ex-div 8.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx25.8
DPS All xxxxxxxxxxxxxxx19.5
Sales/Revenue xxxxxxxxxxxxxxx15,912.4 M
Book Value Per Share xxxxxxxxxxxxxxx138.9
Net Operating Cash Flow xxxxxxxxxxxxxxx482.6 M
Net Profit Margin xxxxxxxxxxxxxxx1.62 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx19.86 %
Return on Invested Capital xxxxxxxxxxxxxxx10.37 %
Return on Assets xxxxxxxxxxxxxxx4.60 %
Return on Equity xxxxxxxxxxxxxxx19.86 %
Return on Total Capital xxxxxxxxxxxxxxx16.49 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx199.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx213 M
Long Term Debt xxxxxxxxxxxxxxx1,198 M
Total Debt xxxxxxxxxxxxxxx1,411 M
Goodwill - Gross xxxxxxxxxxxxxxx1,754 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx97 M
Price To Book Value xxxxxxxxxxxxxxx2.84

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx135.9 M
Capex % of Sales xxxxxxxxxxxxxxx0.85 %
Cost of Goods Sold xxxxxxxxxxxxxxx15,132 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx326 M
Research & Development xxxxxxxxxxxxxxx0 M
Investments - Total xxxxxxxxxxxxxxx141 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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UBS

03/12/2024

1

Buy

$3.50

11.82%

Following initial research yesterday, UBS lowers its target for Metcash to $3.50 from $3.60 due to slightly lower EPS estimates moderated by a slightly higher FY25 valuation multiple. The Buy rating is maintained.

FNArena's summary yesterday: UBS notes Metcash reported 1H25 profit after tax at the upper end of guidance. Sales growth of 6.3% met expectations, with underlying earnings below the broker's forecast by -1.4% and -0.8% below consensus.

Underlying net profit, down -5.5% at $134.6m, was at the top end of guidance, with a dividend per share at 8.5c, above UBS's estimate but below the market's.

Sales for the first four weeks of 2H25 grew 8%, boosted by acquisitions. Trading for 2H25 is expected to be better than 2H24. Management has lowered capex guidance to -$205m from -$235m.

On balance, the broker observes food performed better, hardware and liquor were below expectations, and cash realisation remained subdued at 66% compared to the three-year average of 85.5%. Hardware remains challenged, the broker highlights.

FORECAST
UBS forecasts a full year FY25 dividend of 17.00 cents and EPS of 25.00 cents.
UBS forecasts a full year FY26 dividend of 19.00 cents and EPS of 27.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Jarden

05/12/2024

2

Overweight

$4.10

30.99%

Metcash's 1H25 result was soft, Jarden notes, with earnings down -8% year on year ex-M&A. Hardware continues to weigh on the group, with Total Tools earnings down -16% and hardware down more than -25% ex-M&A.

Jarden is becoming more positive on the housing outlook and forecasts a bottoming in 1H25. Metcash continues to execute well in grocery, the broker believes, with share trends better, Superior performing well and a number of large contract opportunities in the pipeline.

Despite a lack of near-term catalysts, Jarden remains positive on valuation grounds and believes that when the housing cycle turns, operating leverage will be greater than the market appreciates. Target falls to $4.10 from $4.30, Overweight retained.

FORECAST
Jarden forecasts a full year FY25 dividend of 22.00 cents and EPS of 25.70 cents.
Jarden forecasts a full year FY26 dividend of 24.00 cents and EPS of 28.00 cents.
Access Extra Coverage Research History >

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