Author: therawinformant

The Telstra Corporation Ltd (ASX: TLS) share price was out of form again on Thursday and dropped lower again.

The telco giant’s shares fell 1.5% to a new multi-year low of $2.75.

This latest decline means that the Telstra share price is now down a disappointing 23% since the start of the year.

Is this a buying opportunity?

I think the weakness in the Telstra share price is a buying opportunity for investors.

Based on its guidance for FY 2021, the company’s shares are changing hands for 19x forward earnings.

I think this is good value, particularly in comparison to TPG Telecom Ltd (ASX: TPG) shares, which are trading at over 40x estimated FY 2021 earnings.

The dividend.

Another reason I would buy Telstra’s shares is its dividend.

Although there have been a lot of questions over the sustainability of its 16 cents per share fully franked dividend, the company’s board recently revealed that it would be willing to adjust its dividend policy to maintain this dividend.

It will do this if it believes $7.5 billion to $8.5 billion of operating earnings is achievable in an NBN world, its free cash flow remains supportive, and its financial position remains strong.

Essentially, the Telstra board doesn’t want to maintain it this year if will only have to cut it the year after.

The good news is that I believe these conditions will be met thanks to its T22 strategy and the easing NBN headwind.

If this proves to be the case, Telstra’s shares will provide investors with a 5.8% fully franked dividend yield in FY 2021. I think this is very attractive in the current environment.

Goldman Sachs’ buy rating.

I’m not the only one that sees the Telstra share price weakness as a buying opportunity.

Earlier this month, analysts at Goldman Sachs retained their buy rating and $3.60 price target on the company’s shares.

This price target implies potential upside of 31% excluding dividends and almost 37% including them.

More reading

• 2 of the best ASX 50 shares you could buy right now
• 3 super reasons to buy ASX 200 shares today
• Is the Telstra (ASX:TLS) share price undervalued?
• How to tell if an ASX share is a bargain or a dog
• 3 high quality blue chip ASX shares to buy now

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Marley Spoon AG (ASX: MMM) share price won’t be going anywhere on Friday after the subscription-based meal kit provider requested a trading halt following the release of its third quarter update.

What happened in the third quarter?

Marley Spoon’s positive form continued in the third quarter, with very strong growth being delivered across all geographic regions.

Management notes that it experienced continued strong demand for its meal-kits from new and existing customers, leading to positive growth momentum and favourable customer acquisition costs,

According to the release, for the three months ended 30 September, Marley Spoon achieved revenue of 69.3 million euros, up 109% on the prior corresponding period.

The company’s US operations were strongest, delivering revenue of 34.2 million euros, up 163% in constant currency terms. This was driven by strong growth in Martha & Marley Spoon and Dinnerly brands. It achieved third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of 0.7 million euros.

Growth was also very strong in Australia, with revenue rising 84% to 25.3 million euros. Operating EBITDA was 3.4 million euros for the quarter.

Finally, in Europe, the company recorded an 83% increase in revenue to 9.8 million euros. Though, unlike the US and Australia, these operations are not yet profitable and posted an EBITDA loss of 0.6 million euros.

Marley Spoon ended the quarter with 362,000 active customers, up 86% year on year. However, this is just a 3% increase quarter on quarter. Also, on average it generated 4.3 orders per customer in the quarter. While this was up from 3.9 orders per customer in the prior corresponding period, it was down from 4.4 in the second quarter.

Looking ahead, Marley Spoon has narrowed its FY 2020 revenue guidance range. It now expects growth of between 90% to 100% year on year, compared to 80% to 100% previously.

Why are Marley Spoon shares in a trading halt?

Marley Spoon requested a trading halt whilst it undertakes a A$56 million fully underwritten placement.

The company is raising the funds at $3.22 per share, which represents a 7.7% discount to its last close price.

Management commented: “Given the continued traction in online meal kit adoption and strong recent business performance, Marley Spoon considers it appropriate to improve its balance sheet and access additional growth capital. With additional balance sheet flexibility, Marley Spoon will be well positioned to accelerate its global growth strategy and capitalise on the opportunities available in its core markets.”

More reading

• Up 900% this year, can the Marley Spoon (ASX:MMM) share price continue to climb?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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If you’re wanting to add some dividend shares to your portfolio this month, then the two listed below could be great options.

