A director at Washington H. Soul Pattinson & Company Limited bought 100,000 shares at 34.479AUD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directo...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The general evaluation of WASHINGTON H SOUL (AU), a company active in the Coal industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 19, 2021, the closing price was AUD 28.75 and its pote...
Soul Pattinson’s profit is like a duck swimming, smooth on the surface but a lot of activity below the surface. First-half fiscal 2019 net profit after tax, or NPAT, of AUD 179 million included some meaningful losses from associate impairments and gains from asset sales. Adjusted NPAT tax rose 12% to AUD 187 million. At the segment level, the key drivers of the increase were New Hope and Brickworks. Soul Pattinson’s share of New Hope’s adjusted profit was up 27% to AUD 82 million, driven b...
Soul Pattinson’s profit is like a duck swimming, smooth on the surface but a lot of activity below the surface. First-half fiscal 2019 net profit after tax, or NPAT, of AUD 179 million included some meaningful losses from associate impairments and gains from asset sales. Adjusted NPAT tax rose 12% to AUD 187 million. At the segment level, the key drivers of the increase were New Hope and Brickworks. Soul Pattinson’s share of New Hope’s adjusted profit was up 27% to AUD 82 million, driven b...
Soul Pattinson shares have declined about 20% from recent highs of almost AUD 32 per share in November 2018 but they remain overvalued. Both New Hope and TPG Telecom are trading somewhat above our fair value estimates. However, the overvaluation primarily reflects Soul Pattinson’s market premium relative to the sum of the parts of the underlying assets. We think the premium reflects a view that management can reliably create market beating returns. This is supported by the firm’s strong trac...
Soul Pattinson shares have declined about 20% from recent highs of almost AUD 32 per share in November 2018 but they remain overvalued. Both New Hope and TPG Telecom are trading somewhat above our fair value estimates. However, the overvaluation primarily reflects Soul Pattinson’s market premium relative to the sum of the parts of the underlying assets. We think the premium reflects a view that management can reliably create market beating returns. This is supported by the firm’s strong trac...
Soul Pattinson shares have declined about 20% from recent highs of almost AUD 32 per share in November 2018 but they remain overvalued. Both New Hope and TPG Telecom are trading somewhat above our fair value estimates. However, the overvaluation primarily reflects Soul Pattinson’s market premium relative to the sum of the parts of the underlying assets. We think the premium reflects a view that management can reliably create market beating returns. This is supported by the firm’s strong trac...
We raise our sum-of-the-parts-based fair value estimate for no-moat Soul Pattinson to AUD 16 per share from AUD 15 previously. The increase reflects the benefit of our higher fair value estimate for New Hope, given higher near-term and longer-term coal price assumptions, favourable movements in the value of other listed and unlisted investments in the past six months, and the time value of money. Soul Pattinson’s fiscal 2018 adjusted net profit after tax increased 17% to AUD 331 million, in li...
Washington H. Soul Pattinson is a conservatively managed investment house. The corporate structure is complicated, with interests of less than 100% in a diversified group of companies providing exposure to coal mining, telecommunications, pharmaceuticals, building materials, and other listed and unlisted investments. An archaic cross-shareholding with Brickworks creates complications. As a holding company, Soul Pattinson does not have access to the operating cash flows of most underlying busines...
We raise our sum-of-the-parts-based fair value estimate for no-moat Soul Pattinson to AUD 16 per share from AUD 15 previously. The increase reflects the benefit of our higher fair value estimate for New Hope, given higher near-term and longer-term coal price assumptions, favourable movements in the value of other listed and unlisted investments in the past six months, and the time value of money. Soul Pattinson’s fiscal 2018 adjusted net profit after tax increased 17% to AUD 331 million, in li...
We raise our sum-of-the-parts-based fair value estimate for no-moat-rated Soul Pattinson to AUD 15.00 per share versus AUD 14.10 per share previously. The increase reflects our higher fair value estimate for New Hope, the favourable acquisition of the Jaguar operation from Independence Group, and the time value of money. The 5% higher fair value estimate for 50%-owned New Hope is due to the favourable near-term thermal coal price. While the recently acquired Jaguar mine suffers relatively high o...
We raise our sum-of-the-parts-based fair value estimate for no-moat-rated Soul Pattinson to AUD 15.00 per share versus AUD 14.10 per share previously. The increase reflects our higher fair value estimate for New Hope, the favourable acquisition of the Jaguar operation from Independence Group, and the time value of money. The 5% higher fair value estimate for 50%-owned New Hope is due to the favourable near-term thermal coal price. While the recently acquired Jaguar mine suffers relatively high o...
We maintain our AUD 14.10 per share sum of the parts-based fair value estimate for no-moat-rated Soul Pattinson. Adjusted first-half fiscal 2018 net profit after tax of AUD 166 million was 24% higher than a year ago. The result beat our expectations thanks to the uplift profit from 50%-owned associate New Hope, and the solid performance of TPG Telecom, which delivered a flat result despite competition from the NBN rollout. The building products division of associate Brickworks also performed wel...
We maintain our AUD 14.10 per share sum of the parts-based fair value estimate for no-moat-rated Soul Pattinson. Adjusted first-half fiscal 2018 net profit after tax of AUD 166 million was 24% higher than a year ago. The result beat our expectations thanks to the uplift profit from 50%-owned associate New Hope, and the solid performance of TPG Telecom, which delivered a flat result despite competition from the NBN rollout. The building products division of associate Brickworks also performed wel...
We raise our fair value estimate for no-moat-rated Soul Pattinson to AUD 14.10 per share from AUD 14.00. We raised our fair value estimate for 50%-owned no-moat-rated New Hope by 11% to AUD 2.00 per share and include the recent sale of 80 million New Hope shares for AUD 2.20 per share. The recent 7% reduction in our fair value estimate for 25%-owned associate company Australian Pharmaceuticals Industries is a partial offset to the benefit from higher coal prices. Asset acquisitions and divestmen...
Soul Pattinson’s 59% lift in adjusted net profit to AUD 282 million was 4% ahead of our forecast, but the strong profit masks future headwinds for the group. We lower our fair value estimate for the no-moat company to AUD 14.00 from AUD 14.50 per share, due to the recent 9% cut to our TPG Telecom fair value estimate to AUD 6.00 per share. The reduction reflects ongoing margin pressure for the Australian telco providers given increasingly competitive landscape with expansion of the National Bro...
Soul Pattinson’s 59% lift in adjusted net profit to AUD 282 million was 4% ahead of our forecast, but the strong profit masks future headwinds for the group. We lower our fair value estimate for the no-moat company to AUD 14.00 from AUD 14.50 per share, due to the recent 9% cut to our TPG Telecom fair value estimate to AUD 6.00 per share. The reduction reflects ongoing margin pressure for the Australian telco providers given increasingly competitive landscape with expansion of the National Bro...
We maintain our AUD 14.50 per share fair value estimate for no-moat-rated Soul Pattinson. We recently lowered our fair value estimate for 60%-owned New Hope by 12%, reflecting the adverse Queensland Land Court decision, which throws significant doubt on the proposed life extension and expansion of New Hope’s Acland mine. There’s still a reasonable chance the project could go ahead, and we await the minister’s final decision. However, if we conclude Acland can’t go ahead, our fair value e...
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