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....
As expected Greencross shareholders voted in favour of the scheme of arrangement whereby the company will be acquired by Vermont Australia, a company owned by private equity firm TPG Capital. The company recently received approval from the Foreign Investment Review Board, and the only outstanding requirement is the court approval of the scheme. The hearing is scheduled for Feb. 11, 2019, and assuming the scheme is approved by the court, Greencross shares will be suspended from trading on the Aus...
Greencross is the dominant player in the pet care retailing and veterinary service industry. The company is a consolidator and has secured an approximate 9% share of the highly fragmented market, which should continue growing, both organically and through acquisitions. The industry fundamentals are strong, with increasing humanisation of pets and premiumisation of pet foods likely to drive growth in spending per pet. With its one-stop-shop model, Greencross is well placed to capitalise on this t...
As expected Greencross shareholders voted in favour of the scheme of arrangement whereby the company will be acquired by Vermont Australia, a company owned by private equity firm TPG Capital. The company recently received approval from the Foreign Investment Review Board, and the only outstanding requirement is the court approval of the scheme. The hearing is scheduled for Feb. 11, 2019, and assuming the scheme is approved by the court, Greencross shares will be suspended from trading on the Aus...
In the absence of a superior proposal, we recommend Greencross Limited shareholders vote in favour of the scheme of arrangement for the acquisition by Vermont Australia. The AUD 5.55 offer represents a significant premium to the prevailing pre-offer share price, and we believe a higher offer from another suitor is unlikely. Our AUD 5.55 fair value estimate for the no-moat firm is unchanged. Given Greencross directors unanimously recommend shareholders vote in favour, we expect the takeover to pr...
In the absence of a superior proposal, we recommend Greencross Limited shareholders vote in favour of the scheme of arrangement for the acquisition by Vermont Australia. The AUD 5.55 offer represents a significant premium to the prevailing pre-offer share price, and we believe a higher offer from another suitor is unlikely. Our AUD 5.55 fair value estimate for the no-moat firm is unchanged. Given Greencross directors unanimously recommend shareholders vote in favour, we expect the takeover to pr...
In the absence of a superior proposal, we recommend Greencross Limited shareholders vote in favour of the scheme of arrangement for the acquisition by Vermont Australia. The AUD 5.55 offer represents a significant premium to the prevailing pre-offer share price, and we believe a higher offer from another suitor is unlikely. Our AUD 5.55 fair value estimate for the no-moat firm is unchanged. Given Greencross directors unanimously recommend shareholders vote in favour, we expect the takeover to pr...
Following weeks of takeover talks, no-moat-rated Greencross finally received a formal offer from Vermont Australia, an entity owned by private equity firm TPG Capital Asia. Both firms have entered a Scheme Implementation agreement, for a total consideration of AUD 5.55 per share. We view this as a pleasing outcome, and the price appropriately reflects the quality of the business, largely supporting our positive view on the stock at the previous depressed price levels. The consideration is an att...
Greencross is the dominant player in the pet care retailing and veterinary service industry. The company is a consolidator and has secured an approximate 9% share of the highly fragmented market, which should continue growing, both organically and through acquisitions. The industry fundamentals are strong, with increasing humanisation of pets and premiumisation of pet foods likely to drive growth in spending per pet. With its one-stop-shop model, Greencross is well placed to capitalise on this t...
Following weeks of takeover talks, no-moat-rated Greencross finally received a formal offer from Vermont Australia, an entity owned by private equity firm TPG Capital Asia. Both firms have entered a Scheme Implementation agreement, for a total consideration of AUD 5.55 per share. We view this as a pleasing outcome, and the price appropriately reflects the quality of the business, largely supporting our positive view on the stock at the previous depressed price levels. The consideration is an att...
Despite no-moat-rated Greencross’ share price jumping almost 20% during the past week, on the back of corporate activity speculations, we continue to believe the stock is undervalued at the current price. The company is a leading player in the Australian pet care retailing and veterinary services, and in our view, the industry fundamentals are strong. The increasing humanisation of pets is a phenomenon driving premiumisation of pet food, uptake of additional services, and is likely support con...
Despite no-moat-rated Greencross’ share price jumping almost 20% during the past week, on the back of corporate activity speculations, we continue to believe the stock is undervalued at the current price. The company is a leading player in the Australian pet care retailing and veterinary services, and in our view, the industry fundamentals are strong. The increasing humanisation of pets is a phenomenon driving premiumisation of pet food, uptake of additional services, and is likely support con...
Despite no-moat-rated Greencross’ share price jumping almost 20% during the past week, on the back of corporate activity speculations, we continue to believe the stock is undervalued at the current price. The company is a leading player in the Australian pet care retailing and veterinary services, and in our view, the industry fundamentals are strong. The increasing humanisation of pets is a phenomenon driving premiumisation of pet food, uptake of additional services, and is likely support con...
No-moat-rated Greencross' fiscal 2018 underlying EBITDA fell by 6% to AUD 98 million, albeit in line with our expectations, and the recent guidance. The main driver of the earnings decline was weakness in the Australian stand-alone veterinary and emergency clinics, although we are pleased the performance stabilised in the fourth quarter of fiscal 2018 and is now showing signs of improvement. Underlying net profit declined by 14% to AUD 37 million, slightly behind our estimates reflecting higher ...
Greencross is the dominant player in the pet care retailing and veterinary service industry. The company is a consolidator and has secured an approximate 9% share of the highly fragmented market, which should continue growing, both organically and through acquisitions. The industry fundamentals are strong, with increasing humanisation of pets and premiumisation of pet foods likely to drive growth in spending per pet. With its one-stop-shop model, Greencross is well placed to capitalise on this t...
No-moat-rated Greencross' fiscal 2018 underlying EBITDA fell by 6% to AUD 98 million, albeit in line with our expectations, and the recent guidance. The main driver of the earnings decline was weakness in the Australian stand-alone veterinary and emergency clinics, although we are pleased the performance stabilised in the fourth quarter of fiscal 2018 and is now showing signs of improvement. Underlying net profit declined by 14% to AUD 37 million, slightly behind our estimates reflecting higher ...
Following the disappointing earnings downgrade, we’ve lowered our fair value estimate for no-moat-rated Greencross by AUD 0.50 to AUD 6.00 per share. This was driven by an average 13% reduction in our EBITDA estimates for the next three years, due to cyclical weakness in consumer discretionary spending. This is partially offset by lower capital expenditure reflecting a slower retail network expansion and the shift in focus from store refurbishment to investment into IT systems. Notwithstanding...
Stick to Growth. Growth has outperformed Value by 10%pts year-to-date and we expect its outperformance to continue for the remainder of the year, given the limited opportunities for a sustainable upswing in earnings growth and market pricing that is already stretched. Cheap stocks with Mispriced longer-term Earnings. Value Traps Persist. There are many stocks within the ASX200 universe that look attractive because they are cheap. Be wary of Junior Miners and Consumer Discretionary stocks....
The Aussie stock market saw another strong month and remains one of the best-performing markets in the world year-to-date. During June, Energy was the best performing sector and we are positioned overweight in this sector. Our recently released model portfolio update saw us move to neutral on property from being underweight. Earnings revisions are providing the market with a tailwind and June saw the upgrades: downgrades ratio for the market still above the long-run average. Australia's go...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.