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  • QANTAS 1H20 Results

    Feb 24, 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 24, 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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  • 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 20, 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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  • 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 14, 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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  • Zenith Energy 1H20 Results

    Feb 12, 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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  • 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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  • Peabody 4Q19 and full year results

    Feb 07, 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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  • Coronavirus Update - January 2020

    Feb 05, 2020
    In recent weeks, we have experienced a wave of news articles reporting the outbreak of a previously unknown virus, Novel Coronavirus (Coronavirus). The virus originated in Wuhan, located in the Hubei province of China. The first case was detected on 12 December 2019.
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  • EQM Midstream Partners Update - January 2020

    Feb 03, 2020
    On 30 January 2020, Moody’s Investor Service (Moody’s) changed its outlook on natural gas pipeline operator, EQM Midstream Partners LP (EQM) to Negative. At the same time, Moody’s affirmed EQM’s corporate credit rating and the rating on the company’s senior unsecured notes.
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  • Lucas Total Contract Solutions - January 2020

    Jan 23, 2020
    We provide an operational update for Lucas TCS ahead of the release of the company’s 2Q20 results which we expect to receive towards the end of February.
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  • Rockpoint Gas Storage Downgrade

    Jan 21, 2020
    On 17 January 2020, S&P Global Ratings (S&P) downgraded its corporate rating on Rockpoint Gas Storage (Rockpoint, Company) by one notch. As a consequence, S&P also downgraded its issue rating on the Rockpoint's 7.00% notes due 2023. The downgrade primarily reflects implications of revised forecasts which result in Rockpoint’s expected leverage (debt/EBITDA) at or close to 6.0x over the coming two years. The weakness in credit metrics are the result of a number of factors including a dampened market and restrictive access conditions.
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  • Workpac Recommendation initiated

    Jan 14, 2020
    We initiate our recommendation on the WorkPac Trade Receivables Trust No.1 1 Class B notes.
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  • Pioneer Credit update

    Jan 10, 2020
    Pioneer Credit announced in late December 2019 that it had resolved the funding issues that have been hampering its growth during the first half of FY20, providing a path to resumption of trading of its AUD40m notes.
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  • Bushfire update

    Jan 09, 2020
    Given the continued devastating impacts of the bushfires currently affecting the Eastern states of Australia, we are reviewing the impact of the main companies within our coverage in order to estimate any potential near-term pressures.
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