Scales - No Dramas
Scales' (SCL) first FY25 earnings guidance came in slightly below our expectations but does not alter our view on the medium-term earnings outlook.
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Scales - Razzle Dazzle
Despite Scales' (SCL) earnings mix shift towards Global Proteins, Horticulture still represents ~35% of our long-term NPAT forecasts.
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Scales - Scaling New Heights
Scales' (SCL) business has changed materially over the past decade. Global Proteins (primarily pet food ingredients supply) represents ~70%
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Scales - 1H24 Result — Increased Confidence
FY24 earnings guidance was reaffirmed, and, in light of the strong 1H24 result and historically conservative guidance, we expect the midpoint will...
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Scales - 1H24 Preview — Well Positioned
We expect it to report a solid return to profitability in its Horticulture division, and modest sequential growth within its Global Proteins division.
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