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News and Education

  • Elanor Investors Group 1H20 Results

    Feb 24, 2020
    On 17 February 2020, Elanor Investors Group (Elanor, Company) announced 1H20 results. During 1H20, Elanor grew funds under management (FUM) by acquiring new real estate assets and establishing new funds, including Elanor Wildlife Park Fund. Growth in FUM supported core earnings growth, as Elanor receives fees for meeting performance hurdles of managed assets. On a like-for-like basis, costs were broadly in line with 1H19 and the Company remains compliant with all its covenants.
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  • QANTAS 1H20 Results

    Feb 23, 2020
    On 20 February 2020, Qantas Airways Limited (Qantas, Company) reported its first half (1H20) results for the period ended 31 December 2019. The Company reported strong results despite headwinds during the period with revenues of AUD9.5bn, a 3% increase compared to the prior corresponding period (pcp). Underlying EBITDA for 1H20 was AUD1.91bn, marginally higher than 1H19.
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  • IAMGOLD FY19 Results

    Feb 23, 2020
    On 19 February 2019, gold mining company, IAMGOLD Corp (IAMGOLD, Company), released its fourth quarter (4Q19) and full year (FY19) results for the period ended 31 December 2019. Overall the results reflected a challenging year for IAMGOLD, the Company reported revenues of USD1.06bn, down 4% from USD1.11bn in the prior year. The decrease was primarily due to lower sales volume at Rosebel, Essakane and Westwood which was partially offset by a higher realised gold price.
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  • Pepper PRS 23 Class D Notes factsheet

    Feb 21, 2020
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  • New DirectBond – Greenko

    Feb 20, 2020
    Founded in 2004, Greenko Group (Greenko) develops and operates clean energy projects across 15 states in India, including solar, wind, hydropower, natural gas, and biomass assets.
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  • Maurice Blackburn 1H20 Results

    Feb 20, 2020
    On 14 February 2020, Maurice Blackburn (MB, Company) announced 1H20 results for the six months ended 31 December 2019. Total revenue, consisting of service and litigation revenue, was broadly in line with 1H19. However, MB reported lower NPAT in 1H20, owing to a large one-off adjustment which related to how the Company calculates exit payments in 1H19. Given the seasonality in revenue we expect 2H20 to be stronger for MB. Furthermore, we expect stronger free cash flow generation driven by improvements in working capital, as the Company is expected to experience a significant reduction of work in progress.
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  • Fortescue Metals Group (FMG) 1H20 Update

    Feb 19, 2020
    On 19 February 2020, Australian iron ore mining company, Fortescue Metals Group Ltd (FMG, Company) released strong first half (1H20) results for the period ended 31 December 2019. In 1H20, FMG reported revenues of USD6.5bn, a significant increase from the USD3.5bn reported in 1H19. Higher revenues were the result of record shipment volumes and a higher average realised price.
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  • Next Generation Clubs (NextGen) FY19 Results

    Feb 19, 2020
    We provide an update on Next Generation following FY19 results and commencement of construction at Doncaster.
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  • Lucas 1H20 Update

    Feb 17, 2020
    We provide an update to noteholders following the release of Lucas’ 2Q20 results.
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  • New Issue Alert – Liberty Financial Senior Unsecured

    Feb 17, 2020
    Liberty has mandated Deutsche Bank, NAB and Westpac for a potential 4-year AUD $200m floating rate note.
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  • Mercer FY19 Results

    Feb 14, 2020
    On 14 February 2020, Mercer International (Mercer, Company) announced FY19 results. Results were mixed, with the Company reporting growth in revenues. However, increased maintenance downtime and higher operating costs led to sharp declines in EBITDA and a net loss for FY19. While liquidity remains sound, Mercer reported softer credit metrics.
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  • AMP FY19 Results

    Feb 13, 2020
    On 13 February 2020, AMP Limited (AMP, Company) reported its full-year results for the year-ended 31 December 2019 (FY19). The Company reported a headline net loss after tax of AUD2.5bn, stemmed from a predominantly non-cash impairment of AUD2.4bn previously announced.
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  • Centuria Capital Group 1H20 Results

    Feb 13, 2020
    On 12 February 2020, Centuria Capital Group (Centuria, Group) announced its 1H20 results. Results were relatively stronger, representing significant growth in Centuria's assets under management. While reducing debt, the Group also recorded growth in revenues, net operating profit and cash flow from operations. Centuria also announced it had entered into an agreement to acquire a real estate funds management company in New Zealand.
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  • Geo Group FY19 Results

    Feb 13, 2020
    On 13 February 2020, The Geo Group Inc (GEO, Company) announced FY19 results for the 12 months ended 31 December 2019. Despite headwinds in the form of political scrutiny and reduced support from financial institutions, results were sound. GEO reported revenue growth whilst improving its credit metrics. Additionally, the Company entered into new contracts with government departments whilst broadly maintaining the number of revenue generating beds.
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  • New Issue Alert - GPT RE Limited Senior Unsecured Bond

    Feb 12, 2020
    GPT RE Limited operates as a real estate investment trust. The Company owns and manages a portfolio of offices, logistics, business parks, and shopping centres. The company was incorporated in 2003 and is based in Sydney, Australia.
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  • Zenith Energy 1H20 Results

    Feb 11, 2020
    On 11 February 2020, independent power producer, Zenith Energy Ltd (Zenith), released robust first half (1H20) results for the period ended 31 December 2019. For 1H20, Zenith reported revenues of AUD29.4m, a 28.4% increase from 1H19, and a very strong EBITDA figure of AUD14.8m (up 74.1% from the prior corresponding period).
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  • Firstmac 2019-4 Class C Notes

    Feb 11, 2020
    Firstmac is a non-bank residential mortgage originator with a national presence and has been in operation since 1988.
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  • Merredin Energy 1H20 Update

    Feb 10, 2020
    On 7 February 2020, Merredin Energy Ltd (Merredin, Company) released its results for the quarter (2Q20) and half year (1H20) ended 31 December 2019.
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  • Lower yields - where is the value?

    Feb 07, 2020
    There have been many events already in calendar year 2020 that would ordinarily be considered significant for a single year, with the current coronavirus bringing back memories of SARS in 2003.
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  • Peabody 4Q19 and full year results

    Feb 06, 2020
    On 5 February 2020, the world’s largest private-sector coal company, Peabody Energy Company (Peabody, Company) announced its fourth quarter (4Q19) and full year (FY19) results for the period ended 31 December 2019. Peabody reported revenues of USD1.12bn in 4Q19, down from the prior corresponding period (pcp), mainly due to lower seaborne metallurgical (met) coal volumes. For the same reason, Peabody reported significantly lower revenues and EBITDA versus FY18, coming in at USD4.62bn and USD837m, respectively.
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