Author: therawinformant

It can be challenging times for investors looking to get into the market or add to existing positions. Looking at the recent performance of many S&P/ASX 200 Index (ASX: XJO) and All Ordinaries (ASX: XAO) shares, investors might feel they have missed the boat for buying opportunity. However, here are 2 resilient and incredibly cheap ASX 200 shares which, I believe, are still trading with great opportunity.

1. Tassal Group Limited (ASX: TGR)

Tassal Group is an Australian company engaged in the supply of Atlantic salmon and prawns both in Australia and internationally. It is involved in the full product life cycle from hatching, farming and processing to sales and marketing. 

On 29 April, Taassal commented on the impact of COVID-19 on its business. It noted that while the long-term impacts on the global economy and consumer behaviour are still unknown, the overall market dynamic for salmon remains positive.

Retailer agreements underpin the current domestic pricing while also creating favourable volume levels. Tassal’s domestic wholesale business, however, may face headwinds. This comes as food service businesses such as pubs, clubs, restaurants and cafes may continue experiencing disruptions caused by restrictions. Despite this, the ASX 200 company remains focused on increasing production efficiencies. It will achieve this through the strategic use of exporting whilst maintaining adequate domestic supply. 

From a production perspective, Tassal reports that its salmon biomass growth is exceeding expectations. Furthermore, the company’s optimised pricing should provide increased overall operating and earnings before interest, taxes, depreciation, and amortization (EBITDA) price-per-kilogram returns. This, combined with a focus on more profitable product lines in the domestic and export markets, should translate into increased FY2021 returns for salmon.  

I believe there are many reasons Tassal could be a steady and cheap ASX 200 share for many years to come. It trades at a relatively good price-to-earnings ratio (P/E) of 11.64. This is despite delivering a CAGR of 16.7% for revenue and 12.8% for NPAT over the past 5 years. The company’s history of reliable growth and favourable customer behaviour makes Tassal a good buy at today’s prices. 

2. Credit Corp Group Limited (ASX: CCP) 

Credit Corp specialises in debt purchase and debt collection services. It purchases past-due consumer and small business debts from major banks, utility producers and finance and telecommunication companies. The company operates in Australia, New Zealand and the United States. It works with customers to agree on affordable repayments which improve their credit standing over time while ensuring they can remain active in the community. 

On 29 April, the company provided a market update and proposed equity raising. It had solid metrics leading into the pandemic with Australia and New Zealand debt buying up 9% for the 9 months to March 2020. Its record face value of accounts are under the arrangement of $1.4 billion. Its US debt buying saw collections up 57% and record face value of accounts under arrangement of $0.3 billion. 

However, its collections for April are below pre-COVID-19 expectations. Australia combined with New Zealand and the US have fallen by 15% and 16% respectively. It notes that the medium-term impact on credit-impaired customers may be more severe once temporary government support and community forbearance is withdrawn. 

Its equity raising is focused on strengthening the balance sheet. Under all downside scenarios, Credit Corp’s balance sheet can withstand even the most extreme economic shocks. I believe the company’s improved capital position and history of consistent growth make it a buy at today’s discounted prices. 

Foolish takeaway 

Buying shares that have v-shaped charts is challenging and risky. I believe Tassal Group and Credit Corp are two less volatile businesses and relatively cheap ASX 200 shares which can deliver shareholder value in the medium-long term. 

More reading

• These ASX bank stocks just got upgraded by top brokers to “buy” – and they aren’t the big four
• Does the ASX 200 just follow the US markets?
• ASX 200 up 0.45%: Harvey Norman declares special dividend, gold miners race higher
• Why you can’t afford not to invest in ASX 200 shares in 2020
• These ASX shares could defy the market sell-off this morning

Motley Fool contributor Lina Lim 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 Commonwealth Bank of Australia (ASX: CBA) share price is trading lower on Wednesday.

In afternoon trade the banking giant’s shares are down 0.65% to $71.73.

Why is the CBA share price in the red?

This decline appears to have been caused by a spot of profit taking in the banking sector today after some stellar gains over the last three weeks.

Prior to today, the CBA share price was up 21% over the previous three weeks.

This actually made it the laggard in the group, with the other big four banks recording even stronger gains over the same period. Though, given how much harder their shares have fallen during the pandemic, this isn’t particularly surprising.

Is anything else weighing on CBA’s shares?

Also potentially weighing on the bank’s shares today was news that Slater & Gordon Limited (ASX: SGH) has filed a class action in the Federal Court.

