Month: October 2022

Are you looking for some dividend options for your income portfolio next week? If you are, then take a look at the two ASX 200 dividend shares listed below that analysts at Goldman Sachs rate as strong buys.

Here’s why the broker is positive on them:

Elders Ltd (ASX: ELD)

The first ASX 200 dividend share to that the broker rates highly is Elders. It is an agribusiness company that provides services to rural and regional customers across the ANZ region.

Goldman Sachs likes the company due to its positive growth outlook, acquisition opportunities, and its margin expansion potential. The broker commented:

We view ELD as well-positioned to achieve continued organic growth through market rationalisation and margin expansion as the company executes on the backward integration strategy, which it is c.50% of the way through. Organic growth looks set to be complemented by further bolt-on acquisitions, with c.620 independents in the Australian market with a steady stream of founders now looking at succession or exit opportunities. We forecast a further +7% EBIT growth in FY23 vs. Bloomberg consensus of -13%.

In respect to dividends, Goldman is forecasting dividends per share of 50 cents in FY 2022 and 53 cents in FY 2023. Based on the current Elders share price of $12.51, this would mean yields of 4% and 4.2%, respectively.

Goldman Sachs also sees plenty of upside ahead for its shares. It currently has a conviction buy rating and $21.00 price target on them.

Westpac Banking Corp (ASX: WBC)

Another ASX 200 dividend share that Goldman Sachs rates as a strong buy is banking giant Westpac.

The broker likes Australia’s oldest bank due to its major cost cutting programme and exposure to rising rates. It explained:

We continue to see WBC as our preferred exposure to the A&NZ Financials reflecting: i) its strong leverage to rising rates, ii) while we think its A$8 bn FY24 cost target will now be unachievable, we still forecast a 7% reduction in underlying expenses, iii) its recent market update highlighted that the business is still investing effectively in its franchise.

As for dividends, Goldman is forecasting fully franked dividends per share of 123 cents in FY 2022 and 135 in FY 2023. Based on the current Westpac share price of $21.88, this will mean yields of 5.6% and 6.2%, respectively.

Goldman also has Westpac on its conviction list. The broker currently has a conviction buy rating and $26.12 price target on the bank’s shares.

The post Goldman Sachs names 2 ASX 200 dividend shares to buy next week appeared first on The Motley Fool Australia.

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More reading

• The Westpac share price has fallen the most of the ASX 200 big four banks over the past year. So, is it a cheap buy?
• How did the Westpac share price manage to beat the ASX 200 in September?
• Here’s how ASX 200 bank shares fared in the shocker month of September
• These ASX dividend shares have been tipped as buys by experts
• Will the Westpac share price rebound in October?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Elders Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Are you looking to add some growth shares to your portfolio when the market reopens?

If you are, three ASX growth shares that could be worth considering are listed below. Here’s what you need to know about them:

Allkem Ltd (ASX: AKE)

The first ASX growth share to consider is Allkem. It is one of the world’s largest lithium miners with projects in Argentina, Australia, and North America. From these projects, the company is aiming to grow its production in a manner that allows it to maintain a 10% share of global lithium supply over the long term. And with lithium prices at such high levels and tipped to remain strong in the coming years due to demand outstripping supply, Allkem appears well-placed to grow its earnings and potentially start paying dividends.

Macquarie’s analysts are bullish on Allkem and have an outperform rating and $21.00 price target on its shares.

Aristocrat Leisure Limited (ASX: ALL)

Another ASX growth share that has been tipped as a buy is Aristocrat Leisure. It is one of the world’s leading gaming technology companies with a portfolio of world class pokie machines and a growing digital business. The former continues to win market share thanks to their popularity with casinos and players. Combined with the strong recurring revenues being generated by digital/mobile games such as Raid and its potential expansion into the real money gaming market, the company has been tipped to continue its solid earnings growth over the coming years.

Morgans is positive on the company and has an add rating and $43.00 price target on its shares.

