IVC’s FY17 result overall was slightly above our market expectations, although FY18 outlook guidance was disappointing.
FY17 underlying EBITDA increased 8% to $124 million, the result was driven by 2% revenue growth.
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Based on FY19 EPS of $0.68 and DPS $0.48, IVC now trades on a forward yield of 3.4%.
IVC
