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…
Commonwealth Bank’s (CBA) FY18 result came largely in line with consensus estimates and, frankly speaking, weren’t as bad as some may have anticipated. Nonetheless, key headwinds we have highlighted before were evident in the second half of the year and…
Folkestone Education Trust (FET) has been the best performing A-REIT on the S&PASX300 Index over a 10 year period, and second over a 5 year period (as of 30 June 2018).
Tabcorp’s FY18 results were largely in line with our estimates. In our view, its core Wagering business continues to be impacted by structural trends (shift to online wagering), competitive pressures in retail and cost pressures.
Since we downgraded the stock to Sell on corporate governance issues, the share price has declined -19.4%. We pre-warned that poor market sentiment would affect the stock price but highlighted how we could not quantify how much bad press and…
Navitas (NVT) reported disappointing FY18 results in our view given the write-downs (but the results were largely in-line with market expectations); with revenue of A$931m (down -3.0%), EBITDA of A$82m, -47.0% lower than FY17 equating to a margin of 8.8%…
Transurban (TCL) again delivered a solid result with toll revenue and operating earnings (EBITDA) up +8.7% and +10.2%, respectively, on previous corresponding period (pcp).
Amcor (AMC) has announced that it will acquire Bemis (NYSE: BMS) in an all-stock US$6.8bn transaction, which is unanimously supported by the Boards of both companies. The combined group will have revenues of US$13.0bn and EBITDA of US$2.2bn.
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