ResMed Inc. (ASX: RMD)

A third and final growth share that has been named as a buy is ResMed. It is a sleep treatment-focused medical device company that has been tipped to continue its strong growth over the coming years. This is thanks to its world class product portfolio, a major competitor recall, and its massive global market opportunity. In respect to the latter, management estimates that there are 1 billion people impacted by sleep apnoea worldwide, with only ~20% of these sufferers currently diagnosed. As education around sleep disorders grows and more sufferers are diagnosed, demand for ResMed’s products is likely to increase.

Goldman Sachs is bullish on ResMed and has a buy rating and $36.80 price target on its shares.

The post 3 excellent ASX growth shares analysts rate as buys appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Allkem, Karoon Energy, Stanmore Resources, and Whitehaven Coal are charging higher
• Allkem share price higher on Sal de Vida lithium project update
• Good times keep rolling for ASX lithium shares on Thursday
• What’s the outlook for ASX 200 mining shares in Q2?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Have you got room for a blue chip ASX 200 share or two in your portfolio? If you have, then take a look at the blockbuster blue chips listed below.

Here’s why they are highly rated:

Goodman Group (ASX: GMG)

The first blue chip ASX 200 share to look at is Goodman Group. It is a leading integrated commercial and industrial property company.

Over the last decade, Goodman has built a world class portfolio of in-demand properties that have exposure to key growth markets such as ecommerce and logistics. This has helped drive strong earnings growth for many years.

And with the company still possessing a material development pipeline and strong demand continuing, Goodman has been tipped to continue its solid growth in the coming years by the team at Goldman Sachs.

In light of this, the broker has put a buy rating and $25.40 price target on the company’s shares. This compares to the latest Goodman share price of $16.46.

REA Group Limited (ASX: REA)

Another ASX 200 blue chip share that has been tipped as a buy is REA Group. It is the dominant player in real estate listings in the Australian market with its realestate.com.au website.

While rising interest rates are likely to put pressure on listing volumes in the near term, REA still appears well-placed for growth in the coming years. This is thanks to new revenue streams, cost cutting, strong pricing power, its international operations, and acquisitions. The latter saw REA grow its presence in mortgage broking through the acquisition of Mortgage Choice last year.

Morgans is very positive on the company and has an add rating and $143.00 price target on its shares. This compares to the latest REA share price of $124.80.

The post 2 highly rated blue chip ASX 200 shares that experts rate as buys appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Macquarie reveals ASX 200 shares ‘more likely to outperform in a bear market rally’
• Should you really be buying ASX shares in this market?
• Are these beaten down ASX 200 shares going cheap?
• 2 ASX 200 blue chip shares that Goldman Sachs rates as buys

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) broke a three-day winning streak on Friday. The index dumped 0.8% to close the week at 6,762.8 points. That marks a 4.46% week-on-week improvement.

 It followed a similarly disappointing night on Wall Street. The Dow Jones Industrial Average Index (DJX: .DJI) fell 1.1% on Thursday while the S&P 500 Index (SP: .INX) slipped 1% and the Nasdaq Composite Index (NASDAQ: .IXIC) dropped 0.7%.

The S&P/ASX 200 Energy Index (ASX: XEJ) led the market on Friday, gaining 0.9% as oil prices rose once more following the OPEC+’s latest production cuts.

The Brent crude oil price lifted 1.1% overnight to US$94.42 a barrel, while the US Nymex crude oil price rose 0.8% to US$88.45 a barrel.

Meanwhile, the S&P/ASX 200 Real Estate Index (ASX: XRE) was once again the market’s biggest weight, falling 2%.

All in all, only one of the index’s 11 sectors closed higher today. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

