Category: Stock Market

The last year has been tough. We’ve had bushfires, floods, and now coronavirus. The S&P/ASX 200 Index (ASX: XJO) is down 14% from this time a year ago.

We take a look at the 10 ASX 200 shares that have fallen the most over the last 12 months. 

Southern Cross Media Group Ltd (ASX: SXL)

Shares in Southern Cross Media Group have fallen 89% over the past year as advertising markets have taken a turn for the worse. The radio broadcaster recently completed a $169 million equity raising. Funds from the raising will be used to reduce debt. 

Southern Cross cancelled its FY20 interim dividend and has announced no final dividend will be paid. Advertising revenue for the 9 months to 31 March 2020 was down 10% compared to the prior corresponding period. Q4 FY20 and Q1 FY21 advertising revenues are expected to be materially impacted by COVID-19 and be down 30% or more on the prior corresponding periods. 

Pilbara Minerals Ltd (ASX: PLS)

Shares in Pilbara Minerals are down 71.6% from this time a year ago. The lithium and tantalum producer has suffered as lithium prices have declined since mid last year. Lithium was trading at above CNY75,000/tonne last year but has since dropped to below CNY45,000/tonne. 

Pilbara is pursuing a moderated production strategy. The company is focused on matching production and available stocks to customer demand, with a view to minimising investment in working capital. Final tonnes shipped for the March quarter were at the lower end of sales guidance. 

Flight Centre Travel Group Ltd (ASX: FLT)

Flight Centre shares have fallen 70.8% over the past year, with the majority of those falls since the coronavirus outbreak. In March 2020, Flight Centre’s total transaction value was just 20-30% of normal levels. The very low revenue environment is expected to continue in the short term. 

Flight Centre has announced the closure of more than 50% of leisure shops globally, including more than 40% of Australian leisure outlets. 6,000 support and sales staff have been stood down, or in some cases, made redundant. 

The company undertook a $700 million equity raising last month. Funds will be used to ensure it has the balance sheet flexibility and liquidity to manage through a prolonged period of disruption to the travel industry.  

Webjet Limited (ASX: WEB)

Webjet is another victim of the coronavirus pandemic with shares down 70.6% over the past year. The travel company undertook a $346 million equity raising last month to strengthen its balance sheet. Proceeds from the raising are expected to provide for operating costs and capital expenditure through to the end of 2020. 

A cost reduction program has been implemented to mitigate near term financial impacts. This includes redundancies, a reduction in staff working hours, and a freeze on all non-essential spending. Cash flow savings of around $13 million a month are expected. 

G8 Education Ltd (ASX: GEM)

Shares in G8 Education have dropped 65.7% over the past year. G8 Education runs more than 470 early learning centres across Australia. Under the Federal Government’s Early Childhood Education and Care Relief Package, the government will make weekly payments to G8 equivalent to 50% of each centre’s fee levels prior to the impact of COVID-19. 

G8 Education undertook a $301 million equity raising in April to provide additional liquidity. It will also strengthen the balance sheet to position the company for further growth opportunities during the recovery phase. 

Unibail-Rodamco-Westfield (ASX: URW)

Unibail-Rodamco-Westfield shares have fallen 63% since this time last year. The shopping centre operator has suffered due to lockdowns in Europe which have impacted its properties in the region. 

Lengthened lockdowns mean conventions and exhibitions remain on hold, and foot traffic at shopping centres is down. Many retailers are seeking rent reductions from landlords as coronavirus sees them facing plummeting revenues. Unibail-Rodamco-Westfield may see lower rental revenue from its properties as the crisis continues. 

oOh!Media Ltd (ASX: OML)

Shares in oOh!Media are down 62.9% from this time last year. The company has been a victim of weak advertising markets which have been hit hard by coronavirus. oOh!Media operates a network of more than 37,000 billboards in public locations including airports, train stations, bus stops, retail centres, and universities. 

With public movement slowing due to the spread of coronavirus, oOh!Media’s assets stand to lose out on views. Outdoor advertising is likely to suffer as lower foot traffic means lower audience levels. Additionally, clients have been slowing advertising spend as the economic impacts of the virus take hold. 

