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Peet Limited (PPC) - Reaping The Benefits

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The FY17 results showed PPC is reaping the benefits of prior year restructuring. NPAT of $44.8m was up 5% on FY16 and ahead of our forecast, while an ongoing focus on capital management and a disciplined approach to new investment delivered strong cash flow and reduced gearing to 21%. PPC is well positioned for growth in FY18 and beyond, with more than 80% of the diversified land bank expected to be in development by 2019. The >50k lots on hand would sustain PPC for the next 17 years at current sales rates. Our upgraded valuation of $1.50 (prior $1.40) underpins our maintained buy call.

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