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Tag: WES

Broker News

WES – Macquarie rates the stock as Underperform

June 14, 2022 - by Broker News

Rating is downgraded to Underperform from Neutral. Target is reduced to $43.30 from $47.50.

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Markets / Shares

Bourse Discourse: IGO, WES, NCZ

June 2, 2022June 2, 2022 - by Glenn Dyer

On the ASX docket Thursday: IGO’s WSA takeover reaches its conclusion; a fairly nondescript investor presentation from Wesfarmers; and an old copper mine gets another life.

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Broker News

WES – UBS rates the stock as Buy

June 1, 2022 - by Broker News

The Buy rating and target price of $56.00 are retained.

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Lithium / Markets / Shares

Wesfarmers’ Low-Key Lithium Presence On Track

May 10, 2022May 10, 2022 - by Glenn Dyer

It’s far from a main earnings driver, but a rare update has confirmed that Wesfarmers’ half-owned lithium project in WA remains on track for first production in two years’ time.

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Markets / Shares

Stock Snippets: WPL, WES, TLS, S32

February 17, 2022February 17, 2022 - by Glenn Dyer

Another busy day on the Australian bourse. Here’s the latest from some of the companies at the bigger end of town – Woodside Petroleum, Wesfarmers, Telstra and South32.

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Markets / Shares

All Systems Go for Wesfarmers’ API Bid

February 11, 2022 - by Glenn Dyer

Wesfarmers’ takeover of Australian Pharmaceutical Industries has been given the greenlight to proceed after getting clearance from the competition regulator, the ACCC.

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Markets / Retail / Shares

Wesfarmers Shares Jump Despite Cagey Update

January 17, 2022January 17, 2022 - by Glenn Dyer

Wesfarmers shares rose sharply yesterday despite a substantial downgrade for sales growth and profits as Covid Omicron took a toll on sales in two key chains – Kmart and Officeworks.

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Markets / Retail / Shares

Wesfarmers Makes a Stand with API Holding

December 15, 2021December 15, 2021 - by Glenn Dyer

Wesfarmers’ decision yesterday not to sell its 19% stake in API is seen by most market pundits as effectively being a blocking move against the bid from rival Woolworths.

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Markets / Shares

Woolworths Gatecrashes API Party

December 2, 2021December 2, 2021 - by Glenn Dyer

Shares in API soared more than 16% on Thursday to a high of $1.74 after Woolworths crashed Wesfarmers’ attempt to take control of the company.

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Broker News

WES – Credit Suisse rates the stock as Neutral

October 25, 2021 - by Broker News

The Neutral rating is retained. Target is raised to $60.38 from $59.91.

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Markets / Shares

API Chessboard Moves to a Stalemate

October 7, 2021October 7, 2021 - by Glenn Dyer

Sigma’s attempt to snatch control of API appears to have been thwarted, with rival bidder Wesfarmers exercising its call option over 19.3% API shares to put it in a dominant blocking position.

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Markets / Shares

ACCC Signs Off on Bunnings-Beaumont Deal

September 30, 2021 - by Glenn Dyer

Competition regulator the ACCC has given the greenlight for Wesfarmers’ hardware chain Bunnings to acquire national tile retailer Beaumont Tiles.

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Markets / Shares

Sigma Leapfrogs Wesfarmers in Race for API

September 27, 2021September 27, 2021 - by Glenn Dyer

Sigma Healthcare has come over the top of Wesfarmers and made a non-binding cash and share offer for rival chemist Australian Pharmaceutical Industries that seems to have grabbed the lead in the battle.

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Broker News

WES – UBS rates the stock as Neutral

September 17, 2021 - by Broker News

Neutral and $62 target retained.

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Markets / Shares

Wesfarmers Sweetens API Bid

September 16, 2021September 16, 2021 - by Glenn Dyer

Wesfarmers seems to have won the hearts and minds of the board and major shareholders of Australian Pharmaceutical Industries (API) with a lift in its proposed offer price from $1.38 cash to $1.55 a share.

