Both the share price and subordinated notes have recently experienced a rebound in their price: The share price has recovered from $8.99 on September 30th to above $12 currently; Crown Subordinated Notes are trading back above par ($100) after having reached a low of $98 on 15 September 2015; Similarly Crown Subordinated Notes II are trading back at $93, after having reached a [...]
On 30 September 2015 Origin Energy Limited finally gave in to pressure to stabilise its balance sheet following a collapse in Oil / LNG prices and a deterioration in the operating business. The group has announced a series of capital initiatives to improve the credit metrics of the group but more importantly start a process to remove any reliance it [...]
Earnings Sales momentum has stalled in the key retail annuity sales product (ex-CARE) up only 5% on the year. The second half of the year was particularly weak with retail annuity sales growth being negative. This is the lowest growth in 3 years and suggests that the low interest rate environment is forcing retirees to take more risk in order [...]
CCA published a solid set of 1H15 results, which were slightly ahead of market expectations (albeit expectations were low following recent events) with EBIT flat at $316.9m (vs $316.7m 1H14). While trading revenue was up 4.9% to $2,449.7m, adjusted EBITDA (before significant items) was only marginally up (1.3%) to $453.9m as margins dropped from 19% to 18.3%. By division: Australia (55% of trading revenue): EBIT declined [...]
BHP Billiton published FY15 relatively weak results which were below market consensus. Revenue was down 21.4% to $44.6bn and underlying EBITDA fell 27.9% to $21.9bn as lower average realized prices (-41% in iron ore, -33% in oil and more than -20% in coal) offset productivity gains. By business segment: Iron Ore: BHP expects FY16 production to increase by 6%. BHP [...]
Telstra reported a mixed set of results for FY15 with total income increasing 1.2% to reach $26.6bn and EBITDA decreasing 3.5% to $10.7bn mainly as a result of lower revenues in fixed voice. By key product line: Mobile revenues (41% of Group revenues) increased 10.2% over the period, the strongest growth rate in 3 years, thanks to strong growth in [...]
AGL published solid FY15 results, which came ahead of market consensus, thanks mainly to the Macquarie Generation acquisition which performed better than expected. By divisions (AGL changed its operational structure after its investor day in May): Energy Markets: EBIT up 27.4% to reach $2,063m thanks mainly to good results from Wholesale markets, helped by the acquisition of the Macquarie Generation assets which offest [...]
August 13th, 2015: As anticipated when we changed our recommendation in May to SELL, Crown Resorts published weak FY15 results, which were below analysts estimates. By divisions: Crown Melbourne: reported EBITDA up 8.6% to $644.6m, due to adverse variance from the theoretical VIP program play having a negative EBITDA impact of $17.5m, offsetting the strong revenue growth in VIP program [...]
August 12th 2015: AGL published strong FY15 results, which came in ahead of market consensus, thanks mainly to the Macquarie Generation acquisition which performed ahead of expectations: By divisions (AGL changed its operational structure after its investor day in May): Energy Markets: EBIT up 27.4% to reach $2,063m thanks mainly to good results from Wholesale markets, helped by the acquisition of the Macquarie [...]
August 11th, 2015: Transurban published strong FY15 results in regards to equity but weak credit-wise, on the back of strong traffic growth (average daily traffic growth of 5% across assets) and increased toll revenues (proportional toll revenue growth of 39.6% and 10.7% when excluding acquisitions and impact of 95 Express Lanes), helped by acquisitions and consolidation of the US business. [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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