GOR’s Fully yearly CY2023 results were in line with our estimates and showed a strong cash build for 2023 despite the disappointing DQ23 results. Attributable operating cashflow for Gruyere totalled A$233.6M with NPAT of A$115.7m. We reiterate our BUY rating with no change to our A$1.85 price target. Gruyere will remain a strong cash generator for GOR in the long-term, but we remain unsure of GOR’s intentions of where and when to deploy its cash balance to M&A.
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