PPC’s FY18 NPAT of $49.1m was 10% up on FY17, while solid operating cash flow meant strong balance sheet metrics at year end. This financial strength provides flexibility, as does the large, diversified land bank. PPC is targeting earnings growth in FY19, which we believe is achievable given contracts on hand and the number of projects in development. Property market sentiment and pricing pressure are key risks, however given PPC is in a strongly cash generative phase, has a typically low-cost base, and is under no immediate pressure to replenish the land bank, we maintain a positive view.
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