The Karoon Energy Ltd (ASX: KAR) share price topped the ASX 200 for the first time since its inclusion on the index. The gas and oil explorer announced its Bauna royalty rate reduction has been approved this morning.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Karoon Energy Ltd (ASX: KAR)	$2.26	9.18%
Whitehaven Coal Ltd (ASX: WHC)	$10.96	4.78%
Allkem Ltd (ASX: AKE)	$14.74	3.15%
Imugene Limited (ASX: IMU)	$0.195	2.63%
Viva Energy Group Ltd (ASX: VEA)	$2.78	2.21%
Santos Ltd (ASX: STO)	$7.90	1.94%
Coronado Global Resources Inc (ASX: CRN)	$2.01	1.77%
Capricorn Metals Ltd (ASX: CMM)	$3.23	1.66%
IGO Ltd (ASX: IGO)	$5.3515.43	1.65%
Qantas Airways Limited (ASX: QAN)	$5.35	1.52%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• How did the BrainChip share price manage to smash the ASX 200 in Q1?
• Why is the Santos share price having such a stellar end to the week?
• Why Allkem, Karoon Energy, Stanmore Resources, and Whitehaven Coal are charging higher
• What’s the outlook for ASX 200 energy shares in Q2?
• Is there any stopping the Whitehaven share price?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Bank of Queensland Ltd (ASX: BOQ)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and $10.00 price target on this regional bank’s shares. This is despite the broker expecting a below consensus full year profit next week when the bank releases its results. Looking ahead, Credit Suisse is feeling positive on Bank of Queensland’s outlook due to rising interest rates and potential net interest margin expansion. The Bank of Queensland share price is trading at $6.90 on Friday.

Domain Holdings Australia Ltd (ASX: DHG)

A note out of UBS reveals that its analysts have retained their buy rating but trimmed their price target on this property listings company’s shares to $4.00. Although UBS acknowledges that listing volumes will be soft and has reduced its forecasts accordingly, it feels the market is being too bearish. Particularly given strong employment levels and tight rental markets. In light of this, it feels recent weakness in the Domain’s share price has created a buying opportunity for investors. The Domain share price is fetching $3.34 today.

Eagers Automotive Ltd (ASX: APE)

Analysts at Morgans have retained their add rating and $14.58 price target on this auto retailer’s shares. According to the note, the broker highlights that in September new vehicle sales were up 12.1% year over year and 6.1% over 2019 levels. And while it notes that demand is softening in the US and the same could happen in Australia, the broker points out that there is limited evidence of this to-date. The Eagers Automotive share price is trading at $11.64.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• 4 ASX 200 directors who raised the stakes in their company shares in September
• Is CBA the best ASX 200 bank share to buy for dividend income?
• Has the Bank of Queensland share price got 25% upside baked in?
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Artificial intelligence chipmaker BrainChip Holdings Ltd (ASX: BRN) saw its share price rocket upwards last quarter.

As a comparison, its 8.75% rise spanked the S&P/ASX 200 Index (ASX: XJO), which fell 1.4%.

The benchmark index would have presumably done worse if BrainChip wasn’t a constituent!

Let’s take a look back at the three months ending September to see what excited investors about the computer chip maker.

Riding the wave of market sentiment

BrainChip started the quarter on a high after it was admitted to the ASX 200 in late June.

After that, the major event to influence the market was its annual financial results, announced in August.

Revenue was spectacularly up 529% year-over-year to US$4.83 million. However, operating loss held steady at US$8.56 million.

The BrainChip share price spiked on the day, although it gave back those gains in the days following.

Other than that, there were no official announcements to the ASX that could have impacted the stock price.

It seems movements in the BrainChip share price over the quarter were largely macroeconomics-driven.

Growth and technology shares generally headed upwards between the end of June to mid-August, but had given back some of those gains by September.

The S&P/ASX All Technology Index (ASX: XTX), to demonstrate, enjoyed a 21% rally from the start of the quarter to 15 August. BrainChip shares soared 39% over the same period.

One of the few tech winners in 2022

In a year when most technology stocks have struggled, BrainChip has been a shining light. 

Its shares have gained 128% over the past 12 months as it tries to transition from the pre-revenue stage to the commercialisation of its AI chips.

Over the past year, BrainChip has impressed the market with new deals with the likes of space agency NASA and car maker Mercedes Benz Group AG (FRA: DAII).

The post How did the BrainChip share price manage to smash the ASX 200 in Q1? appeared first on The Motley Fool Australia.

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More reading

• Down 25% in a month, what’s in store for the Core Lithium share price in October?
• If you’d bought $2,000 of NAB shares at the end of FY22, here’s how much you’d have now
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• Experts tip when inflation will peak, and it could be soon

Motley Fool contributor Tony Yoo has positions in Brainchip Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The AGL Energy Limited (ASX: AGL) share price is underperforming this afternoon. Its suffering comes amid news the company is going head-to-head with Atlassian Corporation (NASDAQ: TEAM) billionaire Mike Cannon-Brookes at its annual general meeting (AGM).