Oil Search Limited (ASX: OSH)

Oil Search shares have fallen 59.8% over the past year. The oil and gas producer has suffered from declining oil prices which fell from above US$60 a barrel earlier this year to below US$0 recently.

Oil Search’s March 2020 quarter revenue was down 20% on the December 2019 quarter despite a 5% increase in production. Revenue was impacted by a 13% fall in sales and 20% lower oil prices. 

Whitehaven Coal Ltd (ASX: WHC)

Shares in Whitehaven Coal have dropped 58.5% from this time a year ago. The miner recently downgraded its coal sales target for the second time and ruled out investing in mine expansion due to volatile financial markets. 

Coal sales were down in the March quarter. Equity coal sales declined 19% on the prior corresponding period. Managed coal sales were down 22%. Saleable coal production also fell during the quarter, down 15%.

Whitehaven has 3 major development projects under consideration which would expand production over the next decade. The company has announced it will not make financial investment decisions on the projects this year due to volatile financial market conditions.  

Virgin Money UK PLC (ASX: VUK)

Virgin Money shares are down 58% over the past year. The company offers credit cards, home loans, superannuation and insurance products, including travel insurance. Sales of its travel insurance products have no doubt declined and will remain depressed for the foreseeable future. Investors are likely also concerned about the prospect of rising defaults on Virgin’s credit card and loan offerings. 

In the meantime, those out of work may need to use their credit cards to meet basic living expenses, with no clear way of meeting repayments. Many of the newly unemployed will also have entered the coronavirus crisis with credit card debt, which they now may struggle to repay. 

More reading

• Why Altium, ELMO, Suncorp, & Webjet shares are sinking lower
• Is the Webjet share price a buy right now?
• Carsales share price down 26% since February. Is it now a good buy?
• These were the top 10 ASX 200 shares over the last year
• Brokers may be upgrading this ASX stock even as it delivered a plunge in profits

Motley Fool contributor Kate O’Brien has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and oOh!Media 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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing the benchmark index is down 1.4% to 5,383.6 points.

Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:

The Altium Limited (ASX: ALU) share price is down 4% to $35.32. This morning the electronic design software company warned that it could fall short of its aspirational goal of US$200 million in revenue in FY 2020. This is because economic and social impacts of the coronavirus lockdowns are likely to impact its performance in the final quarter of the financial year. Altium remains committed to achieving its 50,000-subscriber target for the full year.

The ELMO Software Ltd (ASX: ELO) share price is down 10% to $7.08. This morning the cloud-based human resources and payroll software provider successfully completed its fully underwritten $70 million institutional placement. ELMO raised the funds at $7.00 per new share, representing an 11.5% discount to its last closing price. The proceeds will primarily be used for organic growth initiatives and to fund acquisition opportunities. ELMO will now push ahead with its $20 million share purchase plan.

The Suncorp Group Ltd (ASX: SUN) share price has tumbled 5% lower to $8.79. The catalyst for this decline may have been a broker note out of Morgan Stanley. In response to its trading update, the broker has retained its underweight rating and cut the price target on its shares to $8.10. It notes that Suncorp is facing a number of headwinds right now.

The Webjet Limited (ASX: WEB) share price has fallen 7% to $3.25. Today’s decline appears to be down to profit taking after some sensational gains on Friday and Monday. Webjet and other travel shares zoomed higher in response to the government’s plan to reopen Australia.

More reading

• Is the Webjet share price a buy right now?
• 3 ASX tech shares to buy now for long-term returns
• Altium share price on watch after warning of tough trading conditions
• Is it time to invest in shares or wait on the sidelines?
• In a post-COVID world, could Australia be the next superpower?

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 and recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Elmo Software. 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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to give back all of Monday’s strong gains. At the time of writing the benchmark index is down 1.25% to 5,392.4 points.

Four shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

The CSR Limited (ASX: CSR) share price has jumped 9.5% to $3.70. Investors have been buying the building products company’s shares after the release of its full year results. Although CSR delivered a 25.8% decline in underlying net profit to $134.8 million, this was better than the market was expecting. Furthermore, the company revealed that trading conditions have remained reasonably steady in the first six weeks of FY 2021.