This class action relates to consumer credit insurance (CCI) for credit cards and personal loans that was sold between 1 January 2010 and 7 March 2018.

The bank has advised that it is reviewing the claim and will update the market when appropriate.

What is the class action?

This class action is similar to one that Slater & Gordon filed against National Australia Bank Ltd (ASX: NAB) for the sale of CCI. That case was recently settled for $49.5 million.

Slater & Gordon commented: “The CBA class action is part of a series of cases following the Banking Royal Commission, which heard that banks were using pressure tactics to sell unnecessary CCI products to customers who were ineligible to claim under the policies. It is the fourth class action Slater and Gordon have issued in relation to CCI products.”

The law firm notes that CBA previously identified that many customers had been sold policies that they were ineligible to claim upon, making them worthless. And while the bank provided refunds to some of their customers, Slater and Gordon believes the remediation program did not adequately compensate customers.

More reading

• Leading brokers name 3 ASX 200 shares to sell today
• Are Aussies still withdrawing cash like crazy?
• How to be like Warren Buffett and not lose money investing in ASX 200 shares
• Afterpay share price overbought says analyst
• Why the CBA share price is lagging its big four cohorts

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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The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price looks set to end its positive run on Wednesday.

In afternoon trade the banking giant’s shares are down 1.5% to $20.69.

This follows an impressive 36% gain for the ANZ share price in the prior three weeks.

Why is the ANZ share price dropping lower today?

Investors have been selling the bank’s shares after analysts at Goldman Sachs called time on its impressive rally.

According to the note, the broker has downgraded ANZ’s shares from a buy rating to neutral and placed a price target of $20.02 on them.

The broker made the move on valuation grounds after its strong share price gain meant there was virtually no upside for shareholders over the next 12 months including dividends.

Goldman commented: “ANZ only offers 1% TSR, which sits towards the bottom of our Australian retail bank stack, and so we move to Neutral. Since we added ANZ to our Buy List on 22 March 2020, ANZ is up 31% versus the ASX-200 Accumulated Index up 25%; the ASX-200 Bank Accumulated Index up 19% and ASX 200 Index up 28%.”

Though, the broker has suggested there is scope for it to lift its price target in the future if three factors play out favourably.

The broker added: “We would become more constructive on ANZ if (i) it can achieve its A$8bn cost base target by FY22E (not currently reflected in GSe/Consensus forecasts), (ii) better-than-expected repricing of its institutional lending portfolio, and (iii) there is a quicker-than-expected recovery in housing volume momentum.”

But until that happens, it will be focusing on other banks. This includes Bank of Queensland Limited (ASX: BOQ), which it upgraded to a buy rating today.

It notes that the regional bank is trading at a significant discount to its peers based on historical multiples.

Goldman has placed a $7.17 price target on Bank of Queensland’s shares. This represents potential upside of approximately 12% including dividends.

More reading

• These ASX bank stocks just got upgraded by top brokers to “buy” – and they aren’t the big four
• ASX 200 up 0.45%: Harvey Norman declares special dividend, gold miners race higher
• Are Aussies still withdrawing cash like crazy?
• Why the CBA share price is lagging its big four cohorts
• 5 things to watch on the ASX 200 on Wednesday

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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The bulls refuse to take any sell-off lying down! The S&P/ASX 200 Index (Index:^AXJO) rebounded from its morning sell-off triggered by a weak lead from Wall Street, but eager bargain hunters soon turned the market around.

The top 200 benchmark fell nearly 1% in the first 15 minutes of trade but clawed back to be 0.5% in the black during lunch time trade.

However, the big banks remain under pressure after their big rally pushed them closer to fair value. If you are looking for attractive buys, you may need to look at their smaller rivals as brokers just upgraded three of them to “buy”.

Improving margin

One stock that got moved to the “buy” list is Bendigo and Adelaide Bank Ltd (ASX: BEN).

JP Morgan changed its recommendation on the regional bank to “overweight” from “neutral” today as it believes that the market isn’t fully appreciating the upside.

“With COVID-19 infection rates under control in Australia and lockdown rules easing, there is increased optimism that the Jun-20 quarter trough in the economy will not be as bad as first thought,” said the broker.

“Recent data have pointed to improvements in term deposit spreads. This is likely to continue.”

JP Morgan’s price target on Bendigo Bank is $8.10 a share.

Cum-upgrade cycle

Another bank stock that is under appreciated by the market is the Bank of Queensland Limited (ASX: BOQ) share price.

