The IGO Ltd (ASX: IGO) share price is marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed yesterday trading for $7.56. In morning trade on Tuesday, shares are swapping hands for $7.73 apiece, up 2.3%.

For some context, the ASX 200 is up 0.2% at this same time.

Here’s what’s happening.

IGO share price rises on ex-dividend day

Investors never like seeing one of their stock holdings retrace.

And the good news for shareholders in this ASX 200 resource producer is that despite IGO trading ex-dividend today, the IGO share price is in the green.

When a stock trades without the rights to the dividend, it’s common to see the share price fall to reflect this. But after IGO closed down 3.3% yesterday, investors are shaking off the fact they won’t be entitled to the greatly reduced interim dividend, buying the stock at what could be a bargain entry point today.

IGO reported its half-year results (H1 FY 2024) on 22 February.

And those results confirmed that the miner had clearly been under pressure from falling lithium and commodity prices.

Those falling prices saw IGO’s half-year revenue decrease by 19% year on year to $438 million.

And with net profit after tax (NPAT) down 53% to $288 million, management slashed the fully franked interim dividend by 21% to 11 cents per share.

Commenting on the company’s dividend payment and outlook on the day the results were announced, IGO CEO Ivan Vella said, “While we have faced some challenges in recent months, our business remains in a great position.”

Vella added:

The declaration of an 11 cent per share interim dividend today, in line with our capital management framework, reflects our strong underlying free cash flow and robust balance sheet position.

Adding the interim dividend back into today’s IGO share price, it would see the ASX 200 stock up 3.7%.

If you held shares at market close yesterday, you can expect to see the IGO dividend payout land in your bank account in two weeks, on 27 March.

The post IGO share price marching higher despite trading ex-dividend today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• 13 ASX 200 shares with ex-dividend dates next week
• Why the 2024 outlook for these rebounding ASX 200 lithium shares looks ‘better than market expectations’
• Here’s the latest lithium price forecast through to 2027
• Here are the top 10 ASX 200 shares today

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

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Dimerix Ltd (ASX: DXB) shares are taking off on Tuesday.

In morning trade, the ASX healthcare stock is up 20% to a 52-week high of 36 cents.

Why is this ASX healthcare stock jumping?

The catalyst for this rise has been the successful completion of an institutional placement.

According to the release, Dimerix has received firm commitments to raise $20 million from a significant number of new and existing institutional and sophisticated investors.

Demand was so strong for the placement that the ASX healthcare stock was able to raise the funds at 30 cents per new share. This means that no discount was necessary for the institutional placement.

It also represents a premium of 29.2% to its 30-day volume weighted average price (VWAP) of 23.2 cents and a premium of 14.5% to the five-day VWAP of 26.2 cents.

Why was demand so strong?

The ASX healthcare stock’s placement was in demand because it coincided with news from the ACTION3 Phase 3 trial.

The trial of DMX-200 in patients with focal segmental glomerulosclerosis (FSGS) was successful in the pre-specified interim analysis of the proteinuria (efficacy) endpoint from its first 72 randomised patients.

Management also highlights that analysis indicated that, using a statistical measure, DMX-200 is performing better than placebo in terms of reducing proteinuria (a surrogate marker of kidney disease progression) in patients with FSGS.

The company’s CEO, Dr Nina Webster, commented:

We are delighted to welcome our new Institutional and sophisticated investors, and we appreciate the strong support from existing shareholders. This Placement was highly strategic as it provides sufficient funds to take Dimerix through the 2nd interim analysis and, including eligible R&D rebates, the completion of the ACTION3 Phase 3 clinical trial.

If the next interim analysis is compelling, the Company could seek to apply for accelerated marketing approval in certain jurisdictions. By completing this Placement, Dimerix has not only accessed funding from high quality institutional investors to deliver on its Phase 3 program, but also significantly strengthened its balance sheet and this puts us in a strong negotiating position with potential partners, particularly on the back of our successful interim analysis just announced.

The post Guess which ASX healthcare stock is rocketing 20% today appeared first on The Motley Fool Australia.

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More reading

• IGO share price marching higher despite trading ex-dividend today
• Here’s the NAB dividend forecast through to 2026
• Metcash shares push higher on trading update
• Better buy: Coles or Woolworths stock?
• Pilbara Minerals share price jumps on deal with Tesla supplier

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

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In good news for shareholders, analysts are expecting the National Australia Bank Ltd (ASX: NAB) dividend to rise over the next few years.