The Kogan.com Ltd (ASX: KGN) share price is up 6.5% to $8.90. This follows the release of a business update from the ecommerce company this morning. During the month of April, Kogan’s sales grew by more than 100% compared to the prior corresponding period. Things were even better in respect to profits. Its gross profit grew more than 150% and its adjusted EBITDA increased by more than 200% during the month. This was despite its biggest monthly investment in marketing during the period.

The Premier Investments Limited (ASX: PMV) share price is up 2% to $15.75 following the release of a business update. According to the release, Premier Investments will reopen the balance of its Australian stores later this week. This will be a positive as its total sales for the six weeks to May 6 were down 74% on the prior corresponding period. The store closures were partially offset by a 99% jump in online sales.

The ResMed Inc. (ASX: RMD) share price is up 5.5% to $26.14. This follows a strong gain by its NYSE-listed shares during overnight trade. Investors may be betting on the company’s ventilator sales remaining strong for some time to come because of the pandemic and potential second waves.

More reading

• Premier Investments share price higher after announcing store reopenings and online sales surge
• These were the top 10 ASX 200 shares over the last year
• Kogan share price jumps after doubling its sales in April
• Brokers may be upgrading this ASX stock even as it delivered a plunge in profits
• In a post-COVID world, could Australia be the next superpower?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Premier Investments Limited. The Motley Fool Australia has recommended ResMed Inc. 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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Is the Webjet Limited (ASX: WEB) share price a buy? Investors certainly thought so yesterday when it jumped around 20%.

A bit of the gloss has been taken off as Webjet has fallen back a bit this morning, but it’s still up significantly this week.

In-fact, the last few weeks have been very good for the Webjet share price, it’s gone up 49% since 22 April 2020.

So what next for Webjet? It hasn’t really said much since the capital raising at the start of April 2020. The company raised around $350 million which is being used to strengthen the balance sheet due to the travel restrictions that are in place globally due to the coronavirus.

The capital raising proceeds are expected to be sufficient to provide for the operating costs and capital expenditure through to the end of 2020 even if severe travel restrictions continue. Despite being cashed up, Webjet is working on cost reductions where it can.

What’s the bull case for the Webjet share price?

I think there are two key points why the Webjet share price could continue to be a good performer over the rest of 2020.

The first is that the restrictions are lifting much earlier than expected. Whilst normal travel isn’t on the agenda yet, particularly international travel, the possibility of domestic travel has been brought forward with other restrictions ending. I think that’s very promising that bookings could start again sooner rather than later.

I believe the second point to consider is how Webjet delivers its service. It’s an online-only offering. It doesn’t rely on a large physical network of travel agent stores to sell services. The online model means it has lower costs and can offer a cheaper service than many of its competitors. This might be very important for cost conscious customers. Webjet’s global earnings and product lines may mean it can perform well when things start returning to normal.

How much earnings can Webjet generate over the next 12 months? Will it even be profitable? These are obviously important for the Webjet share price. I don’t know the answer to those questions, but it now seems very unlikely that going bust is on the cards.

Is it a buy today?

It’s unknowable whether there will be a second wave of infections. Are there lots of Aussies wanting to go on a (domestic) holiday as soon as they can?

At this share price, Webjet is still priced very cheaply in a scenario where domestic travel rebounds strongly. I think Webjet could be a high-risk, high-reward option today with a multi-year investment time in mind. Restrictions are lifting and that could help Webjet get back to some sort of ‘normal’. 

More reading

• Is it time to invest in shares or wait on the sidelines?
• ASX 200 starts the week strongly, up 1.3%
• Webjet share price jumps 25%: Is it good value?
• ASX 200 storms 1.2% higher: Cochlear reports 60% sales decline, Webjet jumps 22%
• ASX tourism shares on watch as government flags easing of coronavirus restrictions

Motley Fool contributor Tristan Harrison 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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One area of the market that I think is a good place to look for buy and hold options is the small end of the healthcare sector.

I think here you’ll find a number of companies that have the potential to grow significantly in the future thanks to favourable tailwinds and new technologies.

Three small cap healthcare shares I am watching closely are listed below. Here’s why I like them:

Medadvisor Ltd (ASX: MDR)

The first small cap healthcare share to watch is Medadvisor. It is a growing software systems developer which is addressing gaps in personal medication adherence. The company’s app connects to pharmacy dispensing systems to automatically retrieve medication records and drive an intelligent training, information, and reminder system to ensure correct and reliable medication use. In addition, Medadvisor is also rolling out a medicine delivery service and a telehealth solution.

