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Australian waste management company, Bingo Industries Limited (ASX:BIN) has announced its response to ASX Aware Query over revised EBITDA guidance in its market update and FY19 outlook which was released on February 18, 2019.
On the conclusion of its Board sub-committee meeting on February 17, 2019, the company was determined to provide revised EBITDA guidance which completed in a review process undertaken by its management in conjunction with the companyâs accounts auditing process and half year results preparation.
The review process involved performance of the business in the H1 FY2019 which was more or less on track with the budget estimates, recent changes in the market conditions including an accelerated softening of market conditions reported in the past two months as per the companyâs business in particular residential collections, pricing and volume related options, network reconfiguration and redevelopment options, status and potential timing of completion of the proposed DADI acquisition, and various cost out strategies, to determine the EBITDA expectations.
After realizing that there was a substantial alteration in EBITDA expectations after the developments, the company board decided to issue the revised EBITDA guidance immediately.
On the query of ASX whether the material change in EBITDA guidance would impact its security price, the company responded âyesâ when considered in totality whereas in isolation none of the factors were considered material.
Bingo also confirmed that it has complied with the listing rules, in particular, Listing Rule 3.1.
Listing Rule 3.1 sets out exceptions from the requirement to make immediate disclosure, provided that each of the following are satisfied such as it would be a breach of a law to disclose any information or the information concerns an incomplete proposal or negotiation, or the information contains matters of assumptions or is insufficiently definite to warrant disclosure.
The company on its response to the ASX queries confirmed that all its answers to the questions have been approved and authorized by the board of directors.
In another update, Bingo is expected to announce its half-year FY19 results on Tuesday, 26 February 2019. It will be presented by Daniel Tartak, CEO & MD, Anthony Story, CFO, and Chris Jeffery, CDO via slides and audio webcast commencing at 10:00 am (AEDT) on Tuesday, 26 February 2019 which will be later published on Bingos' investor relations on its website.
Bingo is a fully integrated waste recycling and management company which provides solutions across processing, disposal, collection, and separation. It comprises more than 800 staff and operates a fleet of more than 250 vehicles. It has one of the most extensive networks of resource recycling center across NSW and Victoria.
Bingo Industries last traded at $1.275, down by -3.448% in the intraday day with the market capitalization of ~$783.31 Mn as on 25 February 2019 (AEST 3:00 PM). Its current PE multiple is at 13.05x, and its last noted EPS was 0.100 AUD. Its 52 weeks high has been noted at $3.270, and 52 weeks low at $1.17. Its absolute return for the last 3 months and 1 year is -41.48% and -47.08% respectively.
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