The ASX 200 bank stocks are popular with investors primarily because of the passive income they deliver.

So, let’s check out what the analysts reckon NAB shares will pay in 2024, 2025, and 2026.

NAB dividend in 2024

The NAB interim dividend is due to be announced in May with the bank’s FY24 half-yearly results.

Currently, the consensus forecast among analysts on CommSec is for NAB shares to pay a total annual dividend of $1.68 this year.

That’s only a tad up on last year’s dividend of $1.67.

Based on the NAB share price of $34.17 at the time of writing, $1.67 equates to a yield of 4.89%.

That’s above the average dividend yield for S&P/ASX 200 Index (ASX: XJO) stocks of 4%.

However, NAB dividends are also fully franked, so when we add the franking in we get a gross yield of 6.98%.

That’s a lot better than the interest rate on any savings account you might have at NAB!

What about future NAB dividends?

Next year, the consensus forecast is for the bank to pay a total annual dividend of $1.69.

That doesn’t move the yield up much from 2024.

If you buy NAB shares at today’s price, you’re looking at a yield of 4.94% in 2025 (or almost 7.1% gross).

In 2026, the experts expect a dividend of $1.71, which equals a yield of 5% (or 7.14% gross).

The post Here’s the NAB dividend forecast through to 2026 appeared first on The Motley Fool Australia.

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• Here’s how the ASX 200 market sectors stacked up this week
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• Is the blistering rally in ASX 200 bank shares overdone?
• Own BHP shares? Guess which star CEO just joined your board
• How come the NAB share price is still 26% below its all-time high?

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

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Metcash Ltd (ASX: MTS) shares are pushing higher on Tuesday.

In morning trade, the wholesale distributor’s shares are up 1.5% to $3.87.

Why is the Metcash share price rising?

Investors have been buying the company’s shares today after responding positively to the release of a trading update at its investor day event.

According to the release, total group sales for the ten months to 25 February increased 0.9% compared to the prior corresponding period.

This was driven by growth in Liquor (+1.6%) and Hardware (+2.4%), with Food (including tobacco) sales flat on the prior corresponding period. Though, it is worth noting that if you exclude tobacco, food sales were up a solid 5% for the 10 months.

In light of this, management has been pleased with the performances of both the Food and Liquor pillars, which have been underpinned by improved competitiveness and differentiated value proposition.

And while Hardware demand has remained subdued, the business continued to perform better than the market. The highlight was its Total Tools business, which reported a 16.9% increase in sales.

Pleasingly, management believes this side of the business remains ideally placed with leading market positions to capitalise on an improvement in consumer confidence and activity levels.

What about earnings?

There was no update on Metcash’s earnings. However, management highlighted its continued strong focus on costs, interest, and working capital.

It also spoke positively about its outlook, noting that it remains well positioned for future growth and strong returns through the cycle with a resilient and diversified business portfolio.

Are Metcash shares a buy?

The team at UBS is feeling positive and has a buy rating on Metcash shares.

However, with a price target of $4.00, the upside is limited from here. Though, it’s possible that the broker could adjust its valuation once it has digested today’s update.

The post Metcash shares push higher on trading update appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
• 2 ASX shares I’ve been buying!
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• Seeking retirement income from ASX bank shares at 52-week highs? What I’d buy instead
• The ASX shares I’m buying for a stress-free retirement

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Metcash. 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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Both Coles Group Ltd (ASX: COL) stock and Woolworths Group Ltd (ASX: WOW) stock have been dependable over the last four years. With the COVID-19 boost gone and inflation moderating, which ASX share is a better buy?

I’m going to look at the three main areas that would help me decide.

P/E ratio

When two businesses are from the same industry, and they’re both profitable, it can make a lot of sense to compare them based on their earnings multiple. This measure is called the price/earnings (P/E) ratio.

Usually, a lower P/E ratio is more appealing if the business is growing over the longer term.

But, it’s more important to know about future earnings than the past. That’s why forecasts are so useful. I wouldn’t put too much weight on the exact number, but it can be a useful guide for which direction earnings are expected to go, and roughly what the valuation is.

According to the numbers on Commsec, Coles stock is valued at 21 times FY24’s estimated earnings and 17.5 times FY26’s estimated earnings. Coles’ earnings per share (EPS) is predicted to grow by 19.6% between FY24 to FY26.

