Category: Stock Market

The Newcrest Mining Ltd (ASX: NCM) share price is higher today, currently 2.73% in the green at $25.96.

The gain extends Newcrest’s rally that’s been underway since late January after the company’s shares took a plunge to a 3-month low of $21.50.

Now the miner has adopted new technology to digitalise the performance of its flagship Cadia mine in New South Wales, reports say. That involves building a digital goldmine.

But what could this mean for the gold mining juggernaut? Let’s take a look and find out.

Newcrest to build digital goldmine?

The miner has announced it will be utilising digital twin technology to bolster output and efficiency at the Cadia site, located near Orange, NSW.

This involves building an exact digital replica of the Cadia gold mine with the aim of improving ore output and return on the site, The Australian Financial Review reports.

After scheduled maintenance on a key piece of machinery held up production, management is understood to have made the decision to ‘go digital’ in a bid to make maintenance more efficient as well.

Many industries are now incorporating digital twin technology to optimise operations and “the reliability of all forms of assets and equipment,” Gartner analyst Kristian Steenstrup told the AFR.

According to Gartner, around 50% of digital twins were being used for cost optimisation. “For example by improving equipment maintenance or through the more complex prediction of future maintenance needs,” the report said.

The goal of creating the digital twin is to replicate the asset — in this case, a mine — drawing on information from a real-world environment. It aims to provide valuable insights that would otherwise be missed in the business continuum.

Not only that, but it allows companies to perform a broader scenario analysis without having to take on unnecessary costs or risks.

For Cadia, this would mean a better understanding of assets like crushed ore bins that rest underground, a move the company is now trialling.

Newcrest’s chief information officer Gavin Wood said the move has “led to greater levels of cash flow coming out of the Cadia operation”, the AFR noted.

With the price of gold just recently bouncing off its near-record highs in March, the Newcrest share price had followed suit, albeit without the same frenzy.

It peaked at $28.20 on 9 March – not too far under its 52-week high of $28.79 in May 2021. It has since reverted back towards the longer-term average.

Quick summary of Newcrest shares

In the last 12 months, the Newcrest share price has climbed 4.7% and is now 5.6% in the green since trading restarted on 4 January.

Over the previous month of trade, the Newcrest share price is 5.3% higher.

At its current share price, the company has a market capitalisation of around $23 billion.

The post Newcrest (ASX:NCM) shares in focus: The miner’s plan to create ‘over $100 million of additional free cash flow’ appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is enjoying a day of solid gains as it stands so far this Tuesday. At the time of writing, the ASX 200 is up by a robust 1.28% at just over 7,370 points.

So let’s dive deeper into this pleasing performance and have a look at the shares that are currently at the top of the ASX 200’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

Alumina Limited (ASX: AWC)

Alumina is our first share to have a glance at today. This ASX 200 aluminium and alumina producer has had a solid 13.56 million shares traded on the markets thus far.

There has been no news or announcements out of the company that could easily explain this volume. But the Alumina share price has had a very strange day. It initially opened strongly at $2.04 a share (up 2.5%) but has been losing steam all day. The company is now at $1.99, which is flat on yesterday’s close.

It’s probably this bouncing around that has elicited this high trading volume.

Paladin Energy Ltd (ASX: PDN)

ASX 200 uranium share Paladin Energy is next up. So far today, a hefty 19.93 million Paladin shares have found a new home.

Again, this doesn’t seem to have been sparked by anything out of the company itself. So let’s look at the company’s share price movements. Paladin has had an exceptional day of trading so far. The company is currently up by 6.02% at 88 cents a share.

It’s almost certainly this notable gain that is responsible for the high trading volumes we are seeing.

AVZ Minerals Ltd (ASX: AVZ)

Another ASX 200 miner tops our list today in AVZ Minerals. This lithium hopeful has had a whopping 36.58 million of its shares bought and sold on the markets so far this Tuesday.

Again, we seem to have a large share price movement to thank for this volume. AVZ shares are currently up an eye-watering 7.9% at $1.02 a share. That also happens to be a new all-time high for AVZ, so it’s perhaps no wonder many shares are flying around the markets.

The AVZ share price has now gained more than 385% over the past year.

