Clearly the story is getting more positive & the PNC team are turning the ship around/gearing up for a big FY26
When do you think the board should start thinking about shareholder returns?
I didn’t pick up anything in the call about this, but it’s clearly cheap and the hard work turning around is done. Just hoping for this to be reflected in the share price isn’t good enough IMO, I’d love to see some real movement on this (maybe a capital allocation policy at 1HFY26 results that shows how the board thinks about future returns)?
I think the company needs to delever more from here before considering buybacks/dividends. Post FY26 execution, I think they will start to turn their heads towards this. In saying that, if they haven’t received a re-rating upon continued execution post FY26, I wouldn’t be surprised to see this get shopped to an overseas player looking to enter the Australian market.
Thanks! Good write up and result!
Clearly the story is getting more positive & the PNC team are turning the ship around/gearing up for a big FY26
When do you think the board should start thinking about shareholder returns?
I didn’t pick up anything in the call about this, but it’s clearly cheap and the hard work turning around is done. Just hoping for this to be reflected in the share price isn’t good enough IMO, I’d love to see some real movement on this (maybe a capital allocation policy at 1HFY26 results that shows how the board thinks about future returns)?
Appreciate that mate!
I think the company needs to delever more from here before considering buybacks/dividends. Post FY26 execution, I think they will start to turn their heads towards this. In saying that, if they haven’t received a re-rating upon continued execution post FY26, I wouldn’t be surprised to see this get shopped to an overseas player looking to enter the Australian market.