Woolworths stock is valued at 22.6 times FY24’s estimated earnings and 20 times FY26’s estimated earnings. Woolworths’ EPS is projected to grow by 14% between FY24 to FY26.

There’s not a huge amount in it, but Coles is valued more cheaply and it’s projected to grow profit by more. The huge investment in new automated warehouses can help the business deliver efficiencies in the coming years once they’re all completed.

Sales growth

Short-term sales performance is not the greatest indicator of future profit sales growth or future financial years, but it’s a snapshot of which business is doing better.

Weaker, or stronger, sales growth than what was expected can influence both Coles stock and Woolworths stock.

In Coles’ FY24 first-half result, it said supermarket sales grew by 4.9% to $19.8 billion. In the first eight weeks of the FY24 third quarter, supermarket sales had grown by another 4.9% “underpinned by volume growth”.

In Woolworths’ FY24 first-half result, it said its Australian food division saw 5.4% sales growth. However, Australian food sales in the first seven weeks of the second half of FY24 only grew by 1.5%.

Coles seems to be entering the second half with much better momentum, though that’s not guaranteed to continue.

Dividend yield

Profit growth can influence the direction of the share price, but the dividends are the ‘real’ returns that shareholders receive until they decide to sell shares.

According to Commsec, Coles is projected to pay a grossed-up dividend yield of 5.6% in FY24 and 6.8% in FY26 at the current Coles stock price.

Woolworths is forecast to pay a grossed-up dividend yield of 4.7% in FY24 and 5.3% in FY26 at the current Woolworths stock price.

Foolish takeaway

Both of these are strong businesses, but Coles stock seems to win on each measure at the moment, so it would be my choice. However, I do appreciate that Woolworths has more diversification within its business, including Big W, Petstock and other relatively small businesses.

The post Better buy: Coles or Woolworths stock? appeared first on The Motley Fool Australia.

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• 3 ASX shares you can confidently invest $500 in right now
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• Bell Potter says these ASX 200 stocks are strong buys for March
• 2 buy-rated ASX dividend stocks for income investors in March

Motley Fool contributor Tristan Harrison 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 positions in and has recommended Coles Group. 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 Pilbara Minerals Ltd (ASX: PLS) share price is charging higher on Tuesday morning.

At the time of writing, the lithium miner’s shares are up almost 5% to $4.19.

Why is the Pilbara Minerals share price jumping?

Investors have been bidding the company’s shares higher today after it announced a new offtake agreement.

According to the release, Pilbara Minerals has executed a new offtake agreement with Sichuan Yahua Industrial Group (Yahua) for the supply of spodumene concentrate from its 100% owned Pilgangoora Operation.

Yahua is a leading lithium chemicals company and one of the largest lithium hydroxide producers globally. It has strong connections across the lithium supply chain with key customers including Tesla, LG Energy Solutions, LG Chem, and CATL.

Pilbara Minerals advised that the agreement starts in 2024 and will be for the following supply:

• 2024: 20kt of spodumene concentrate (with an option for up to an additional 60kt at Pilbara Minerals’ election) resulting in a total supply of between 20kt to 80kt.
• 2025: 100kt of spodumene concentrate (with an option for up to an additional 60kt at Pilbara Minerals’ election) resulting in a total supply of between 100kt to 160kt.
• 2026: 100kt of spodumene concentrate (with an option for up to an additional 60kt at Pilbara Minerals’ election) resulting in a total supply of between 100kt to 160kt.

Management notes that consistent with its other existing agreements, all spodumene concentrate volumes will be sold based on the prevailing market price.

‘Delighted’

Pilbara Minerals’ managing director and CEO, Dale Henderson, was very happy with the news. He said:

We are delighted to have signed this offtake agreement with Yahua, a leading global lithium chemicals producer which has extensive supply chain relationships with major battery materials customers globally.

This offtake builds-on an established relationship between our companies, having previously completed a number of sales together. The agreement enables Yahua to further expand its supply chain commitments with key global battery customers and builds-out Pilbara Minerals medium-term sales profile whilst preserving long-term optionality as we assess downstream opportunities in-line with our growth strategy.

The Pilbara Minerals share price is up 8% over the last 12 months.