The AGL board has declared it will only support one of four candidates Cannon-Brookes’ Galipea Partnership nominated.

Galipea holds an 11.28% stake in the company, acquired as part of Cannon-Brookes’ successful campaign to scrap AGL’s planned demerger.

The AGL share price is sliding today amid the company’s release. It’s down 2.6% right now, trading at $7.13.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is also in the red, having slumped 0.59%. Finally, the company’s home sector – the S&P/ASX 200 Utilities Index (ASX: XUJ) – is falling 0.01%.

Let’s take a closer look at the latest apparent disagreement between AGL and its major shareholder.

AGL share price underperforms on Friday

The AGL share price is trading lower alongside the broader market on Friday. It comes amid yet another potential struggle between tech billionaire Cannon-Brookes and the 185-year-old energy giant.

AGL chair Patricia McKenzie reached out to shareholders in a letter alongside the release of the company’s AGM notice today. Within it, she noted the nomination of four candidates for AGL’s board by Grok Ventures – Cannon-Brookes’ investment company – was “unusual”, before continuing:

While we understand that Grok’s nominations were made in what it believes are the best interests of [the] company, given the depth of energy market and transition experience already represented on the renewed AGL board, the board is of the view that appointing all four of the Grok candidates would not add to [its] overall effectiveness.

Additionally, as AGL’s constitution limits the number of directors to ten, appointing the remaining Grok candidates to the board could limit the board’s ability to bring on additional directors who possess priority skills.

The AGL board recommends shareholders vote to appoint Grok candidate and former Tesla Inc (NASDAQ: TSLA) director Mark Twidell.

However, it doesn’t support the appointment of Dr Kerry Schott, John Pollaers, or Christine Holman.

The post Why is the AGL share price taking a battering on Friday? appeared first on The Motley Fool Australia.

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More reading

• What’s the outlook for ASX 200 mining shares in Q2?
• Guess how much directors have been spending on AGL shares so far this week
• Following a tumultuous month, what’s next for AGL shares in October?
• Top brokers name 3 ASX shares to buy next week
• Why did the AGL share price trail the ASX 200 in September?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Atlassian and Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Santos Ltd (ASX: STO) share price is having a solid finish to the week. In afternoon trade, the energy producer’s shares are up over 2% to $7.92.

This compares favourably to the ASX 200 index, which is down 0.5% at the time of writing.

It also means that the Santos share price is now up approximately 20% since the start of the year.

Why is the Santos share price pushing higher?

Investors have been buying Santos shares today after oil prices continued to rise during overnight trade.

According to Bloomberg, the WTI crude oil price was up 1% to US$88.61 a barrel and the Brent crude oil price was up 1.3% to US$94.57 a barrel.

OPEC’s controversial plan to cut production by 2 million barrels per day in November boosted prices to three-week highs.

It isn’t just Santos that is rising today. Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) are also in positive territory this afternoon, which has helped drive the S&P/ASX 200 Energy index 1.1% higher.

Can Santos’ shares keep rising?

Despite its strong gain in 2022, the team at Morgans believes the Santos share price has room to climb higher from here.

Its analysts currently have an add rating and $9.30 price target on the company’s shares. This implies potential upside of 17% over the next 12 months.

Morgans commented:

The resilience of STO’s growth profile and diversified earnings base see it well placed to outperform against a backdrop of a broader sector recovery. While pre-FEED, we see Dorado as likely to provide attractive growth for STO, while its recent acquisition increasing its stake in Darwin LNG has increased our confidence in Barossa’s development. PNG growth meanwhile remains a riskier proposition, with the government adamant it will keep a larger share of economic rents while operator Exxon has significantly deferred growth plans across its global portfolio.

The post Why is the Santos share price having such a stellar end to the week? appeared first on The Motley Fool Australia.

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More reading

• What’s the outlook for ASX 200 energy shares in Q2?
• Why are ASX 200 energy shares smashing the benchmark on Thursday?
• What’s the outlook for ASX 200 mining shares in Q2?
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The BHP Group Ltd (ASX: BHP) share price is on course to end the week in the red.