Telix Pharmaceuticals Ltd (ASX: TLX)

Telix Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or molecularly-targeted radiation. It is developing a portfolio of clinical-stage oncology products that address significant unmet medical need in renal, prostate, and brain cancer. I believe the company has a lot of potential and could prove to be a great long term investment.

Volpara Health Technologies Ltd (ASX: VHT)

Volpara is healthcare technology company. It provides software that uses artificial intelligence imaging algorithms to assist with the early detection of breast cancer. It has been a very strong performer in recent years due to the growing popularity of its software with radiologists. And thanks to the quality of the software, recent acquisitions, and its growing North American footprint, I expect the company to deliver further strong growth in FY 2021 and for many years to come.

More reading

• 3 exciting small cap ASX shares to invest $3,000 into right now
• 3 small cap ASX healthcare shares with enormous potential
• How to make money whilst you sleep with ASX shares
• 3 small cap ASX shares that could be stars of the future
• Why Beach, Newcrest, Volpara, & Westpac shares are dropping lower

James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of MedAdvisor. The Motley Fool Australia owns shares of and has recommended VOLPARA FPO NZ. The Motley Fool Australia has recommended MedAdvisor. 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 Premier Investments Limited (ASX: PMV) share price is pushing higher on Tuesday after releasing a business update.

At the time of writing the retail conglomerate’s shares are up 2.5% to $15.83.

What was in Premier Investments’ update?

This morning Premier Investments advised that in line with step one of the Government’s plan to reopen Australia, Premier Investments will be opening the balance of its stores in Australia from Friday May 15. This follows the reopening of its Queensland and Northern Territory stores late last week.

Outside Australia, in New Zealand the company plans to reopen its stores on May 14, whereas its UK and Asia stores will remain closed until at least June 1.

Sales update.

These store openings are good news for the company as their closures had caused a significant decline in global sales.

According to the release, Premier Investments’ total sales for the six weeks to May 6 were down 74% on the prior corresponding period.

It would have been much worse had the company not made its high level of investment in online technology over the last decade.

This strong online capability has supported strong online sales growth during the pandemic. Since the beginning of the temporary store closures, Premier Investments’ online sales have surged by 99%.

The Peter Alexander brand has been a real standout. It has experienced a 295% increase in online sales over the period.

But perhaps most impressive was that during the week ended May 2, Peter Alexander Australia’s online sales alone were up 18% on the total sales across both online and its entire 122 store and concession network in Australia during the prior corresponding period.

Balance sheet strength.

Premier Investments remains in a strong financial position and looks set to comfortably ride out the storm.

As at May 1, the company’s consolidated cash position was $256.2 million. It also maintains access to undrawn facilities of $91.8 million. Management believes this leaves it well placed to begin its recovery, including progressively bringing back its workforce to reopen.

Though it has warned that there could still be tough times ahead.

It commented: “No one can reliably predict the pace and timing of the upcoming phase of economic recovery. In this recovery period, Premier Retail’s sales and margin by store, by country, by brand and by region are highly uncertain and will be dictated predominately by the manner in which consumers respond to the return of instore shopping in their local communities, bound by strict social distancing rules and health guidelines.”

In light of this, it has no plans to provide guidance for FY 2020 at this stage.

More reading

• Top broker upgrades Harvey Norman shares to a buy rating
• Is there long-term value in ASX REITs?
• Shares in this ASX retailer is surging as outlook for the sector improved today
• Which ASX retail shares are thriving in lockdown?
• Why Kogan might be the best retail share to own in the coronavirus crisis

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments 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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Australia’s leading online automotive classifieds website Carsales.Com Ltd (ASX: CAR) has seen a partial rebound in its share price since late March, but is still down 26% since mid-February.

Does this now provide investors with a good buying opportunity?

Sharp downturn in sales volumes

Social distancing and isolation measures implemented to combat the coronavirus pandemic has unsurprisingly translated to a reduction in buying and selling activity for Carsales. Therefore, this has impacted classifieds listing sales volumes and revenues.