Goldman Sachs also upgraded its call on BOQ to “buy” from “neutral” as it believes consensus earnings forecasts are too conservative.

“We now have more confidence that BOQ will be able to reach its management target of broadly flat 2H20E NIMs [net interest margins], and sit c.8% above Bloomberg FY21E consensus,” said the broker.

Goldman Sachs increased its price target on the stock to $7.17 from $5.51 a share.

Small cap bank buy

Coincidentally, another Queensland-based bank also got upgraded by Bell Potter to “buy” from “hold”. This is small cap lender Auswide Bank Ltd (ASX: ABA).

Auswide is Australia’s newest bank as it mothed from its previous form as a credit union called Wide Bay Australia.

The broker believes that if the re-rating were to be applied to Auswide, fair value for the stock would increase by 17% to $5.15 a share.

A re-rating is when the implied discount rate on a sector’s valuation is lowered due to higher investor confidence.

Further, Auswide is also sitting on a reasonable forecast yield of 4.5% even after Bell Potter cut its forecast final dividend by 53%.

More reading

• 2 crazy cheap ASX 200 shares you could still buy
• ANZ share price drops lower after Goldman Sachs downgrade
• Does the ASX 200 just follow the US markets?
• ASX 200 up 0.45%: Harvey Norman declares special dividend, gold miners race higher
• Why you can’t afford not to invest in ASX 200 shares in 2020

Motley Fool contributor Brendon Lau 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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Yesterday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below.

Here’s why these brokers are bearish on these ASX 200 shares:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Goldman Sachs, it has retained its sell rating and $62.65 price target on this banking giant’s shares. The broker expects Commonwealth Bank’s strong deposit franchise to leave it more vulnerable to the medium term impact of lower rates. In addition to this, it notes that the bank has the highest exposure to more competitive mortgages relative to its peers. Overall, it doesn’t believe its shares deserve to trade at such a premium to the rest of the big four. The Commonwealth Bank share price is trading notably higher than this price target at $71.84.

GPT Group (ASX: GPT)

Analysts at Morgan Stanley have retained their underweight rating and $4.20 price target on this property company’s shares. According to the note, the broker was not surprised to see GPT reduce the valuations of its retail portfolio by a total of 8.8% or $476.7 million. But the devaluations may not stop there. It notes that the company plans to have all its properties independently valued at the end of June. GPT’s shares are changing hands at $4.46 this afternoon.

Wesfarmers Ltd (ASX: WES)

A note out of Citi reveals that its analysts have retained their sell rating but lifted the price target on this conglomerate’s shares to $38.20. According to the note, the broker was pleased with the strong sales growth achieved by Bunnings and Officeworks so far in the second half. However, it notes that this sales growth is coming at a cost. As such, the company is unlikely to benefit as greatly from the sales surge as you might think. Furthermore, Citi is expecting its sales growth to moderate as restrictions ease. As a result, it sees no reason to change its rating at this point. The Wesfarmers share price is up over 4% to $43.57 today.

More reading

• Are Aussies still withdrawing cash like crazy?
• How to be like Warren Buffett and not lose money investing in ASX 200 shares
• Afterpay share price overbought says analyst
• Why the CBA share price is lagging its big four cohorts
• 3 top ASX shares for growth, income, and value investors to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of 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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When it comes to ASX dividend shares, there are few choices that can match WAM Capital Limited (ASX: WAM) right now for raw income potential.

WAM Capital isn’t an ordinary ASX dividend share though. It’s a listed investment company (LIC) that invests in mostly undervalued, mid-cap ASX shares with what WAM Capital calls a potential ‘catalyst’.  Once this catalyst has been realised by the market, WAM is normally inclined to sell the company. This strategy has worked very well for the LIC in the past. Since its inception in 1999, WAM Capital has returned an average of 15.7% per annum to its investors (before fees). A major part of these returns have come from the dividends WAM Capital has managed to dish out.

Since the global financial crisis in 2008, this LIC has managed to hold or increase its dividends every single year. On current prices, these are worth a 7.71% yield – or 11% grossed-up with full franking.

Can WAM Capital afford its 11% yield?

That’s hopefully the first question that comes to mind when you see a yield like 11%. Normally, this would indicate that the market views this yield as unsustainable and therefore a dividend trap. But listed investment companies are often treated a little differently by the market, so let’s probe a bit farther.