The post These 3 ASX 200 shares are topping the volume charts on Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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 Bruce Jackson.

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Shares in Bank of Queensland Limited (ASX: BOQ) are inching higher on Tuesday and are currently trading 0.6% in the green at $8.38, taking their gains over the past fortnight close to 11%.

ASX financials are strengthening in March and are now well ahead of most sectors this year to date. The S&P/ASX 200 Financials Index (ASX: XFJ), which is up 1.1% today, has spiked more than 2% in the past month and is up 3% since January.

It is one of the only sectors to remain in the green across all major time frames, well ahead of the benchmark S&P/ASX 200 Index (ASX: XJO)’s return.

BOQ shares are front-running the financials index and are now trading 4% in the green this year to date, after bouncing from a low of $7.69 on 9 March.

What’s happening with BOQ?

Other than a buoyant financials sector, there’s been nothing remarkable out of BOQ’s camp that relates to movements in its share price.

Both the bank and the broad sector are now in a vertical uptrend that’s backed by a strong macro-economic narrative where interest rates look set to rise in the foreseeable future.

JP Morgan remains bullish on BOQ and says the market might be under-appreciating its growth potential seeing its current valuation.

It mentioned that momentum is building due to improvements in its digital strategy. As a result “BOQ believes the premium it will need to pay in the future will be lower than what it has paid in the past,” – a clear tailwind to margins, analysts said.

Luckily for the bank, it remains JP Morgan’s preferred regional bank on grounds of valuation and the wind up from its digital transformation strategy.

Analysts at Morgans are also bullish on the stock’s “exceptional value” that might be worth considering, it said in a recent note.

The broker rates BOQ as a buy and values the company at $11 per share, around 31% upside potential at the time of writing.

In a recent analysis, it appeared the sentiment was bullish, seeing as 73% of analysts covering the bank have it as buy right now on a consensus price target of $9.90.

Nevertheless, BOQ is trailing a number of the banking majors in 2022 but is starting to close the gap.

BOQ share price snapshot

The BOQ share price is around 1% in the red over these past 12 months and is now trading back in the green this year to date.

Things have levelled off recently, however, as shares are now down over the past month.

The post The Bank of Queensland (ASX:BOQ) share price has rallied 11% in 2 weeks appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain thanks largely to the resources sector. In afternoon trade, the benchmark index is up 1.25% to 7,369.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down 1.5% to $5.36. This appears to have been driven by news that smaller rival Bubs Australia Ltd (ASX: BUB) is launching an A2 protein based infant formula product, Bubs Supreme. The release notes that the Bubs Supreme formula range will be competing head to head with A2 Milk in 500 Coles Group Ltd (ASX: COL) supermarkets from May.

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price is down over 5% to $6.60. The majority of this decline is attributable to the toll road operator’s shares trading ex-dividend for its 20.5 cents per share final dividend this morning. Eligible shareholders can look forward to receiving this dividend at the end of the month on 31 March.

Block Inc (ASX: SQ2)

The Block share price is down 5% to $174.81. This follows a similarly sharp decline by its NYSE listed shares during overnight trade on Wall Street. The majority of US tech shares came under pressure last night after the US Federal Reserve’s Chair, Jerome Powell, said that inflation is too high and steps will be taken to control it. This could see rates rise in more aggressive 50-basis point instalments.

Boral Limited (ASX: BLD)

The Boral share price is down 2.5% to $3.37. Investors have been selling this building products company’s shares after it warned that heavy rain and rising fuel prices would impact its profits by ~$23 million. Boral expects underlying earnings before interest and tax (EBIT) from continuing operations (excluding Property) in FY 2022 to be between $145 million and $155 million.

The post Why A2 Milk, Atlas Arteria, Block, and Boral shares are tumbling today appeared first on The Motley Fool Australia.

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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. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool Australia has recommended A2 Milk and BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Seek Limited (ASX: SEK) share price has edged higher since announcing its FY22 half year results in mid-February.

The job listings giant delivered a robust earnings growth along with a bumper dividend which pleased investors.

At the time of writing, Seek shares are trading at $30.76, down 0.10%.

It’s worth noting that following the company’s financial scorecard, Seek shares are up more than 10%.

