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  • AMP Limited 1H20 Results

    Aug 14, 2020
    On 13 August 2020, AMP Limited (AMP) reported a soft (although pre-announced) statutory net profit after tax of AUD203m for the six months ending 30 June 2020 (AUD149m on an underlying [management-adjusted] basis, down 42% on the prior corresponding period). The drop in underlying earnings was primarily attributable to the impacts of COVID-19, which was felt across all business units.
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  • QBE 1H20 Results

    Aug 14, 2020
    On 13 August 2020, QBE Insurance Group Limited (QBE), announced its results for the six months ending 30 June 2020 (1H20), reporting a statutory net loss after tax of USD712m (compared with a net profit after tax of USD463m in prior corresponding period). The pre-tax result was materially impacted by underwriting impacts of COVID-19 (USD335m), adverse prior accident year claims development, higher than anticipated catastrophe claims, and a net investment loss of USD90m (compared with a net investment profit of USD755m in the prior period).
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  • SEEK Limited Results - August 2020

    Aug 14, 2020
    On 12 August 2020, Seek Limited (SEEK, Company) released its FY20 results. Marginal revenue growth was underpinned by strong performance from its Zhaopin (China) segment. However, SEEK ANZ, Asia and Latin America reported soft results driven by lower employment advertising amidst the COVID-19 pandemic.
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  • Centuria Capital – FY20 Results

    Aug 13, 2020
    On 12 August 2020, Centuria Capital Group (Centuria, Company) released its FY20 results. Results were mixed, with the Company reporting higher revenue and cash flow from operations but softer EBITDA and NPAT compared to prior comparative period.
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  • Transurban FY20 Results - August 2020

    Aug 12, 2020
    On 12 August 2020, Transurban (TCL) reported its full year results for the financial year ending 30 June 2020 (FY20). Statutory toll revenue and EBITDA came in at AUD2.51bn and AUD1.84bn respectively. On a proportional basis (TCL’s preferred measure), compared to the prior corresponding period (pcp) revenue was down 3.4% to AUD2.49bn and EBITDA fell 6.4% to AUD1.89bn.
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  • Challenger Limited FY20 Results

    Aug 12, 2020
    On 11 August 2020, Challenger Ltd, the parent company of Challenger Life Company, announced its FY20 results, reporting a statutory net loss after tax of AUD416m and normalised net profit after tax (prior to adjustments for investment experience and other significant items) of AUD344m.
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  • IAMGOLD 2Q20 Results

    Aug 11, 2020
    On 5 August 2020, gold mining company, IAMGOLD Corp (IAMGOLD, Company), released its second quarter results for the period ended 30 June 2020. Overall the results were mixed with strong realised gold prices being partially offset by lower sales volumes. Revenues for the quarter were USD285m, up 15% on the prior corresponding period (pcp). The Company reported a net profit from continuing operations of USD25.5m in 2Q20 which compared favourably to a net loss of USD318.6m in 2Q19.
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  • Virgin Australia Update - August 2020

    Aug 11, 2020
    In late June 2020, Deloitte announced that it had reached an agreement with Bain Capital, which would see Bain taking over the business. Since then, Bain has been providing interim funding to Deloitte so that the business can continue to trade and is on risk for any operational losses. In this report, we look at some of the underlying assumptions behind recovery estimates, what they may tell us in terms of the Bain proposal and what is likely to happen over the coming weeks.
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  • GEO Group – 1H20 Results

    Aug 11, 2020
    On 6 August 2020, The GEO Group Inc (GEO, Company) announced results for the six month period ended 30 June 2020. The mixed results reflect reduced border crossing activity and court sentencing stemming from the COVID-19 pandemic.
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  • Summit Midstream Partners - August 2020

    Aug 11, 2020
    On 7 August 2020, Summit Midstream Partners (SMLP, Company) announced its second quarter (2Q20) results for the period ended 30 June 2020. The Company posted revenues and adjusted EBITDA of USD92m and USD65m, respectively.
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  • Sydney Airport 1H20 Results & Equity Raise