As at 30 April, WAM Capital’s major holdings include TPG Telecom Ltd (ASX: TPM), Cleanaway Waste Management Ltd (ASX: CWY) and Aristocrat Leisure Limited (ASX: ALL). It also had a cash weighting of 24.6% – which indicates a bearish outlook for ASX 200 shares in my view.

On a per share basis, this LIC’s net tangible asset’s (NTA) came to $1.47 – which is a long way from the current share price of $2.01.

So in other words, this yield is now looking even more impressive considering the share is trading for a 37% premium to its underlying value. If WAM Capital shares were trading at their NTA value, the dividend yield would be 10.54% or 15.06% grossed-up.

But here’s the kicker, WAM Capital’s last interim dividend came in at 7.75 cents per share. As of April, the LIC only had 6.1 cents per share left in its profit reserves. This tells us that WAM Capital is running out of gas in the tank. Unless things turn around soon (and it will have to be very soon), it doesn’t look like this company will be able to afford to continue paying its generous dividends at their current levels.

As such, I think there is a lot of risk in buying WAM Capital shares today for dividend income. Particularly since the share price is trading 37% above its underlying value, as this would effectively mean buying 63 cents worth of value for $1.

Thus, it’s a ‘no-deal’ from me.

More reading

• The TPG share price is on the up. A good long-term buy today?
• Fund managers have been buying these ASX shares
• ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
• How to turn $20,000 into $275,000 in 10 years with ASX 200 shares
• These were the worst performers on the ASX 200 last week

Motley Fool contributor Sebastian Bowen 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 Worley Ltd (ASX: WOR) share price is down by 4.41% today and sits at $10.19 per share at the time of writing. Worley (formerly Worley Parsons) is a global provider of engineering services to the energy, resources and chemical sectors. 

Why is the Worley share price under pressure?

Today, Worley released an investor presentation and also announced its plan to transition toward sustainable energy. The announcement has had a negative effect on the Worley share price so far.

In the presentation, Worley indicated that many of its customers are moving toward renewable energy, a move sped up by recent volatility in oil prices. The company announced that key customers had reduced capex on hydrocarbon investments by around 30%. However, it stated that it had experienced an “accelerating wave of renewable energy investments, supported by energy storage, decarbonization projects and gas as a transition fuel.”

Additionally, Worley has announced it will work to become more sustainable in the way that it provides services to customers. It has committed to work with customers to deliver projects more sustainably across the entire life cycle. The company announced that it aims to create a net zero road map for direct carbon emissions. It will do this while helping customers to reduce their emissions with sustainable solutions.

Worley also suggested that it will assess its involvement in carbon-intensive projects. This could see the company turning down projects that produce heavy emissions and has undoubtedly contributed to the drop in the Worley share price today. 

Worley’s plan to transition into sustainable energy will take place across all of the sectors in which the company operates. Some of the company’s initiatives will include decarbonisation, energy efficiency, low carbon hydrogen, renewable energy, distributed energy systems, biofuels, carbon capture and storage, nuclear power, waste to energy and the use of gas as a transition fuel. 

In its announcement, Worley also flagged that the impact of the coronavirus had created some supply chain issues. This had slowed some projects and likely added to the negative pressure on the company’s share price today.

The Worley share price is down 33% since the beginning of January and down 38% from its 52 week high of $16.45. 

More reading

• ASX 200 up 0.45%: Harvey Norman declares special dividend, gold miners race higher
• Why Flight Centre, Smartgroup, Woodside, & Worley shares are dropping lower
• ASX 200 jumps 2.4%, unloved shares keep rising
• Top brokers just upgraded these 3 ASX stocks to “buy”
• ASX 200 Weekly Wrap: Surging bank shares push ASX toward 6,000

Motley Fool contributor Chris Chitty 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 CSL Limited (ASX: CSL) share price looks to have turned a corner today and is charging higher. In afternoon trade the biotherapeutics company’s shares are up 4% to $289.69.

Though, despite this gain, the CSL share price is still down 15.5% from its 52-week high.

Why is the CSL share price underperforming?

The CSL share price has come under pressure over the last couple of months due to concerns over its plasma collections. This is particularly the case in the United States, where the vast majority of its plasma is collected.

These collections are vital to the future production of its immunoglobulin and albumin products. This means that a significant decline in collections because of the pandemic could lead to CSL falling short of expectations in FY 2021 and FY 2022.

Should you be concerned?

While I think it is likely that CSL will have seen a decline in collections during the pandemic, I’m not convinced it will be material enough to impact its future results.

