Bonds.

On the 30th of August 2016 Qube Holdings Limited (QUB) announced a new transaction, Qube Subordinated Notes (Prospective ASX Code: QUBHA). The purpose of this transaction is to provide funding for the group but also to help fund the partial acquisition and development of the Moorebank Intermodal Freight Precinct. The indicative size of the offer is $200 million but Qube [...]

  Peet posted positive FY16 results with operating profit 11% to $43 million despite a 24% decline in revenue and flat EBITDA result. The strong property market performance over the past 5 years has fueled this result as Peet has effectively ridden the property cycle. Performance within Western Australia and the Northern Territory regions have been poor but this has [...]

APA Group has posted positive results in FY16 with revenue and EBITDA increasing by 48% and 62% respectively as a result of its acquisition and investment heavy strategy. Excluding the recent inorganic earnings growth, the group’s results were still solid with revenue growth at 6%. APA Group’s largest segment is energy infrastructure, accounting for 94% of EBITDA, had a strong [...]

Wesfarmers posted flat FY16 results with Net Profit After Tax (NPAT) excluding significant items at $2.4 billion which is a 3.6% decrease over the previous period. Similarly, EBITDA before significant items was $2.6 billion which is a 46.9% decrease over the previous period. These results are the combination of mixed performances within the group segments. Those performing well are Coles, [...]

Qantas posted record results for the FY16 as underlying EBITDAR increased by 22% to $3.4 billion on the back of a 2.4% increase in revenue. This was driven by the group’s 3-year transformation program which saved the group from the brink in late 2014. Jetstar Group and Qantas International were the standout performers delivering EBIT growth of 97% and 92%, [...]

NEXTDC posted strong results for the FY16 with a 52% increase in revenue to $93 million. This resulted in a reported EBITDA of $28 million and statutory net profit of $1.8 million. NEXTDC has significantly increased its capital expenditure to $101 million funded by a combination of new debt and equity issuance. This is to fund its capabilities to meet [...]

Caltex posted neutral HY16 results with a 13% decline in operating revenue due to volatility in world crude oil prices. The group maintained a replacement cost operating profit (RCOP) EBIT of $397 million which is a 4% increase over the previous period. Within this result, the supply & marketing segment which accounts for approximately 80% of earnings performed well with [...]

Tatts posted broadly neutral results for the 2016 financial year with revenue increasing by 4.4% to $2.9 billion. EBITDA was flat but the group was able to increase underlying net profit by 3.8% due to a $10 million reduction in interest expense.   The lotteries business remains the largest division (~65% of group EBIT) with EBITDA growing by 10% to [...]

Sydney Airport reported strong results as all segments positively contribute to yearly growth in revenue and EBITDA of 11% and 9.8% respectively. This result was again driven by international passenger growth (9.3% over the year) and an increase in capacity (predominantly Asian airlines).   Overall, the group continues to benefit from increased tourism from Asia (Japan +26%, Philippines +24%, China [...]

Stockland posted strong results for the 2016 financial year with underlying profit increasing by 8.5% to $660 million. This was largely driven by strong conditions for growth in the Melbourne and Sydney residential property market which led to a 38% increase in operating profit for the residential property segment. Furthermore, Stockland’s commercial property segment, which accounts for 71% of the total [...]