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Broker News

WES – Citi rates the stock as Sell

August 30, 2021 - by Broker News

Citi continues to have a problem with the valuation, hence the Sell rating remains in place. Target price climbs to $49 from $47.

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Markets / Shares

Chunky Dividend for Wesfarmers Shareholders

August 27, 2021 - by Glenn Dyer

Retail giant Wesfarmers has joined the list of companies rewarding their shareholders, announcing $2.3 billion in dividends after a solid financial year which saw profits jump 16%.

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Markets / Shares

API Knocks Back “Opportunistic” Wesfarmers Bid

July 29, 2021July 29, 2021 - by Glenn Dyer

Australian Pharmaceutical Industries has told Wesfarmers to go away after rejecting the non-binding $1.38 a share offer as “opportunistic” and not in the best interests of shareholders.

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Markets / Retail / Shares

Wesfarmers’ API Bid Could Put the Sector in Play

July 12, 2021July 12, 2021 - by Glenn Dyer

Wesfarmers’ surprise $687 million, $1.38 per share bid for Australian Pharmaceutical Industries (API) could very well re-ignite a brawl over the big retailers getting into the business.

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Broker News

WES – Credit Suisse rates the stock as Neutral

June 4, 2021 - by Broker News

The broker retains a Neutral rating and lowers the target to $57.23 from $57.32 after a few minor adjustments to chemicals forecasts.

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Economics / Markets / Retail / Shares

Retail Cools for Wesfarmers

June 3, 2021June 3, 2021 - by Glenn Dyer

A soft update from Wesfarmers is another sign that conditions are getting tougher as the boost from the lockdowns – especially for online selling – fades and normality returns.

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Broker News

WES – Credit Suisse rates the stock as Neutral

April 21, 2021 - by Broker News

The broker retains a Neutral rating and raises the target of $57.32 from $57.04.

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Markets / Shares

Wesfarmers on Target for Profitable Year

February 18, 2021February 18, 2021 - by Glenn Dyer

Amid the sales surges experienced by Wesfarmers’ operations, Target seems to be heading towards a profitable June 30 year for the first time in quite a while.

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Retail / Shares

Bunnings Nails It Again For Wesfarmers

November 13, 2020November 13, 2020 - by Glenn Dyer

The fortunes of Wesfarmers are increasingly tied (and the share price for that matter) to the performance of its Bunnings hardware chain, judging by the latest trading update for the Perth based giant.

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Broker News

WES – Credit Suisse rates the stock as Upgrade to Outperform from Neutral

September 15, 2020 - by Broker News

Credit Suisse upgrades forecasts, expecting the boost to household goods expenditure will be longer than previously anticipated. Wesfarmers is also positioned to add value through strategic acquisitions in the industrials and home improvement sectors.

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Markets / Retail / Shares

Window Opens On Consumer Trends

September 10, 2020September 14, 2020 - by Eva Brocklehurst

Consumers shopped in larger quantities, less frequently and increasingly online during the height of the nationwide lockdowns. The question now is: which trends will persist and which stocks will benefit as restrictions ease?

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Shares

Off-Target Retail Chain Sours Strong Result At Wesfarmers

August 21, 2020August 20, 2020 - by Glenn Dyer

While its Bunnings and Officeworks chains have had a good pandemic, a write-down on the value of its struggling target chain saw Wesfarmers report lower earnings for the year to June.

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Broker News

WES – Credit Suisse rates the stock as Neutral

August 17, 2020 - by Broker News

Credit Suisse expects the company’s retail market position and solid trading through the fourth quarter will support the FY20 results, due on August 20.

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Retail / Shares

Is Wesfarmers Heading For A Sales Cliff?

June 10, 2020June 10, 2020 - by Eva Brocklehurst

Sales activity at Bunnings and Officeworks has been stunning over the period of pandemic-related restrictions but signals there is very little operating leverage for Wesfarmers going forward.