How did Seek perform in H1 FY22?

In the half year report for the 2022 financial year, Seek reported a strong performance across key metrics.

In summary, revenue increased by 59% to $517.2 million driven by record ad volumes in Australia and New Zealand. The company also benefited from unique hirers, on average, which surged by 30% over the previous corresponding period.

Net profit after tax (NPAT) on total operations soared by 32% from $66.8 million to 88.1 million.

At the end of the period, the company finished with total debt facilities of $1.75 billion and $569 million of cash and undrawn facilities.

The Board declared a fully franked interim dividend of 23 cents per share. The prior dividend was 20 cents per share which was in May 2021 – a one-off dividend following receipt of Zhaopin transaction funds.

Management noted that the latest dividend equates to a payout ratio of 75% of cash NPAT less capital expenditure. This is in line with Seek’s capital management framework.

When can Seek shareholders expect payment?

Seek will pay the interim dividend to eligible shareholders approximately 2 weeks away on 7 April.

To be eligible for the latest dividend, you’ll need to own Seek shares before the ex-dividend date on 23 March. This means if you want to secure the dividend, you will need to purchase Seek shares no later than today.

In case you are wondering, the company is not offering a dividend reinvestment plan (DRP) to shareholders.

The post Hoping to bag the Seek (ASX:SEK) dividend? Here’s what you need to know appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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As many investors would be aware, the ASX is a share market that is well-known for its dividend income potential. Most, if not almost all, of the top shares on the ASX boards pay out generous dividend payments every 6 months fairly consistently. Between BHP Group Ltd (ASX: BHP), the big four banks, and companies like Telstra Corporation Ltd (ASX: TLS) and Woolworths Group Ltd (ASX: WOW), there is no shortage of dividend payers at the top end of the ASX. And that’s good news for exchange-traded funds (ETFs) like the Vanguard Australian Shares Index ETF (ASX: VAS).    

VAS is the most popular ETF on the ASX, and by quite a mile too. It’s also the only ETF that tracks the S&P/ASX 300 Index (ASX: XKO), which follows the largest 300 companies on the ASX. It does so by using a weighting determined by market capitalisation, meaning the largest companies (such as those listed above) on the share market have the most presence in the ETF. 

VASt dividends from the Vanguard Australian Shares ETF

So if an investor wanted a single share offering broad exposure to ASX shares, but also healthy dividend income, is VAS a good choice?

Well, let’s check out what kind of dividend distributions this Vanguard fund offers today.

So as an ETF, VAS is structured as a trust. That means that it has to pass on any dividends it receives over a year to its investors via distributions. In VAS’s case, the WETF pays out these dividend distributions quarterly.

Its last four distributions (covering 2021) were as follows:

• 69.65 cents per unit for the quarter ending 31 December
• 140.73 cents per unit for the September quarter
• 55.64 cents per unit for the June quarter
• 77 cents per unit for the March quarter

That’s a total of $3.43 per unit for VAS last year. Today, VAS units are going for $95.46 each. That gives this ETF a trailing yield of 3.59% at this pricing. Now many of the dividend shares on the ASX 300 Index only pay partially or unfranked dividends, so in turn, VAS’s dividend distributions typically only come partially franked as well. But even so, that is the kind of yield that is currently on the table from the Vanguard Australian Shares Index ETF. 

The post What kind of dividends does the Vanguard Australian Shares ETF (ASX:VAS) pay? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fortescue Metals Group Limited (ASX: FMG) share price is underperforming the BHP Group Ltd (ASX: BHP) share price. Why is this happening?

At the time of writing, the Fortescue share price is up 1.7%. But, the BHP share price has stormed higher and is up by around 4.7%.

Both of these businesses are huge iron ore miners. Only the ASX mining share Rio Tinto Limited (ASX: RIO) and the Brazilian company Vale are in the same league.

Iron ore price decline

Fortescue and BHP are not exactly the same businesses with the same exposure to iron ore, so investors sometimes treat the Fortescue share price and the BHP share price differently day to day.

Fortescue’s operations are almost entirely based on iron ore at the moment, with a growing green energy and green industry division called Fortescue Future Industries (FFI).

