The final day of the June 30 reporting period revealed a mixed bag of financial results, with some of Australia's major companies, including Harvey Norman, TPG, Ramsay Health Care, and Downer EDI, delivering varied outcomes amidst a challenging economic environment.
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Shareholders of Downer EDI (ASX:DOW) received disappointing news on Thursday, a week after management provided a glimpse into the company's disappointing performance and losses during the 2022-23 financial year.
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Downer EDI's new management team is confident it has cleaned up operations following the discovery of problematic contracts and revenue shortfalls.
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30 Jun 2023 – Chinese manufacturing activity contracted for the third consecutive month. Additionally, the value of the onshore yuan reached its lowest level since November.
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30 Jun 2023 – A snapshot of the stocks on the move, featuring Stocks of the Hour: Blue Star Helium, Magnis Energy Technologies and Downer EDI.
Read MoreSimon Mawhinney from Allan Gray looks at Downer EDI and why being out-of-favour is often an important prerequisite for AG to buy companies at prices lower than their intrinsic value.
Read MoreDowner EDI shares slumped almost 24% on Monday after it released the expected weak December half year result, cut its dividend and warned of a very poor outlook.
Read MoreThursday’s ASX trading session turned out to be a busy one for trans-Tasman stocks, with Downer EDI, Fonterra and Air New Zealand each making headlines.
Read MoreAnother full news day on the ASX with the reporting season picking up steam. Here’s the latest from some local industrial companies: Pact Group, Vicinity Centres and Downer EDI.
Read MoreCredit Suisse retains a Neutral rating. Target is steady at $5.40.
Read MoreThe pandemic and lockdowns continue to buffet companies such as Downer, EDI, CIMIC and Mirvac, as their December half or full year reports showed on Thursday.
Read MoreTarget falls to $6.68 from $6.84 but Outperform retained given a positive outlook boosted by the energy transition.
Read MoreTraders on the ASX were served up a trio of upbeat reports on Thursday from retailer Myer Group, engineering and services contractor Downer EDI, and grain handler Grain Corp.
Read MoreDowner EDI will divest its Western Australian open cut mining business, Mining West, to MACA ((MLD)) for $205m, in line with UBS’s expectations. The broker retains a Buy rating with a target of $6.30.
Read MoreDowner EDI is making another attempt to get rid of its unwanted laundries business bought in the takeover of Spotless.
Read MoreIt’s back to square one for Downer EDI so far as the sale of its Spotless laundry and garment businesses after the private equity-owned suitor, South Pacific Laundry (SPL) withdrew its request for a merger approval.
Read MoreA blow for Downer EDI in its attempts to rationalise and bury its lingering Spotless takeover adventure. Alsco Pty Ltd has withdrawn its request for informal clearance by the competition regulator, the ACCC to buy the Spotless Laundries’ garment laundering business.
Read MoreThe infrastructure splurge in the latest federal budget augurs well for Downer EDI, Australia’s largest road construction and maintenance provider. Morgan Stanley upgrades to Overweight.
Read MoreUBS sees Downer EDI as a restructuring story that will position the company to deliver free cash flow of at least $300m.
Read MoreDowner EDI expects to resume paying dividends this financial year, after re-confirming on Wednesday that it won’t be paying a final dividend for 2019-20 after write-downs and other charges pushed it to a statutory net loss of $155.7 million.
Read MoreDowner EDI has announced a capital raise and trading update.
Read MoreDowner EDI shares went into a trading halt yesterday to allow the company to start a $400 million capital raising as part of a revamp of the company.
Read MoreServices group, Downer EDI has won a $400 million-plus, 13 year set of contracts to maintain roads for the South Australian government.
Read MoreThe New Criterion’s Tim Boreham highlights several mining services contractors, large and small, and their potential at this time.
Read MoreShares in Downer EDI joined the downgrade crunch club yesterday after directors slashed 2019-20 earnings forecasts by around 12%.
Read MoreThe shares have recently outperformed and UBS downgrades to Neutral from Buy. The share price has increased around 20% in the year to date. The company has reiterated guidance for FY20 net profit of around $365m.
Read MoreThe company has assessed the additional costs to complete the Murra Warra wind farm contract to be $45m. The additional obligations have arisen through the insolvency of its turbine partner.
Read MoreHere’s crunch time for the hold out minorities in Spotless Group who have refused to sell their shares despite Downer EDI grabbing nearly 88% of Spotless in mid-2017.
Read MoreDowner EDI has disclosed that its partner at the Murra Warra wind farm, Senvion, has filed for self-administration in Germany. Senvion is responsible for the manufacture, transport, erection, and commissioning of the turbines and Downer for the balance of plant works.
Read MoreFirst half results were broadly in line with guidance. Macquarie notes two construction jobs underperformed but were contained within guidance, highlighting the benefits of scale and diversity.
Read MoreDiversified contractor Downer EDI was another major industrial (AGL was another yesterday) to disappoint investors with its December half-year figures, despite a one cent a share lift in interim dividend to 14 cents a share.
Read MoreMining services company Downer EDI is lifting final dividend despite reporting a 61% fall in net annual profit for the year to June.
Read MoreDowner EDI joined the impairments yesterday a $77 million pre-tax write-down in the value of its mining operations in its forthcoming interim results after what it called material contracts were not renewed.
Read MoreA relief rally for Downer EDI shares when the company provided a trading update and new guidance after its protected takeover of Spotless which didn’t reveal any disasters.
Read MoreWhack, small shareholders in Downer EDI (DOW) have comprehensively rejected the company’s $1.3 billion bid for Spotless (SPO) group by refusing to fund the retail component of the $1.1 billion fund raising.
Read MoreA billion dollar flop.
Read MoreDowner EDI (DOW) shares jumped 20% to near seven year highs yesterday after the company surprised the market by raising its full year profit guidance.
Read MoreDowner EDI warned it faces “continued pressure” in its resources-related businesses after the contractor’s annual net profits fell 14% to $180.6 million, with a forecast of a fall to come this year.
Read MoreIn contrast to the whacking handed out yesterday to shares in companies like Programmed Maintenance Services (PRG) and Macquarie Group (MQG), investors chased Downer EDI (DOW) shares higher yesterday despite a weak interim result and a small trim to full year guidance.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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