Australia's Guzman Y Gomez drops over 5% despite profit beat

Guzman y Gomez

27/08/2024 01:57

** Shares of Mexican-themed fast food business Guzman Y
Gomez  GYG.AX  fall as much as 5.7% to A$33.80, their worst
intraday drop since Aug 19
    ** GYG, which debuted on ASX in mid-June, reports FY24
underlying profit of A$5.7 mln ($3.86 mln), beating its
prospectus forecast of A$3.4 mln
    ** Co says it expects to achieve FY25 prospectus forecast of
A$6 mln, which is only marginally above FY24 profit and below
Visible Alpha consensus of A$8.4 mln
    ** Like-for-like sales growth in Australia at 7.4% in the
first seven weeks of FY25
    ** GYG trading at a 12-month forward price-to-earnings ratio
of 369.26
    ** GYG stock up 19.5% since listing on June 20, as of last
close


    ($1 = 1.4767 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))