I feel both companies are well-placed to continue growing their dividends over the coming years despite the tough economic environment.

Here’s why I think they are among the best on offer for income investors right now:

BWP Trust (ASX: BWP)

BWP is the largest owner of Bunnings Warehouse sites in Australia, with a portfolio of 68 stores. In addition to this, seven of its properties have adjacent retail showrooms that are leased to other retailers. At the end of FY 2020, the company had an occupancy rate of 98% and a weighted average lease expiry (WALE) of 4 years. From this, it was generating annual rental income of $151.4 million.

Given the quality of the Bunnings business and the home improvement giant’s positive outlook, I believe it is well-placed to continue growing its distribution over the 2020s. Based on this and the current BWP share price, I estimate that it offers investors a forward 4.4% yield. It is also worth noting that Bunnings is owned by Wesfarmers Ltd (ASX: WES), which is also a major BWP shareholder with a ~23.6% stake.

Coles Group Ltd (ASX: COL)

Another ASX dividend share I would buy is Coles. I believe it is one of the best options for income investors due to its positive long term growth outlook and its defensive earnings. The latter was a key reason why Coles delivered strong growth in FY 2020 despite the pandemic. It reported a 6.9% increase in sales to $37.4 billion and a 7.1% lift in net profit after tax to $951 million in FY 2020.

I expect more of the same in FY 2021 and over the remainder of the decade. This could make the supermarket operator a great buy and hold option. Based on the current Coles share price, I estimate that it offers a fully franked 3.6% dividend yield in FY 2021.

More reading

• Here’s where I would spend $10,000 on ASX shares today
• 3 super reasons to buy ASX 200 shares today
• Reject Shop (ASX:TRS) share price tumbles but it’s property stocks that should be worried
• Here’s how much Coles (ASX:COL) and Woolworths (ASX:WOW) are benefiting from COVID-19
• Buy Coles (ASX:COL) and this dividend share before the next RBA meeting

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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On Thursday the S&P/ASX 200 Index (ASX: XJO) followed the lead of U.S. markets and dropped lower. The benchmark index fell 0.3% to 6,173.8 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to edge higher.

The Australian share market looks set to end the week in a positive fashion. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher this morning. In late trade on Wall Street, the Dow Jones is up 0.45%, the S&P 500 has risen 0.4%, and the Nasdaq is up slightly.

Webjet update.

The Webjet Limited (ASX: WEB) share price will be on watch this morning following a trading update after the market close. The online travel agent revealed that bookings were still down materially, with the key WebBeds business currently reporting total transaction value (TTV) of 12% of 2019’s levels. WebBeds needs to reach 45% of 2019’s levels to be breakeven. One positive, though, is that Webjet’s cash burn is lower than forecast.

Oil prices rebound.

Energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices rebounded despite a build-up in U.S. gasoline inventories.  According to Bloomberg, the WTI crude oil price is up 1.5% to US$40.65 a barrel and the Brent crude oil price is up 1.8% to US$42.47 a barrel.

More annual general meetings.

Another group of companies are holding their (virtual) annual general meetings on Friday and could provide investors with trading updates. Among the companies scheduled to hold meetings are insurance giant Insurance Australia Group Ltd (ASX: IAG) and airline operator Qantas Airways Limited (ASX: QAN).

Gold price sinks lower

It could be a tough day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) on Friday after the gold price sank lower. According to CNBC, the spot gold price is down 1.2% to US$1,905.80 an ounce. This follows stronger than expected U.S. jobs data.

More reading

• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• Coca-Cola Amatil (ASX:CCL) share price jumps on M&A speculation
• ASX 200 recovered throughout today, but finished 0.3% lower
• Why Ardent Leisure’s (ASX:ALG) share price is up 46% from 28 September
• Why Domino’s, Oil Search, Resolute, & Zip shares are dropping lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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On Thursday the S&P/ASX 200 Index (ASX: XJO) followed the lead of U.S. markets and dropped lower. The benchmark index fell 0.3% to 6,173.8 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to edge higher.

The Australian share market looks set to end the week in a positive fashion. According to the latest SPI futures, the ASX 200 is poised to open the day 4 points higher this morning. In late trade on Wall Street, the Dow Jones is up 0.45%, the S&P 500 has risen 0.4%, and the Nasdaq is up slightly.