In a recent trading update in late April, Carsales revealed that between 10 March 2020 and 21 April 2020, seller and dealer used car lead volumes were down very sharply by approximately 25% compared to normal levels. 

However, on a positive note, traffic on carsales.com.au had remained resilient over the prior month, and private seller and dealer used car lead volumes were growing solidly.

Well-positioned to ride out the crisis

Despite the enormous challenged posed by the crisis, Carsales appears to be taking all the necessary steps to mitigate the negative impact of the coronavirus pandemic on its operations. This includes the initiation of cost-saving measures such as reducing board executive remuneration, temporarily standing down around 250 employees and reducing outdoor brand marketing.

Also, Carsales’ debt and liquidity positions appear to be reasonably solid, considering the unprecedented challenges that the automotive industry is currently facing. At the end of March, Carsales had a relatively manageable net debt position of $355 million and a relatively strong liquidity position with around $190 million in available cash.

Is the Carsales share price a buy?

Despite the current market downturn, I believe that Carsales does offer investors a good long-term buying opportunity. That said, more share price volatility could still be around in the months ahead.

It is important to take into consideration that the automotive sector is highly impacted by economic cycles, but has always proven to be fairly resilient. Whilst it can suffer sharp downward swings in very challenging times, such as the one we are in now, it typically bounces back fairly quickly once market conditions improve.

Already there are signs that market conditions for Carsales may improve in the not too distant future. With the release of the Federal Government’s 3-step plan to reopen Australia by late July, this is likely to provide a welcome boost to new car sales in the months ahead, which could translate to a further uplift in the Carsales share price.

I also believe that Carsales’ industry leadership position in the Australian market, along with its geographic diversification, positions it well to outperform the S&P/ASX 200 Index (ASX: XJO) over the longer term. In particular, the international growth potential for Carsales appears to remain strong, especially in the fast-growing South Korean market.

More reading

• These were the top 10 ASX 200 shares over the last year
• Brokers may be upgrading this ASX stock even as it delivered a plunge in profits
• Is it time to invest in shares or wait on the sidelines?
• In a post-COVID world, could Australia be the next superpower?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Phil Harpur owns shares of carsales.com Limited. The Motley Fool Australia has recommended carsales.com 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 last year has been tough. We’ve had bushfires, floods, and now coronavirus. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 14% from this time a year ago. But where there is disaster, there is also opportunity. We take a look at the 10 ASX 200 shares that have performed the best over the last year. 

Silver Lake Resources Limited (ASX: SLR)

Shares in Silver Lake Resources are up 155% over the past year. The gold miner has benefitted from the recent strong increase in gold prices and move to safe haven assets. Its cornerstone asset is the Mount Monger Gold camp located 50km south east of Kalgoorlie in Western Australia. 

In the March quarter, Silver Lake produced 65,548 ounces of gold and 438 tonnes of copper. The miner posted record sales of 68,183 ounces of gold at an average sale price of $2,170 an ounce. The all-in sustaining cost of production was $1,380 an ounce. 

PolyNovo Ltd (ASX: PNV)

Shares in PolyNovo are up 151% compared to this time a year ago. Shares in the healthcare company have appreciated on increasing revenue and market potential for PolyNovo’s product. 

PolyNovo produces NovoSorb BTM, an implantable dressing that can be absorbed into the body as it heals. Sales of NovoSorb BTM increased from $1.7 million in FY18 to $9.3 million in FY19. Guidance for FY20 has been in the region of $12 million. 

The company is close to breaking even and plans are in place to expand its product offering into hernia treatment and breast repair. The current focus remains on aggressively pursuing market penetration rather than short term profits.

Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)

Fisher & Paykel Healthcare shares have appreciated 87% over the past year. The company designs and manufactures products for use in respiratory care, surgery, acute care, and sleep apnea. 

Fisher & Paykel updated its full year guidance in March from revenue of $1.2 billion to revenue of $1.25 million. Net profit is now expected to be $275–$280 million up from $260–$270 million. 

The medical company has seen strong demand for its products which are being used in the treatment of coronavirus. Fisher & Paykel’s respiratory humidifiers and consumables are directly involved in treating patients. The company has also benefitted from stronger sales of its Homecare products and a weaker New Zealand dollar. 