BHP’s iron ore division makes up the dominant portion of its annual profit, but it also has other commodities that help earnings including petroleum (for now), copper, and nickel.

According to CommSec, the iron ore futures price fell by US$1.12, or 0.7%, to US$150.23 a tonne yesterday. CommSec said iron ore fell due to “China’s battle to contain rising COVID-19 infections disrupted transportation in the country’s important steel-making hub of Tangshan”. China is the major buyer of Australian iron ore.

What next for the Fortescue share price?

One of the most recent broker ratings on Fortescue comes from Citi. The broker rates Fortescue as a sell, with a price target of just $16. That implies a decline of around 15% over the next 12 months.

The reason for the bearish price target is that the iron ore price is expected to fall to US$80 per tonne over the next couple of years.

The post Why is the Fortescue (ASX:FMG) share price underperforming BHP today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. 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 Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain. At the time of writing, the benchmark index is up 1.3% to 7,373.9 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Beach Energy Ltd (ASX: BPT)

The Beach share price is up 3.5% to $1.63. Investors have been buying this energy producer’s shares following a strong rise in oil prices. Concerns that the EU may ban Russian oil led to oil prices jumping 7% overnight. The good news for Beach and other energy shares is that prices have continued to climb during Asian trade.

BHP Group Ltd (ASX: BHP)

The BHP share price is up 4.5% to $48.62. Investors have been buying the Big Australian’s shares following a solid night of trade for a number of commodities. It isn’t just BHP that is climbing today. The S&P/ASX 200 Resources index is up a solid 3.4% at the time of writing.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price has stormed 6% higher to $3.11. The catalyst for this was the release of the coal miner’s half year results this morning. Thanks largely to sky high coal prices, New Hope delivered a 153% increase in revenue to $1,025 million and a 582% jump in underlying EBITDA to $554.4 million. This allowed the New Hope board to increase its fully franked interim dividend by 325% to 17 cents per share and declare a fully franked 13 cents per share special dividend.

ResApp Health Ltd (ASX: RAP)

The ResApp share price has rocketed 43% to 8.9 cents. This follows the release of positive results from its cough audio-based COVID-19 screening test. The digital health company advised that its test, which operates through a regular smartphone, correctly detected the virus in 92% of infected participants.

The post Why Beach, BHP, New Hope, and ResApp shares are charging higher appeared first on The Motley Fool Australia.

More reading

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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 Bruce Jackson.

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An ASX healthcare share is racing into the green today following an update from the US Food and Drug Administration (FDA). The Noxopharm Ltd (ASX: NOX) share price has rocketed 17.19% today and is currently at 38 cents.

In earlier trade, the Noxopharm shares exploded 21% to 40 cents.

Let’s take a look at what the company announced.

Orphan drug designation

The Noxopharm share price is soaring after the biotechnology company received Orphan Drug Designation (ODD) by the FDA for Veyonda.

Veyonda is the company’s lead oncology drug candidate for the treatment of soft tissue sarcoma, an aggressive cancer.

The granting of ODD provides Noxopharm with seven years of market exclusivity for the drug and a waiver of new drug application fees. In 2021, the cost for a new drug application was about $2.9 million.

The FDA will also assist with regulatory guidance during the drug development process. Noxopharm said out of 360 ODD’s approved last year, only four went to Australian companies.

Noxopharm is currently conducting a CEP-2 trial using Veyonda in the treatment of patients with soft tissue sarcoma in the United States.

Commenting on the news fuelling the Noxopharm share price today, CEO Dr Gisela Mautner said:

It is pleasing that the Noxopharm application for Orphan Drug Designation was approved so quickly.

The 7-year period of market exclusivity is commercially extremely valuable, as it means that the FDA will not approve a subsequent drug for the same use within this timeframe.

With the FDA orphan drug designation now secured for Veyonda, the Noxopharm team is excited to move our preclinical assets along the drug development process, while continuing to deliver on our clinical program plan.

Thirty patients are being enrolled in the clinical trials to investigate the use of the drug. The City of Hope Cancer Center in Los Angeles has started treatment already.

Noxopharm share price snapshot

The Noxopharm share price has dropped 43% in the last year, while it has fallen 4% year to date. For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 9% over the past year.

