DMP out with a large downgrade overnight.
Asia is a big miss, with same store sales revenues down quite a bit, and FY24 guidance revoked. You know that any update that ends with the below signoff is going to be a bit grim.
The Australian arm appears to be tracking well, but this will be of little comfort to DMP investors today.
Consensus is about 10% ahead, which is a big enough miss, but it is the forward PE that will do the damage, as DMP trades on 36x, a multiple predicated on strong growth, a narrative that will be somewhat challenged by that Asia SSS (same store sales) result.
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