    Aug 11, 2020
    On 11 August 2020, Sydney Airport (SYD) reported its first half results for the period ended 30 June 2020. As expected, SYD’s results were materially impacted by COVID-19 related travel restrictions which were implemented progressively from February 2020
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  • Summit Midstream Update - August 2020

    Aug 11, 2020
    On 7 August 2020, Summit Midstream Partners (SMLP, Company) announced its second quarter (2Q20) results for the period ended 30 June 2020. The Company posted revenues and adjusted EBITDA of USD92m and USD65m, respectively. As a result of depressed oil prices, production shut-ins, deferred drilling activities and impacts from the COVID-19 pandemic, SMLP experienced quarter-on-quarter declines in volumes in all segments excluding Utica Shale which was up ~87% on 1Q20 mainly due to the outperformance of new wells connected in March. SMLP maintains ample liquidity, as at 30 June 2020, the Company reported USD36.6m of cash on balance sheet and USD191m available under its USD1.25bn revolving credit facility.
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  • Ansett Aviation Training Update - August 2020

    Aug 07, 2020
    In early August, Ansett Aviation Training (AAT, Company) provided a trading and financial update. Encouragingly, AAT reported higher revenue, EBITDA and cash balances than forecasts for FY20.
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  • IAG FY20 Results

    Aug 07, 2020
    On 7 August 2020, Insurance Australia Group reported a net profit after tax of AUD435m in FY20, down ~60% on the prior corresponding period. Underlying results were sound but headline numbers reflected the impacts of natural peril events during the year (including the bush fires) and lower investment returns.
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  • EQM Midstream 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, natural gas pipeline owner & operator, Equitrans Midstream Corporation (parent of EQM Midstream Partners; ETRN, Company) announced its second quarter results for the period ended 30 June 2020. The Company posted revenues and adjusted EBITDA of USD341m and USD263m, respectively. Operating revenue for the second quarter was USD66m lower than the prior corresponding period, primarily due to the impact of deferred revenue in 2Q20 and partially offset by increased revenue from higher minimum volume commitments (MVCs) on gathering and water contracts.
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  • Oasis Petroleum 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, Oasis Petroleum Inc. (OAS, Company) reported its second quarter (2Q20) results for the period ended 30 June 2020. Overall, the results reflect the extremely challenging operating environment OAS has experienced since the oil price crashed in mid-March. Total revenues and adjusted EBITDA for 2Q20 were USD166m and USD174m, respectively. Adjusted EBITDA was higher than reported revenues due to a large positive contribution from derivative settlements.
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  • Peabody 2Q20 Results

    Aug 06, 2020
    On 5 August 2020, Peabody Energy Company (Peabody, Company) announced its second quarter results for the period ended 30 June 2020. Overall, the results were weak (although not unexpected), 2Q20 revenues were USD627m down 45% on the prior corresponding period (pcp), reflecting the impact of a decrease in volumes in the Powder River Basin compounded by challenging U.S. industry conditions and weak commodity prices, in conjunction with lower gas prices which drives higher electricity generation from gas rather than coal.
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  • Ausgrid - AUD 1.814% - February 2027 - Secured Notes

    Aug 05, 2020
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  • Victoria Stage 4 Restrictions --- What do they mean?

    Aug 04, 2020
    On 3 August 2020, the government of Victoria announced a range of new restrictions to combat the spread of COVID-19 in the state. In this report, we undertake an initial preliminary assessment of what these mean for a number of companies.
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  • General Motors Finance – 1H20 Results

    Aug 03, 2020
    On 30 July 2020, General Motors Financial Company (GMF, Company) announced 1H20 results for the six month period ended 30 June 2020. GMF recorded softer revenues, earnings before tax (EBT) and net profit after tax (NPAT).
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