Bega Cheese is under Algo Engine buy conditions following the recent signal at $4.50.
FY20 Full year earnings exceeded consensus and the key numbers are;
Revenue increased by 5% to $1.5 billion Operating cash flow $138 million Net debt reduction by $52 million to $236 million Export sales increased 15% to $523 million Inventory reduction by $15 million to $257 million Normalised EBITDA decreased by 2% to $103.0 million
Bega Cheese switched to Algo Engine buy conditions back on the 15/6 at $4.50. Following a retest of the initial entry level this week, Bega then rallied 15%.
We’ve seen other food-related companies report strong earnings with an increase in stay at home cooking, supporting industry fundamentals. Despite this, we traded out of BGA in Friday’s session and locked-in the gain.
1H20 earnings showed mixed performance and we’ll be reviewing the full-year results when announced in August.