Category: Analyst Research

REA reported another solid set of results, delivering double-digit growth across key trading metrics. Relative to the previous corresponding period (pcp), group revenue increased +20.3% to $807.7m, EBITDA increased +21.7% to $463.7m.

Magellan Financial Group (MFG) FY18 results were strong in our view. Key highlights to FY18 results were: (1) average funds under management (which increased by 29% from $45.7 billion to $59.0 billion); (2) profit before tax and performance fees of…

JHX reported a solid 1Q19 result with adjusted net profit of US$79.9m +29% above previous corresponding period (pcp) and adjusted operating earnings (EBIT) up +21% on pcp, with EBIT margins slightly weaker (by -0.9%) at 16.5%.

AGL Energy (AGL) delivered a strong FY18 result, with underlying net profit of $1.023bn +28% above prior year, coming in at the upper end of management’ guidance and 2.5% consensus estimates

SUN’s FY18 cash profit for the full year came in ahead of consensus estimates, with management announcing a special dividend of 8cps along with the final dividend of 40cps.

Baby Bunting (BBN) reported solid FY18 results. In prior research reports, we have commented extensively our thoughts on how BBN competes against competitors and specifically implications of Amazon’s forays into Australia – we rated the management team and strategy highly…

In March 2018, we provided our initial overview of the dynamics which have plagued the global uranium markets for the better part of last 8 years. This prolonged bear market has decimated the industry, which commenced as a result of…

CWN’s FY18 results at the revenue and profit line both came in ahead of market expectations, with adjusted normalised NPAT (pre-significant item) of $386.8m ahead of estimates at $368.4m. However, this was driven by -54.6% decline in net interest expense…

MGR’s FY18 operating profit (after tax) of $580m was up +8% on prior year and came in ahead of consensus estimates of $577.2m. The Company provided FY19 operating EPS target of $0.168 – 0.171 and distribution target of $0.116 (which…

ORA’s FY18 underlying NPAT of A$208.6m was up +12% on previous corresponding period (pcp), slightly ahead of consensus estimates of A$206.6m.

ALE Property Group (LEP) reported solid but as expected FY18 results. Key highlights to FY18 results included: 1. increased distributions by ~2.0% to $29.0m (or 20.8cps) – in line with manager expectations; 2. Weighted average adopted cap rate reduced from…

SCP Property Group’s FY18 results were solid with Funds From Operations (FFO) of $114.3 m, up by +5.4% on the prior year and distribution of $0.139, up +6.1% on the same period last year (equates to a payout ratio of…