The post Pilbara Minerals share price jumps on deal with Tesla supplier 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. has positions in and has recommended Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Lake Resources N.L. (ASX: LKE) shares have returned from their trading halt and crashed deep into the red.

In morning trade, the lithium developer’s shares are down 20% to 9.2 cents.

Why are Lake Resources shares crashing?

Investors have been selling the company’s shares this morning after it announced the completion of an institutional placement.

According to the release, the company has received firm commitments to raise $15 million at 7 cents per new share. This represents a whopping 39.1% discount to where Lake Resources shares last traded.

Management advised that the placement received strong support from offshore and domestic institutional and sophisticated investors, leading to the introduction of new high-quality investors to its register.

The company will now seek to raise a further $5 million from retail investors through a share purchase plan (SPP) at the same offer price.

Why is it raising funds?

These funds will be used to keep the lights on at Lake Resources while it aims to complete its ongoing strategic partnership process. This process is expected to conclude in the second half of the year. The company explains:

The Offer enhances Lake’s balance sheet by providing additional working capital and financial flexibility during the strategic partnership selection process for Kachi. Lake is actively conducting outreach to a wide array of potential strategic partners including car and battery manufacturers, lithium producers, oil and gas companies, sovereign wealth funds and private equity. The strategic partnership process is scheduled to conclude in the second half of the year.

Lake’s CEO, David Dickson, adds:

We are pleased with the level of support shown for Lake from both existing and new shareholders. The equity raising will provide funding capacity to support the delivery of the strategic partnership process. We are pleased to offer our existing retail shareholders the ability to participate in the capital raising via the SPP.

The post Why are Lake Resources shares crashing 20% on Tuesday? appeared first on The Motley Fool Australia.

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• Why are Lake Resources shares in a trading halt?
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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 Scott Phillips.

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NVIDIA Corp (NASDAQ: NVDA) shares have been one of the best-performing blue chips in the world over the past year, rising by 270%! In 2024 alone, they have gone up 80%.

In five years, the stock has soared more than 1,900%. What a fantastic return. It’s now one of the largest businesses in the world in terms of market capitalisation. Of course, past performance is not a reliable indicator of future performance after such big gains.

I think it has done a good job of justifying its rise. It’s heavily involved in powering the growth of AI around the world. Nvidia says it has the world’s most advanced AI platform with full-stack innovation in computing, software, and AI models and services.

In February, the business announced its numbers for the quarter and year ending December 2023. Quarterly revenue was US$22.1 billion, an increase of 22% quarter over quarter and a 265% rise year over year. The full-year revenue rose 126% year over year to US$60.9 billion.

Can we buy Nvidia shares on the ASX?

We can’t directly buy Nvidia shares on the ASX. The business’s primary listing is in the US on the NASDAQ.

However, there are several ways for Aussies to access the company. Of course, we can invest in Nvidia shares via a broker that allows international share trading.

There are a number of exchange-traded funds (ETFs) on the ASX that own Nvidia shares as part of the portfolio.

For example, the iShares S&P 500 ETF (ASX: IVV) currently has a 5.1% weighting to the business.

But, for investors wanting an even bigger allocation, I have some other suggestions.

Betashares Nasdaq 100 ETF (ASX: NDQ) currently has a 6.5% weighting to the technology company.

The BetaShares Global Sustainability Leaders ETF (ASX: ETHI), an ethically-based ETF, currently has a weighting of 10.4% to the AI stock.

The Global X Fang+ ETF (ASX: FANG) has an even bigger allocation – 16% – to Nvidia shares.

If I wanted to get as much exposure to Nvidia shares as possible, I’d go for the FANG ETF. Not only does it have the biggest portfolio allocation to the US company, but the rest of the ETF also gives exposure to tech-focused businesses like Alphabet and Microsoft, with a number of them having AI exposure in their own way.

The post Can you buy Nvidia shares on the ASX? appeared first on The Motley Fool Australia.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, BetaShares Nasdaq 100 ETF, Microsoft, Nvidia, and iShares S&P 500 ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has positions in and has recommended BetaShares Nasdaq 100 ETF. The Motley Fool Australia has recommended Alphabet, Nvidia, and iShares S&P 500 ETF. 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 ASX penny stock Airtasker Ltd (ASX: ART) is one of the most exciting ASX small-cap shares around.

I love finding stocks that have the potential to grow revenue and their profit margins significantly, as they are the ones that might achieve significant shareholder returns.

