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....
We remain underweight interest rate sensitive stocks. The rise in global yields has been driven by Fed policy alone, and this looks set to continue for the remainder of this year. However, there are uncertainties about the outlook for 2019. We explore several scenarios to map out potential paths for US 10-year yields. Bond yields could consolidate in the near-term. We think 10-year yields are close to their peak for now and could fall over the next few months against a broader backdrop su...
Macquarie Atlas’ full-year 2016 results were in line with our expectations, and we maintain our AUD 5.20 fair value estimate. We reiterate our intention to cease coverage in March 2017. Weighted average toll revenue and traffic rose 5.4% and 3.7%, respectively, for the full year, tracking slightly ahead of our forecasts as traffic on the Autoroutes Paris-Rhin-Rhone, or APRR, rose 3.7% versus our 2.2% projection. That said, Dulles Greenway reported revenue growth of 7.8% on traffic growth of 4....
We advise that we will cease coverage of Macquarie Atlas Roads in March 2017. Coverage has been transferred to a new analyst during this period. We reiterate our $5.20 fair value estimate, no-moat rating, high uncertainty, and Standard stewardship. Our no-moat rating reflects the short concession life, high base capital expenditure requirements, high financial leverage, and subdued organic growth, making it less attractive to other motorway groups. We forecast a CAGR in distributions of 16% over...
Our fair value and earnings estimates are unchanged following the release of relatively good September quarter toll revenue and traffic data. Weighted average toll revenue and traffic were up 4.9% and 3.4%, respectively, on the previous corresponding period. Year to date, toll revenue and traffic are up 5.6% and 3.9%, respectively, broadly in line with expectations. Pleasingly, we note traffic on the Autoroutes Paris-Rhin-Rhone, or APRR, was up 3.5% in the quarter, an important year-on-year co...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Our fair value and earnings estimates are unchanged following the release of relatively good September quarter toll revenue and traffic data. Weighted average toll revenue and traffic were up 4.9% and 3.4%, respectively, on the previous corresponding period. Year to date, toll revenue and traffic are up 5.6% and 3.9%, respectively, broadly in line with expectations. Pleasingly, we note traffic on the Autoroutes Paris-Rhin-Rhone, or APRR, was up 3.5% in the quarter, an important year-on-year co...
We are transferring coverage of Macquarie Atlas Roads. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of AUD 5.20 per security, and our no-moat and high uncertainty ratings. At the current security price, Macquarie Atlas trades broadly in line with our fair value estimate. Security prices of yield stocks such as Macquarie Atlas will likely come under pressure in an environment of rising bond yields, increasing the importance of fair value estimates that refle...
Macquarie Atlas Roads reported a statutory first-half 2016 NPAT of AUD 54.2 million, up 35% on the AUD 40.3 million reported in the prior comparative period. Equity-accounted profit from associates of AUD 211 million included the AUD 136 million from the sale of the Chicago Skyway investment. The result also included a AUD 134.1 million expense for 2016 performance fees. The portfolio of assets delivered year-on-year traffic growth of 4.2% and underlying proportionate revenue and EBITDA growth o...
Macquarie Atlas Roads reported a statutory first-half 2016 NPAT of AUD 54.2 million, up 35% on the AUD 40.3 million reported in the prior comparative period. Equity-accounted profit from associates of AUD 211 million included the AUD 136 million from the sale of the Chicago Skyway investment. The result also included a AUD 134.1 million expense for 2016 performance fees. The portfolio of assets delivered year-on-year traffic growth of 4.2% and underlying proportionate revenue and EBITDA growth o...
Macquarie Atlas’ share price has appreciated 25% to AUD 5.46 in the past three months. With the euro:Australian dollar exchange rate weakening 3.3% to AUD 1.48 negatively impacting the translated Australian dollar value of French toll-road APRR and with no change to our dividend forecasts of AUD 0.18 in calendar 2016, AUD 0.20 in 2017 and 0.24 in 2018, in our view, the price appreciation reflects an insatiable appetite for high dividend yielding stocks. Our forecast 2017 dividend yield has gon...
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.