Thank you for sharing this idea. If I interpret the earnings correctly, the JV is doing better than even your blue sky scenario. Could you share your thoughts on the last earnings? And did they just say that the orderbook for 2025 is already full?
Yes the MTU JV earnings are very strong, I had penciled in ~96m earnings attributable to parent for 2024 , the actual number looks like to be closer to 107m (48m 1H and acceleration to 58.5m in 2H), will need full set of annual report accounts to work out exactly what is going on. Your understanding is correct around the comment that the order book is full for 2025 per mangement commentary, as we understand the JV orderbook is currently much stronger than GYMCL order book. Hope thats helpful!
Thank you for sharing this idea. If I interpret the earnings correctly, the JV is doing better than even your blue sky scenario. Could you share your thoughts on the last earnings? And did they just say that the orderbook for 2025 is already full?
Yes the MTU JV earnings are very strong, I had penciled in ~96m earnings attributable to parent for 2024 , the actual number looks like to be closer to 107m (48m 1H and acceleration to 58.5m in 2H), will need full set of annual report accounts to work out exactly what is going on. Your understanding is correct around the comment that the order book is full for 2025 per mangement commentary, as we understand the JV orderbook is currently much stronger than GYMCL order book. Hope thats helpful!
Very helpful, appreciate your input!