Adjusted FY20 NPAT of $15.1m, impacted by lower sales in FY19 and COVID more recently, was in line with guidance. Sales rebounded strongly in the last and current quarters on the back of significant Federal and State stimulus which, when combined with low interest rates and more relaxed lending criteria, augurs well for the current half. The market post stimulus is less clear, and PPC is appropriately managing capital with this is mind. We maintain our HOLD call and $1.10 valuation pending greater clarity on the outlook.
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