The mining giant’s shares are currently down 1% to $40.33.

Despite this, the BHP share price is still up a sizeable 4.5% week to date.

Can the BHP share price keep rising?

One leading broker that believes the BHP share price is about fair value now is Goldman Sachs.

According to a note, its analysts have retained their buy rating with a $40.50 price target. This is broadly in line with where its shares are trading at present.

However, the broker continues to forecast generous dividend yields from the Big Australian’s shares in the coming years, which may explain why it has stuck with its buy rating.

Goldman estimates fully franked dividend yields of approximately 6.3% in FY 2023, 6% in FY 2024, and 5.5% in FY 2025. The broker commented:

From a FCF/DPS perspective, BHP is trading on an attractive FCF/DPS yield of c.5% in FY23-25. We were modeling ~US$9bn by mid-decade and have increased this to ~US$10bn. The higher capex supports our already modeled reduction in the dividend payout ratio from ~80% to 60% to fund organic growth.

Macquarie sees upside potential

While Goldman Sachs may believe the BHP share price is close to being fully valued now, the team at Macquarie don’t agree.

According to another note, this morning the broker retained its outperform rating and $45.00 price target on its shares.

This implies potential upside of 11.5% for investors over the next 12 months. And like Goldman, its analysts are expecting a ~6.3% dividend yield in FY 2024.

However, unlike Goldman, Macquarie expects the BHP dividend to grow in FY 2024 and is forecasting a yield in the region of 7.5%.

This could make BHP one to consider if you’re looking for mining sector exposure.

The post Brokers give their verdict on the BHP share price appeared first on The Motley Fool Australia.

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More reading

• What’s the outlook for ASX 200 energy shares in Q2?
• If I’d invested $1,000 in BHP shares at the start of 2022, here’s what I’d have now
• Why dividends matter
• Looking to buy BHP shares? Here’s how the miner plans to deliver on its ‘clear growth pathway’
• Does the BHP share price have a strong outlook in October?

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The PolyNovo Ltd (ASX: PNV) share price has shed 20% since market close on 17 August to trade at $1.74. For perspective, the S&P/ASX 300 Index (ASX: XKO) has lost 5% in the same time frame.

But could there be better days ahead for this ASX 300 healthcare share?

Let’s take a look at the outlook for the PolyNovo share price.

Could this ASX 300 share rise?

PolyNovo shares fell 40% between market close on 17 August and 30 September alone.

However, since then, PolyNovo shares have recovered. They soared 23% yesterday amid a trading update for the first quarter, and are currently up 36% this week.

PolyNovo is a medical device company that makes dermal regeneration products from patented NovoSorb technology.

One analyst suggests its shares are undervalued following the recent share price drop. Peak Asset Management executive director Niv Dagan, commenting on The Bull, said:

The company is forecasting revenue growth, and we’re optimistic about its projects. We believe the company is undervalued. 

PolyNovo reported a record $12.5 million in sales in the first quarter of FY23. This was a 73.3% lift on the prior corresponding quarter. US sales drove this growth, with quarterly sales of $10.4 million.

In September, the ASX 300 share achieved its first-ever $5 million sales month.

Chief executive officer Swami Raote said:

PolyNovo has always been focused, responsible and capital efficient in delivering results and I look forward to accelerating our global impact.

PolyNovo share price snapshot

The PolyNovo share price has climbed 1.7% in the past year, while it has leaped 15% year to date.

For perspective, the ASX 300 has fallen nearly 7% in the past year and 9% in 2022.

PolyNovo has a market capitalisation of more than $1.1 billion based on the current share price

The post Crashing 20% since mid-August, this ASX 300 share is now ‘undervalued’: expert appeared first on The Motley Fool Australia.

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More reading

• Why Lake, Pilbara Minerals, PointsBet, and PolyNovo shares are charging higher
• PolyNovo share price surges 13% on record quarter
• Why Bubs, Iress, Link, and Polynovo shares are dropping today
• Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher
• 3 ASX All Ordinaries shares having a cracking Monday

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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