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Shares

Bunnings, Officeworks Star At Wesfarmers While Kmart, Target Disappoint

June 10, 2020June 9, 2020 - by Glenn Dyer

A second trading update from Wesfarmers in just under three weeks with the company telling the market it has been seeing significant demand growth in its Bunnings and Officeworks businesses as well as online (like so many other retail-based companies).

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Broker News

WES – Credit Suisse rates the stock as Neutral

May 25, 2020 - by Broker News

Credit Suisse suggests the restructuring of Target is unlikely to shift investor views regarding Wesfarmers. The company will spend $240-310m on the restructuring.

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Shares / Video

COVID-19 And The Implications For Dividends

April 30, 2020April 30, 2020 - by Tim McGowen

Scott Kelly, Manager of the DNR Capital Australian Equities Income Portfolio, provides an update on his firm’s outlook for dividends in the Australian equity market.

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Retail / Shares

What Can Wesfarmers Do With Target?

April 29, 2020April 29, 2020 - by Eva Brocklehurst

What can Wesfarmers do with its underperforming chain, Target? Brokers suggest the laggard of the group may be in line for a severe reassessment.

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Retail / Shares

Wesfarmers Set To Shake Up “Unsatisfactory” Target

April 29, 2020April 29, 2020 - by Glenn Dyer

Wesfarmers says it will fast track its review of struggling department store Target in the wake of a sharp fall in sales through the retailer so far in April.

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Broker News

WES – UBS rates the stock as Neutral

April 1, 2020 - by Broker News

UBS cuts forecasts for Wesfarmers by -4-16% as well as updates for the sell-down of the Coles stake.

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Shares

Cash Is King As Wesfarmers Sells Down Coles Stake

April 1, 2020March 31, 2020 - by Glenn Dyer

Wesfarmers has raised $1.060 billion from another sale of part of its stake in Coles Group. Wesfarmers said it had sold 5.2% of Coles at $15.39 a share.

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Retail / Shares

Mosaic & Star Stand Down Staff, Wesfarmers Shutters Kmart NZ

March 26, 2020March 25, 2020 - by Glenn Dyer

Major women’s fashionwear retailer Mosaic Brands has become the latest chain operator to shut stores and stand down staff indefinitely. Casino operator, Star Group has also stood down around 90% of its staff of 9,000 while Wesfarmers has shut its Kmart stores in New Zealand as the coronavirus outbreak continues to escalate.

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Shares

Wesfarmers Trims Dividend Minus Coles Cash, Target Drags

February 20, 2020February 19, 2020 - by Glenn Dyer

Wesfarmers shares rose more than 3% yesterday after it reported a moderately encouraging first half result, marred by an underpayments scandal to some staff.

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Shares

Wesfarmers Joins Staff Underpayments Club

February 19, 2020February 19, 2020 - by Glenn Dyer

Retailing conglomerate Wesfarmers has joined Woolworths, Super Auto and Coles (which used to be a part of the conglomerate) in revealing a multi-million dollar underpayment to staff.

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Broker News

WES – Credit Suisse rates the stock as Underperform

February 13, 2020 - by Broker News

Wesfarmers is scheduled to report on February 19, and Credit Suisse anticipates a “solid” performance despite some industrials issues. Sales growth at Bunnings is believed to be accelerating and Kmart, despite overall tough conditions for retail, should come out well, assisted by logistics problems in the past.

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Paxalisib Misses AGILE Hurdle, but Very Significant Value Remains

Investors Over-React, Smart Ones Will Profit

Kazia Therapeutics (KZA) announced yesterday morning that paxalisib did not meet the threshold to move into stage 2 of the GBM AGILE clinical trial (NCT03970447). The study was an adaptive trial designed to assess the potential of new therapeutics to treat the highly aggressive brain cancer glioblastoma (GBM) in a cost-effective manner. Demonstrating efficacy in GBM is an extremely high hurdle as shown by the fact that there is only one approved drug for the disease, temozolomide, and it is only effective in 1/3 of patients.