In the past month, this ASX healthcare share has dropped 1.3% although it has climbed by almost 9% over the past week.

The company has a market capitalisation of about $108 million.

The post This ASX healthcare share is surging 17% on a new FDA ruling appeared first on The Motley Fool Australia.

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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 Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

There are dozens of investing strategies you can dive into as an individual investor. You can invest in growth stocks or dividend stocks or index funds. You can diversify with cryptocurrencies. You might use options or a real estate mortgage to add leverage.

But there’s one overall investing strategy that works extremely well for individual investors: taking a long-term view. Making an investment decision through the lens of what it will look like 5, 10, or 20 years out leads to fantastic results for most investors. Here are the advantages of thinking long term.

You get time to be right

Trying to predict where a stock price will be a year from now is really difficult. There may be dozens of professional Wall Street analysts following any individual company and providing their predictions about where the stock price will be a year from now. Two highly intelligent professionals can have drastically different answers for where they think the stock price will be in a year, and they’re often both wrong.

A stock price is frequently influenced by factors beyond the control of management, and it may not reflect the operations of the company. If a global pandemic breaks out, for example, the entire stock market may decline.

Over the long run, however, winners start to emerge. A good company’s stock will outperform its peers. Investing in these companies will pay off, but it could take a while.

Historically, the U.S. stock market has delivered very strong returns, but it’s had spells of much lower than expected returns too. In fact, you could’ve done better investing in alternative assets like money market accounts or bonds during some stretches in the market. The longer you stay invested, though, the more likely U.S. stocks are to outperform other asset classes.

See the following table for the rolling-period returns of the S&P 500 (adjusted for inflation) and how it compares to the returns of bonds.

Metric	5 Years	10 Years	20 Years
Lowest CAGR	(13.2%)	(5.9%)	(0.2%)
Highest CAGR	33.4%	20.0%	13.6%
Average CAGR	7.2%	6.9%	6.6%
% of periods outperforming bonds	72.5%	85.6%	98.1%

Data source: Robert Shiller. CAGR = compound annual growth rate.

The longer you stay invested, the more likely you are to generate a positive real return and outperform bonds. A long-term horizon gives you more time to be right, even if you’re wrong in the short run.

Take bigger bets

Using a long-term investing strategy also allows you to take bigger bets on companies sharing your long-term vision. A company may invest heavily in research and development and scaling its business, and it might burn cash for many years before its efforts pay off with meaningful earnings.

Amazon (NASDAQ: AMZN) is a prime example (pun intended) of a company that makes long-term bets that negatively affect its operating income in the short term. But the bets it’s made have paid off extremely well, cementing its dominant position in online retail by littering the country with fulfilment centers while building a market-leading cloud computing platform and the third-largest digital advertising business in the U.S. These bets required significant investments with extended time horizons — it’s only in the past few years that Amazon has generated meaningful operating profits.

If you’re confident in management’s ability to take big bets and cut losses when they fail — as with the Fire Phone — you can easily withstand the short-term ups and downs of growth stocks with great long-term potential.

Lower your tax burden

Maintaining a long-term outlook also allows you to keep your tax burden low. If and when you need to sell a stock — because it no longer fits your thesis, you need to rebalance, or to liquidate holdings — you’ll likely be able to take long-term capital gains. Long-term capital gains receive a favorable tax rate, usually 15% for most people, versus short-term gains, which are taxed at your marginal income tax rate.

Not only that, but you’ll also be able to plan your taxes more effectively. You may take capital gains at the most opportune time, filling up the 0% tax bracket. You may be able to harvest capital losses and offset your gains. There are lots of tax strategies you can take advantage of when you maintain a long-term outlook.

Keeping your tax burden low ensures you keep more of your capital invested, instead of cutting a big check to the IRS every year. The more capital you can keep invested, the bigger your portfolio will grow over time, because not only are you saving money on taxes every year, that money compounds along with your other investments.

If you maintain a long-term outlook, you’ll have more patience for investments that you believe will eventually outperform. Ultimately, that’s the best path to grow your money like magic.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post 1 investing strategy to grow your money like magic appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Adam Levy owns Amazon. The Motley Fool owns and recommends Amazon. The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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