That dividend, it's now an income stock. Great, and payout ratio at 45%.
Conservative, yet upgraded guidance for FY18 very positive. MNY have consistently been stronger in the second half, however guidance is just assuming matching the first half.
Management are getting into a nice habit of under-promising and over-delivering.
Margins contracted a little, though still very good.
More consolidation of the branch network in a positive as well.
Maybe some adverse regulations coming next year as a result of the Royal Commission's recommendations, but this stock is cheap, real cheap.