Webjet update.

The Webjet Limited (ASX: WEB) share price will be on watch this morning following a trading update after the market close. The online travel agent revealed that bookings were still down materially, with the key WebBeds business currently reporting total transaction value (TTV) of 12% of 2019’s levels. WebBeds needs to reach 45% of 2019’s levels to be breakeven. One positive, though, is that Webjet’s cash burn is lower than forecast.

Oil prices rebound.

Energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could be on the rise today after oil prices rebounded despite a build-up in U.S. gasoline inventories.  According to Bloomberg, the WTI crude oil price is up 1.5% to US$40.65 a barrel and the Brent crude oil price is up 1.8% to US$42.47 a barrel.

More annual general meetings.

Another group of companies are holding their (virtual) annual general meetings on Friday and could provide investors with trading updates. Among the companies scheduled to hold meetings are insurance giant Insurance Australia Group Ltd (ASX: IAG) and airline operator Qantas Airways Limited (ASX: QAN).

Gold price sinks lower

It could be a tough day of trade for gold miners such as Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) on Friday after the gold price sank lower. According to CNBC, the spot gold price is down 1.2% to US$1,905.80 an ounce. This follows stronger than expected U.S. jobs data.

More reading

• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• Coca-Cola Amatil (ASX:CCL) share price jumps on M&A speculation
• ASX 200 recovered throughout today, but finished 0.3% lower
• Why Ardent Leisure’s (ASX:ALG) share price is up 46% from 28 September
• Why Domino’s, Oil Search, Resolute, & Zip shares are dropping lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Warren Buffett is one of the most successful investors of all time. Therefore, following his advice could be a sound move when seeking to build a retirement portfolio.

Even if you have no retirement savings at age 40, it is not too late to build a nest egg that can provide a generous passive income in older age.

By starting to invest in cheap, high-quality shares today, you could capitalise on the long-term growth potential offered by the stock market.

Warren Buffett’s focus on undervalued stocks

Warren Buffett has sought to buy the best companies he can find when they are trading at the lowest prices. This enables him to benefit from their likely recovery as the economic outlook gradually improves. It also means that his money is invested in those businesses that may have the highest chance of surviving difficult trading conditions.

This could be especially relevant at the present time. The world economy faces its most difficult period since the global financial crisis. As such, only those businesses with wide economic moats and solid balance sheets may survive what could be a prolonged period of weaker sales and profit growth.

Warren Buffett’s aim to buy such companies at low prices has contributed to his outperformance of the wider stock market. Through purchasing high-quality businesses at low prices, you can obtain a wide margin of safety that leads to impressive capital growth as investor sentiment and company profitability improves.

Return prospects after the stock market crash

Clearly, some investors may be unsure about following Warren Buffett’s lead at the present time. The stock market crash has highlighted the volatility that can be present in equity markets. It could even return later this year, with risks such as the US election and the coronavirus pandemic being present.

However, the market crash could present a rare buying opportunity for investors. Many high-quality businesses are trading at low prices that factor in the risks faced by the world economy. This provides a wide range of choice through which to build a diverse portfolio of companies. Over time, they could recover to produce a surprisingly large nest egg from which to draw a passive income in older age.

Starting to invest at age 40

Following Warren Buffett’s tips from a standing start at age 40 could lead to a worthwhile retirement nest egg. After all, you are likely to have around 20-30 years left until you retire. This provides your portfolio with a substantial amount of time to grow.

Therefore, it is not too late to start investing in shares, with the market crash providing the perfect opportunity to buy undervalued stocks. Over time, they could make a positive impact on your financial future, and help to bring your retirement date a step closer.

More reading

• Why the CV Check (ASX:CV1) share price finished the day 5% higher
• Webjet (ASX:WEB) share price on watch after FY 2021 trading update
• APA Group (ASX:APA) plots a steady path to low emissions future
• The Austal (ASX:ASB) share price has dropped slightly amid corruption allegations
• Coca-Cola Amatil (ASX:CCL) share price jumps on M&A speculation

Motley Fool contributor Peter Stephens has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 CV Check Ltd (ASX: CV1) share price finished the day in positive territory following the announcement of a new customer win.