Given the high nature of the hurdle, in our original initiating coverage report on KZA, we only gave paxalisib a small chance of returning a positive result from the overall study. That is the nature of drug development with one group estimating only 6% to 7% of new chemical entities that commence clinical trials reach launch (Dowden & Munro (2019) Nat Rev Drug Discov). The small percentage that do make it to launch, however, more than make up for the cash spent on those that don’t.

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    The Cash keeps coming

    Terracom will report their FY2022 results in September 2022. In the last two months there have been a number of company announcements that have given us improved visibility on our earnings forecasts and valuation metrics so we have taken this opportunity to update our numbers.

    With the combination of geopolitical factors in the northern hemisphere as well as disruption from other supply regions, we believe the visibility on export coal prices over the next 12 months has also improved since our March note.

      SMSFBrokerFinancial Adviser

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      Acquisitions underpin strong near term growth opportunities not reflected in share price

      Stealth Global Holdings (SGI) provides direct exposure to the growing industrial consumables market, driven by favourable conditions across key industries, expanding industrialisation and improving workplace safety regulations. Around 95% of revenue is attributable to non-discretionary items.

      Based on our current forecasts, we derive a DCF equity value for SGI of $0.33 per share, with potential upside if full synergies can be extracted. We note SGI is currently trading on very undemanding forward multiples.

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        4Q reveals more focus on profit and cash flow

        • LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
        • Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.

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          Signs MOU with Ford Company – Kachi is now sold out!

          Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded.

            SMSFBrokerFinancial Adviser

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            Strategic Vanadium-battery growth with Titanium & Iron earnings resiliency

            TNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines.

              SMSFBrokerFinancial Adviser

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              Promising exploration and development update while SOP prices continue to rise

              Two recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell.

              TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade.

              Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn.

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                Biopharmas Hit, but Buying Opportunities Created

                The news being reported about the performance of biotechnology has been dour, to say the least, for some time now. Those dour articles have been deserved with the iShares Biotechnology Exchange-Traded Fund down 25% and the SPDR® S&P® Biotech ETF is down 45% from their highs. However, those articles are backward-looking, and successful investors need to be looking forward.

                Recently, however, an article in Nature Reviews Drug Discovery caught our eye which we believe should point the way forward for the vast majority of Australian biotechnology investors. This article indicates that, at least, two companies, Antisense Therapeutics (ANP) and Kazia Therapeutics (KZA), are right in the sweet spot in terms of the future of drug development.

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                  Hitting goals – Making four material announcements

                  We initiated on Magnis Energy Technologies (MNS.ASX) in December 2021 and since then, MNS has made four material announcements. Firstly; a conditional offtake contract for 600,000t of graphite concentrate from the Tanzanian Nachu Project (net 100%) was signed with Traxys, a global
                  commodities merchant with annual revenue of ~US$6Bn; secondly; semi autonomous production has started at battery gigafactory iM3NY, thirdly;
                  exciting Extra Fast Charge battery tests were reported and most recently, the game changing launch of the Lithium Slim Energy Reserve battery platform, which supports C4V’s growing EFC capability.

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                    Increasing our Target

                    Despite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics.

                    We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d.

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                      Emerging Financial Wealth Advisory Group

                      WT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand.

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                        Immutep Taking the Fight to Cancer

                        In May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti).

                        This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20.

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                          Phillips 66 to acquire 16% in NVX – 12-month target price rises 7% through project de-risking

                          Phillips 66 (PSX) has entered into an agreement with NVX to acquire 77.9m new shares for US$150m (A$203m). PSX is the worlds largest producer of speciality petroleum coke a precursor for battery grade synthetic graphite anode materials found with an Enterprise Value of US$47.5Bn and assets of US$57Bn.

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                            Market leading lifelong learning platform technology company in Australia and SE Asia

                            PayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion.

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                              Market leading lifelong learning platform technology company in Australia and SE Asia

                              OpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia.

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