Category: Analyst Research

HUO delivered a strong FY18 result, with revenue up +23%, underlying operating EBITDA up 14% (despite margins deteriorating by 100bps to ~23%) and underlying NPAT up +23% on previous corresponding period (pcp);

Aveo Group (AOG) reported a solid FY18 result, with underlying profit up +17% to $127.2m, mainly driven by the delivery of 506 new units and Newstead achieving higher than expected development margins, and NTA up +16% to $3.92.

HT&E (HT1) delivered a solid 1H18 result, driven by solid trading conditions in Australian Radio Network (ARN) and Hong Kong reporting positive earnings (EBITDA). With the sale of Adshel announced, this segment is now reported as discontinued, which made the…

Senior Analyst, Zach Riaz provided an update on reporting season so far. Zach is part of the team whose model portfolio was up +21.8% over the past financial year – One of the reasons we have had so much interest in…

DMP announced its FY18 results, which missed company’s own guidance and fell short of consensus forecasts, leading to a -6.5% drop in its share price.

PPS reported a strong FY18 result which again highlighted the ongoing momentum in the business which is benefiting from the strong growth in SMAs.

At times, even though a Company may produce a strong result, if it does not meet the higher growth rates expected by the market (as it did in this case, with revenue and net income, -1.9% and -0.9% lower than…

Since our sell recommendation, the stock is down ~-63.5% and has played out consistently with our investment thesis. iSelect (ISU) announced ugly albeit as expected FY18 results.

Challenger Ltd (CGF) reported mixed FY18 results over a period that was largely impacted by higher levels of capital following the $500m MS&AD equity placement.

AZJ reported FY18 results as expected. Key highlights include EBIT up 6% to $940.6m driven by: (1)  Coal up $8.6m (2%) on +7% higher volumes but partly offset by higher costs due to price escalation and costs to add capacity…

Bendigo and Adelaide Bank (BEN) reported solid FY18 results, which were in line with market expectations. Earnings (underlying cash NPAT) was up +6.4% to $445.1m, return on equity (ROE) was up +13bps to 8.23% but return on tangible equity (ROTE)…

JBH delivered a solid FY18 result which came in ahead of management’s guidance and consensus estimates. The core Australian business continues to perform strongly (delivering double digit earnings growth) whilst The Good Guys and NZ are facing some challenges, although…