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  • Zip Co - 1H20 Results

    Mar 06, 2020
    On 27 February 2020, Zip Co Ltd released results for the first six months ended 31 December 2019. Momentum remains strong, with asset quality also remaining sound.
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  • CML - 1H20 Results

    Mar 06, 2020
    On 28 February 2020, CML Group Limited (CML) released results for the first six months ended 31 December 2019. Overall performance was sound and largely in line with expectations.
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  • NEXTDC - 1H20 Results

    Mar 03, 2020
    We provide an update following NextDC’s 1H20 results.
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  • Rockpoint Gas Storage Results

    Mar 02, 2020
    On 28 February 2020, independent gas storage operator, Rockpoint Gas Storage (Rockpoint, Company), reported its third quarter (3Q20) results for the period ended 31 December 2019. Overall, the top line was very soft, with total realised revenues of USD31.9m for 3Q20 comparing poorly with USD47.2m in 3Q19. Adjusted EBITDA was broadly flat on the prior corresponding period (pcp) at USD25.4m compared to 3Q19 at USD26.3m. However, adjusted EBITDA improved significantly quarter-on-quarter with 2Q20 coming in at only USD3.2m.
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  • Oasis Petroleum FY19 Results

    Mar 02, 2020
    In late February 2020, independent exploration and production company, Oasis Petroleum Inc. (OAS, Company) reported its fourth quarter (4Q19) and full year (FY19) results for the period ended 31 December 2019. Overall, the results were solid. Total revenues for 4Q19 and FY19 were USD484m and USD2.1bn, respectively. Despite the lower revenues, OAS has actively managed its cost structure.
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  • EQM Midstream Partners Results and Merger Update - March 2020

    Mar 02, 2020
    On 28 February 2020, natural gas pipeline operator, EQM Midstream Partners LP (EQM, Company) announced its fourth quarter (4Q19) and full year (FY19) results for the period ended 31 December 2019. The Company posted revenues and EBITDA of USD1.63bn and USD1.34bn, up 9% and 34%, respectively on the prior year. In addition to the results, EQM announced it would merge with Equitrans Midstream Corp (ETRN), the current holding company and 60% shareholder of EQM. It is expected that the transaction will close 2Q20. In conjunction with the ETRN merger announcement, EQM also released details of a revised agreement with EQM’s largest customer, EQT Corp (EQT).
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  • What to do about low cash yields?

    Mar 02, 2020
    Whilst cash offers security. the current low rates mean many investors can no longer accept this asset as a core portfolio holding. We examine an option with similarly high levels of security but improved yields.
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  • David Jones 1H20 Results

    Feb 28, 2020
    We provide an update on David Jones following 1H20 results, which were comparatively softer owing to 1H19 following lower foot traffic from bushfires and softer consumer confidence.
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  • Ovato 1H20 Results

    Feb 28, 2020
    We provide an update following 1H20 results from Ovato.
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  • Seek 1H20 Results

    Feb 28, 2020
    We provide an update an update on Seek following 1H20 results.
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  • New Issue Alert – Avanti Finance Limited Senior Secured Bond

    Feb 27, 2020
    Avanti is a well-established New Zealand finance company with a number of subsidiaries that focuses on four distinct sectors: residential mortgages, motor vehicle finance, consumer finance, and business (“SME“) lending. Avanti has been lending to New Zealanders since 1991.
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  • Peabody Rating Update - February 2020

    Feb 25, 2020
    On 24 February 2020, Moody’s Investors Service (Moody’s) changed its outlook on the world’s largest private-sector coal company, Peabody Energy Company (Peabody, Company) to Negative from Stable. At the same time, Moody’s affirmed Peabody’s corporate credit rating and the rating on the Company’s senior secured notes.
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  • Sydney Airport FY19 Results

    Feb 24, 2020
    On 20 February 2020, Sydney Airport (SYD, Company) reported its full year (FY19) results for the period ended 31 December 2019. The Company reported robust results which continues its strong operational and financial performance over recent years. Revenues for the period were AUD1.64bn, a 3.5% increase on the prior corresponding period (pcp). EBITDA came in at AUD1.34bn, a 4.0% increase on FY18, primarily underpinned by in a 1.1% increase in international passenger numbers combined with solid growth in non-aero businesses.
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  • 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 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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  • 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 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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