Despite the broader decline of the All Ordinaries Index (ASX: XAO), the CV Check closed the day at 18 cents, up 5.8%.

Let’s take a look at what CV Check updated the market with.

What does CV Check do?

CV Check, founded in 2004, is an online tech company that offers background screening and verification services.

The company conducts over 300,000 verification checks every year for private and government organisations, employers and individuals. These services include national police checks, employment reference checks, credit and financial checks, and predictive psychometric assessments, among other verifications.

International customers 

CV Check advised it had signed a new international customer to its strategic white line label rollout. Employment screening specialist, Vero Screening Ltd, was added to CV Check’s international wholesale customers.

Vero is an employment screening company based in Brighton, England. The business specialises in compliance, human resources, digital technology among other services. Vero has over 20 years’ experience in industry knowledge and in-house technology to protect clients from risk.

This new addition complements last week’s news that the company had signed NetForce Global LLC to its best-of-breed solution.

CV Check sees white labelling as a strategic objective and is focusing on servicing the international market.

Management commentary

Commenting on the new partnership, CV Check CEO Mr Rod Sherwood said:

In its FY2020 Annual Report, CV1 advised pre-commercialisation had commenced on the strategic project to take its white label technology beyond our current Australia and New Zealand base. We are pleased to advise that another major inbound international wholesaler will commence ordering pursuant to this initiative. We welcome Vero as an inbound international wholesale customer.

Vero CEO, Mr Rupert Emson also spoke about the agreement, adding:

We are excited to be partnering with CVCheck. As we are seeing increased demand for our international screening services, the Company’s full suite of screening services and advanced technology platform were a perfect match for our requirements. The CVCheck onboarding support team have been fantastic and we look forward to working with them to deliver on our clients’ global screening strategies.

The CV Check share price is up more than 28%, year to date, and is just shy of its 52-week high of 19 cents per share. 

More reading

• CV Check (ASX:CV1) share price storms 7% higher. Here’s why
• Here’s why the CV Check (ASX:CV1) share price has soared 30% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has recommended CV Check Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Webjet Limited (ASX: WEB) share price will be one to watch on Friday following the release of its annual general meeting update after the market close.

What was in Webjet’s update?

As well as providing investors with a breakdown on its performance during an unprecedented FY 2020, management released an update on current trading.

In respect to the latter, Webjet revealed that bookings are still down materially from the pre-pandemic levels but are improving.

The Webjet OTA business recorded monthly bookings of 18,700 during September, down from its pre-COVID average of 131,300 per month. This represents 14.2% of pre-COVID levels, which compares favourably to a 7.1% recovery by the rest of the market.

This booking performance has improved into October. Webjet OTA’s bookings hit 15% of its calendar year 2019 levels for the week ending 7 October. Management notes that this side of the business will reach break-even when levels hit 23% of 2019’s levels.

The Webjet OTA business currently has a 10% share of domestic bookings, up from 5.2% a year earlier.

The key WebBeds business is improving but remains a long way from becoming breakeven. As of 7 October, its average total transaction value (TTV) stood at 12% of calendar year 2019 levels. It will need to surpass 45% of 2019’s levels to become profitable.

Though, management believes the business is well-placed to capitalise on growth as travel markets re-open.

Finally, the Online Republic business’ bookings were at 21% of 2019’s levels at the end of the first week of October. Once this hits 37%, the business will become breakeven.

Given its strong exposure to global domestic leisure markets, management believes it is well-placed to benefit from domestic-focused tourism around the world.

Outlook.

Management warned that the global travel industry continues to be under pressure from second waves, border closures, and the timing of a COVID-19 vaccine.

In light of this, it is continuing to focus on managing its costs. Pleasingly, this has resulted in its cash burn being lower than forecast. So far in FY 2021, its monthly cash burn is $9 million a month. This compares to $10.5 million in FY 2020.

Finally, management notes that its balance sheet is strong and provides it with sufficient capital to see it through to 2022.