The business I’m talking about is Airtasker. This company operates a platform that brings together people needing help with a task and people/businesses with the skills to do that work.

It has the financials to do something special if things go right.

Strong profit margin to unlock rapid earnings growth?

The company recently reported its FY24 first-half result. In the six months to December 2022, its gross profit margin was 94.4%, while it increased to 95.7% in HY24. This is such a high margin that almost all of the new revenue is turning into gross profit.

I’m not expecting the gross profit margin to remain above 95%, but being above 90% is very impressive.

Extra gross profit means it can spend more on growth initiatives and/or allow its profit lines to increase, such as earnings before interest, tax, depreciation and amortisation (EBITDA) and net profit after tax (NPAT).

Despite the challenging economic conditions, group revenue rose by 6.8% to $23.3 million.

We saw HY24 group EBITDA improve by $7.1 million to $2 million, NPAT increased by $7.48 million to $0.2 million and non-statutory free cash flow grew by $4.75 million to $0.1 million.

Airtasker has tipped into profitability, which could be a real turning point for the ASX penny stock if it can keep growing revenue.

Strong international growth for the ASX penny stock

Airtasker has built a strong position in Australia and I’m excited by its efforts overseas.

In the UK, the company has formed a media-for-equity partnership with Channel 4, after successful growth in Australia using this model. Posted tasks in the UK are already up 30%. The company said its trailing 12 months (TTM) of revenue was up 33.6% to £532,000, while UK TTM gross marketplace volume (GMV) rose 10.1% to £3.8 million.

In the US, HY24 TTM GMV increased 46.3% to US$0.5 million, while revenue rose 132.4% to US$57,000.

The numbers generated in the UK and the US are currently small, but if those regions keep compounding at similar rates, they could become sizeable contributors to the overall business. There are a number of other markets that Airtasker could expand into, such as Canada and New Zealand, though I’m not expecting that to happen any time soon. It’s a useful growth lever to have.

Foolish takeaway

The ASX penny stock has a lot of growth potential, with the margins and business model to scale significantly. Now it just needs to execute on the growth prospects and deliver rising GMV.

The post Could this ASX penny stock become an investing goldmine? appeared first on The Motley Fool Australia.

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• Want to make big returns? ASX small-cap shares are poised to outperform
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• Where I’d invest $5,000 into ASX small-cap shares aiming for big growth

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

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Investors that are looking for mid-cap exposure in 2024 might want to check out the shares that Goldman Sachs is currently tipping as buys.

Especially with the broker tipping gains of approximately 30% to 40% for their shares from current levels.

Here’s what you need to know about them:

IDP Education Ltd (ASX: IEL)

Goldman continues to be a big fan of this language testing and student placement (SP) provider.

It believes that recent weakness caused by regulatory changes has created a compelling buying opportunity for investors. Especially given its very bright long-term outlook. It said:

EL continues to be impacted by regulatory changes that are restricting the flow of international students, but is well positioned to capitalise when conditions normalise given improving SP market share and investments into its network/platforms.

Goldman has a buy rating and $26.60 price target on its shares. This implies potential upside of 41% for investors over the next 12 months.

Lifestyle Communities Ltd (ASX: LIC)

Another mid-cap ASX share that could be a top buy is Lifestyle Communities. It is a leading developer and manager of residential land lease communities in Australia.

While the broker was surprised with the company’s decision to raise equity recently, it is pleased that its balance sheet is now looking strong. This means investors can focus more on its settlements and earnings growth over the coming years. It said:

LIC’s equity raising came as a surprise, and in our view is reflective of a softer resi backdrop (impacting both settlement cash flows and opportunity to acquire new land). From here, now that the balance sheet is under considerably less strain, we expect investors to respond positively as settlements, earnings and cash flow improve significantly into FY25/26E.

Goldman has a buy rating and $21.32 price target on the mid-cap ASX share. This suggests that its shares could rise 34% from current levels.

The post These mid-cap ASX shares could rise 30% to 40% appeared first on The Motley Fool Australia.

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More reading

• Why are short sellers shifting into ASX blue chips and out of lithium losers?
• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today
• These are the 10 most shorted ASX shares
• 3 ASX 200 shares that could rise 20% to 50%

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 positions in and has recommended Goldman Sachs Group and Idp Education. The Motley Fool Australia has recommended Idp Education. 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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