Especially given the high level of unemployment in the United States, which I suspect could lead to more people donating plasma than normal once the crisis passes.

One broker that isn’t concerned is Goldman Sachs. This morning the broker reiterated its buy rating and $336.00 price target on the biotherapeutics company’s shares.

This was in response to CSL’s announcement that it is taking up its option to acquire Vitaeris. It is a clinical-stage biotechnology company which is currently focused on the phase 3 development of a treatment for rejection in solid organ kidney transplant patients.

Goldman Sachs is particularly positive on CSL’s transplant franchise and sees a lot of potential in its pipeline.

It commented: “We believe the most compelling opportunities under development are within the Transplant franchise (clazakizumab, CSL842 and CSL964), for which we assign a total risk-adjusted valuation of A$24 per share (62% of total).”

In respect to clazakizumab, which comes over with the acquisition, Goldman estimates that it could generate peak non-risk adjusted sales of US$5.4 billion by FY 2032 and risk adjusted sales of US$1.3 billion. It places a 25% probability of success on this.

Should you invest?

While there is still a lot of work to do before clazakizumab is a bona fide product, it certainly does look like it has the potential to be a key driver of growth in the future. 

And it’s not the only product under development. CSL has a growing pipeline of potentially lucrative products which could underpin solid earnings growth over the next decade and beyond. It is because of this, that I think its shares deserve to trade at notable premium to the market average.

In light of this, I think the pullback in the CSL share price is a buying opportunity for long term focused investors.

More reading

• 3 companies with great intangible asset moats
• Why CSL, Harvey Norman, IPH, & Saracen shares are charging higher
• Why the CSL share price continues to trail the ASX 200
• ASX 200 jumps 2.4%, unloved shares keep rising
• CSL share price drops lower despite announcing a new acquisition

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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 Great Southern Mining Ltd (ASX: GSN) share price is flying higher today after the small-cap ASX miner announced the commencement of drilling at its Cox’s Find Project.

Great Southern Mining is a mineral exploration company with a focus on gold. It has landholdings in the gold districts of Laverton in Western Australia and the Mt Carlton region of North Queensland.

What did Great Southern Mining announce?

This morning, Great Southern Mining revealed it has commenced the extensive reverse circulation (RC) and diamond drill program at its 100%-owned Cox’s Find Project. 

Cox’s Find is an orogenic gold deposit located in the Duketon Greenstone Belt in the Laverton District of WA. It is located within 12 kilometres of Regis Resources Limited (ASX: RRL)’s multi-million ounce Garden Well.

Limited exploration has been conducted at the Cox’s Find Project since mining activities ceased in the early 1940s. The mine produced approximately 107,000 tonnes at an average grade of 22 grams per tonne (g/t) gold for 77,000 ounces.

In late 2019, Great Southern Mining completed its maiden RC drilling program at Cox’s Find, comprising 17 RC holes for 2,658 metres. According to the company, results from this maiden program highlighted that the remnant high-grade gold mineralisation remains.

Standout results from this program (announced last year) include:

• 8 metres at 9.43 g/t gold from 73 metres;
• 2 metres at 36 g/t gold from 146 metres;
• 5 metres at 45.54 g/t gold from 140 metres;
• 6 metres at 7.9 g/t gold from 132 metres; and
• 5 metres at 31.23 g/t gold from 134 metres.

The commencement of the new drilling program announced today will build on these recent results.

“This will be the first intensive drill program targeting the down plunge extensions of the deposit and the first diamond drill program targeting the high-grade lode,” said CEO Mark Major.

“This program should enhance our structural understanding of the deposit and assist with advancing the forthcoming drill programs at the Cox’s Find deposit and support targeting repeat structures within our tenure,” Mr Major added.

Great Southern Mining noted that the RC drill rig is on-site and it has commenced drilling the initial phase of the 9,000-metre drilling program. Meanwhile, the company expects the diamond drill rig to arrive on-site within a week.

At the time of writing, the Great Southern Mining share price is up 12.94% for the day to 9.6 cents. This takes the company’s current market capitalisation to just under $40 million.

In other news in the gold space, large-cap ASX gold shares are charging higher today after the gold price rebounded overnight.

More reading

• Is the CSL share price in the buy zone?
• Does the ASX 200 just follow the US markets?
• 3 top ASX shares to buy now to get rich later
• ASX 200 up 0.45%: Harvey Norman declares special dividend, gold miners race higher
• Are Aussies still withdrawing cash like crazy?

Motley Fool contributor Cathryn Goh 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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