Goodman Group's (GMG) first half result was strong with an operating profit before interest and tax of $452.3 million up 28% on the prior corresponding period. All divisions contributed but the development and asset management segments were the standout performers with reported EBIT growth of 39% and 66% respectively. The investment segment remains the largest contributor (43%) but growth was [...]
Since restructure to a non-operation holding company (NOHC) in 2011 the Suncorp group has gone from strength to strength. However, situation today is similar to the pre-GFC era where it is difficult for a regional bank to be competitive against the majors in mortgage lending. Over the past few years they have been successful in improving their net interest margins but [...]
Last week Standard and Poors announced the upgrade of Qantas' credit rating and its long awaited return to Investment Grade. This is a significant achievement given the overall slowdown of the Australian economy and is something which has been years in planning. As stated in our previous research notes, following weak FY14 results Qantas' management launched a thorough, all-encompassing transformation program which aimed to streamline the company [...]
Aurizon held its investor day on October 7th, at which it outlined its transformation program to deliver further cost reductions and productivity benefits totalling $310-$380m for the 3 fiscal years FY16 to FY18, which are crucial to achieve its target of delivering an Operating Ratio (OR) of 70% by FY18, ie an EBIT margin of 30% (versus an OR of 74.3% [...]
Beginning of September, AGL disclosed that it completed the sale of its 50% participating interest in the 420MW MacArthur Wind Farm for $532m. This was earlier than expected as the company had guided for "first half of FY16" but in-line price-wise as it had anticipated a $500m price tag. It is an important milestone in AGL's target of $1bn of [...]
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 [...]
Last week Nufarm reported pleasing full year 2015 results with underlying profit of $104.8m. EBITDA was up 18% to $317 million and revenue increased ~4%. Higher debt levels meant credit metrics remained broadly stable with net leverage decreasing slightly to to 1.7x. Revenue growth was driven by higher sales of herbicides and fungicides in particular, offsetting a decline in sales from insecticides. From a demographic [...]
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 [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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