FY17 results for ANN were mixed with revenue growth of 2- 3 %. Cash conversion was strong and lower capex supported the dividend.
With this report, it’s difficult to draw any clear comparisons to past results as added expenses and divestment of businesses segments renders historical divisional comparison meaningless.
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We view FY18 guidance as conservative and see the 3% forward yield as an attractive risk reward proposition.
A streamlined operation and moderating raw material costs should see Ansell’s share price trade higher over the next 12 -24 months.
