EBITDA rising 3% y-o-y to US$376m, against a 7% drop in revenue. In addition to the cost-cutting initiatives, the depreciation of the Australian dollar has helped the company to keep costs in check and supported profitability as EBITDA margin reached 34%. That said, the downward pressure on the commodity prices has led us to revise down MMG’s FY15/16 earnings estimates and valuation.
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2015 – a year of two halves
EBITDA rising 3% y-o-y to US$376m, against a 7% drop in revenue. In addition to the cost-cutting initiatives, the depreciation of the Australian dollar has helped the company to keep costs in check and supported profitability as EBITDA margin reached 34%. That said, the downward pressure on the commodity prices has led us to revise down MMG’s FY15/16 earnings estimates and valuation.