EML Payments Ltd (ASX: EML)

Shares is EML Payments have gained 70% over the past year. The payment solution company provides gift card and incentive programs, reloadable value cards, and virtual accounts for business payments. 

In the 5 years to FY19 EML Payments’s earnings before interest tax depreciation and amortisation (EBITDA) grew by 82% on a compound annual basis. Revenue increased 37% in FY19 to $97.2 million. Approximately 87% of revenue was generated from recurring revenue streams. 

Evolution Mining Ltd (ASX: EVN) 

Evolution Mining shares are up 64% over the past year. Along with other gold miners, Evolution’s share price has been boosted by the gold price increase. The gold price has risen from below $1,900 an ounce a year ago to above $2,600 an ounce currently. 

In the March quarter, Evolution produced 165,502 ounces of gold, bringing year-to-date gold production to 528,359 ounces. For FY20 Evolution Mining has provided guidance of gold production of 725,000 ounces at an all-in sustaining cost of $940 – $990 per ounce. 

Gold Road Resources Ltd (ASX: GOR)

Another gold miner on the list, the Gold Road Resources share price has climbed 62% over the past year. During the March quarter, the Gruyere Gold Mine (which Gold Road Resources has a 50% interest in) produced 59,595 ounces of gold at an all-in sustaining cost of $1,135 an ounce. Gold Road Resources reaffirmed its annual production and cost guidance in late April. 

Attributable gold sales in the March quarter totalled 31,700 ounces at an average price of $2,001 an ounce. Gold Road Resources had cash on hand and bullion of $115 million at the end of the March quarter. A $100 million revolving credit facility was drawn to $80 million giving the miner a net cash position of $35 million. 

Fortescue Metals Group Limited (ASX: FMG)

Fortescue Metals Group shares are up 61% over the past year with the miner reporting record shipments in the March quarter. Strong operating performance and demand have resulted in sustained cashflow generation and upgraded guidance. 

Fortescue reported record iron ore shipments of 42.3 tonnes in the March quarter, with year-to-date shipments a record 130.9 million tonnes. Strong free cash flow generation left the miner with cash on hand of US$4.2 billion at the end of the quarter. Net cash was US$0.1 billion, compared to net debt of US$2.9 billion a year prior 

Resmed Inc (ASX: RMD)

Resmed shares are trading up 56% from their position a year ago. Resmed makes products that have been in high demand due to the coronavirus pandemic. The medical device company has responded by ramping up production of ventilators. 

In the March quarter, revenue grew by 16% on the prior corresponding period. Net operating profit increased 39%. Resmed says it is confident in its ability to navigate through the challenging clinical and economic environment. 

Saracen Mineral Holdings Ltd (ASX: SAR)

Shares is Saracen Mineral Holdings are up 55% over the past year. Another gold miner benefiting from rising gold prices, Saracen reported record gold production in the March quarter. 

Saracen produced 158,133 ounces of gold at an all-in sustaining cost of $1,133 an ounce. The company has maintained its FY20 guidance of 500,000 ounces of gold. Saracen has large ore stockpiles exceeding 1.7Moz which will help insulate the business should mining be restricted by COVID-19 impacts. 

Xero Limited (ASX: XRO)

Xero shares have climbed 53% over the last year. The company provides cloud-based accounting software to small and medium businesses. With more than 2 million subscribers, Xero is operating in an industry where structural growth is being driven by regulation and a broad-based shift to the cloud. 

Increased remote working is also likely to hasten this shift to the cloud. Prior to the pandemic, Xero was seeing healthy growth in subscriber numbers. While this may slow in the near term, long term structural factors still work in Xero’s favour. 

More reading

• Carsales share price down 26% since February. Is it now a good buy?
• Brokers may be upgrading this ASX stock even as it delivered a plunge in profits
• Is it time to invest in shares or wait on the sidelines?
• In a post-COVID world, could Australia be the next superpower?
• 5 things to watch on the ASX 200 on Tuesday

Kate O’Brien owns shares of POLYNOVO FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended Emerchants Limited and ResMed Inc. 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.

The post These were the top 10 ASX 200 shares over the last year appeared first on Motley Fool Australia.

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