More reading

• 5 things to watch on the ASX 200 on Thursday
• ASX 200 Weekly Wrap: Promises of easy money push ASX 200 to post-crash high
• These are the 10 most shorted shares on the ASX
• 5 things to watch on the ASX 200 next week
• These were the worst performing shares on the ASX 200 last week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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APA Group (ASX: APA) held its annual general meeting (AGM) today, which focused on the resilience of the company’s revenue streams and the drive to a lower emissions future. In fact, much of the company’s future plans revolved around reaction to the economy’s transition to lower emissions. APA Group owns and manages a network of natural gas pipelines.

Financial performance

Revenue was up 4.8% on the previous year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 5.1% year on year. Consequently, the company was able to declare full year distributions of 50 cents per security. This is an increase of 6.4% on FY19. For long-term investors, total securityholder returns since APA’s listing 20 years ago in June are now 2,203%. 

The transition to low emissions economy is a significant area of focus for the company. While natural gas will undoubtedly remain critical , there are also significant opportunities in new energy sources, as well as opportunities to continue growing the company’s renewable portfolio. In addition, the company is now Australia’s 6th largest owner of renewable power generation assets, with just over half of its power generation coming from wind and solar.

For example, the Australian Renewable Energy Agency (ARENA) announced $1.1 million of funding for a renewable methane pilot project. The project seeks to determine whether it’s possible to create methane using solar powered electricity, water and CO2 from the atmosphere on an industrial scale. 

A pathway to low emissions growth

In April, the company published its Climate Change Position Statement. In further commitment to low emissions, it has also delivered its first Climate Change Resilience Report. This is a comprehensive analysis of the resilience of APA’s current asset portfolio under three divergent climate scenarios to 2050. Moreover, the company continues to play its critical role in addressing the urgent energy challenges of today. For instance, the government has specifically highlighted the gas sector in supporting Australia’s recovery from COVID-19.

With a forecast 2023 winter gas supply shortfall, the company is working to ensure capacity is not a constraint. To this end, it advised it will invest up to $700 million to increase capacity by up to 50% from its Wallumbilla Gas Hub in Queensland to southern markets.

Company Managing Director and CEO, Rob Wheals, commented: “As we’ve said before, we see over $4 billion of domestic growth opportunities over the next five to 10 years. Of these as much as $1 billion of projects are in active discussion with customers for decisions and/or delivery over the next two to three years.”

APA share price performance

The APA share price is down by around 3% since the start of the year. It currently trades at a price-to-earnings ratio of 39.6, and has a trailing 12-month dividend yield of 4.6%.

More reading

• 2 Warren Buffett ASX shares to buy right now
• 2 ASX dividend shares raising their dividends like clockwork
• 3 ASX shares for a stress-free life
• How to create a yearly income of $65,000 in dividends

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of APA Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Austal Limited (ASX: ASB) share price fell slightly as the shipbuilder refuted any wrongdoing over a corruption allegation involving the Australian Border Force (ABF). Austal’s share price closed 0.93% lower at $3.19.

What happened?

Austal cited a story in The Age regarding an investigation into the conduct of ABF employees. The issue concerned an outstanding milestone payment by ABF for the Cape Class program in 2015.

While Austal noted it did not usually respond to media articles or speculation, the company felt the need to in this case as the story had the potential “for adverse, misleading and incorrect inferences to be drawn against the company as a result”.

Austal said the “success fee” mentioned in the article was paid as a result of partial satisfaction of a contractual milestone payment obligation. Rather than, as the article suggested, “corruption inside the ABF”.

The article also suggested that the investigation uncovered evidence that the company “misled markets”. However, the shipbuilder denied the allegation, claining it was not aware of any such evidence.

Austal said in the announcement the investigation was over, but journalist reports said that the investigation was ongoing, albeit in a different form.

Austal has had no contact with the investigation board –the Australian Commission for Law Enforcement Integrity.

About the Austal share price

Austal is Australia’s largest defence exporter and shipbuilder. The company owns shipyards in Australia, the US, Philippines and Vietnam with service centres worldwide, including the Middle East.

Furthermore, it has grown to become the world’s largest aluminium shipbuilder and is Australia’s largest defence exporter.

More reading

• Why Austal, Challenger, Orocobre, & Whitehaven Coal are dropping lower
• Why is the Austal (ASX:ASB) share price on the move?
• Top brokers name 3 ASX shares to buy today
• Potential ASX winners from government’s $1.5bn manufacturing blueprint

Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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