The Wesfarmers Ltd (ASX: WES) share price has gone down 2.8% in February with less than two hours of trading left for the month. Significantly, it’s down 6% since 16 February 2023.

For many businesses on the ASX, February is reporting month. That means investors get to see what’s happening within businesses and it also gives management a chance to comment on how 2023 is looking for their respective companies

Wesfarmers, the owner of Bunnings, Kmart, Officeworks, and Priceline, revealed a set of numbers in the company’s FY23 half-year result that was solid, though not earth-shattering.

Earnings recap

Wesfarmers reported that revenue increased by 27%, partly thanks to its acquisition of Australian Pharmaceutical Industries (API) which owned the brands Priceline, Soul Pattinson Chemists, and Clear Skincare Clinics.

However, excluding the acquisition, Wesfarmers Health revenue only increased by 11.4%. It also reported that total earnings before interest and tax (EBIT) went up 13.4%, while earnings per share (EPS) grew 14% to $1.223.

Operating cash flow increased 26.7% to $1.97 billion, while the company’s interim dividend increased 10% to 88 cents per share.

Bunnings managed a 1.5% increase in earnings before tax (EBT) to $1.28 billion. There were two key growth standouts. Kmart Group EBT jumped 114% to $475 million, partly thanks to stores being open again after COVID restrictions. Wesfarmers chemicals, energy, and fertilisers (WesCEF) EBT jumped 48.6% with strong demand for commodities, leading to good prices for WesCEF.

Did the outlook affect the Wesfarmers share price?

Wesfarmers is one of Australia’s leading retailers, so impacts on the wider economy can inevitably affect the ASX share.

In early February 2023, the Reserve Bank of Australia (RBA) decided to increase the interest rate by another 25 basis points to 3.35%. Less money for households to spend could have an impact on demand for the company’s items. The RBA’s priority is to “return inflation to target”, which is in the range of 2% to 3%.

It may be that unless businesses like Wesfarmers see a bit of pain, the RBA will need to keep going.

However, Wesfarmers had some positive words about that situation:

Elevated inflation and higher interest rates are expected to impact demand in parts of the Australian economy and result in households continuing to become more value conscious. In this environment, the strong value credentials and low-cost operating models across the group’s retail businesses mean they are well positioned to meet changing customer demand as customers adjust to cost pressures.

Retail trading results in the first five weeks of the second half of FY23 have been “broadly in line” with the growth reported for the first half.

However, Wesfarmers also said that elevated cost of doing business pressures in Australia and New Zealand are expected “to persist” in the second half, including labour market constraints and costs in the supply chain.

Wesfarmers share price snapshot

Whilst February wasn’t a great month for the business, the Wesfarmers share price is still up more than 6% in 2023 to date.

The post Why did the Wesfarmers share price flop in February? appeared first on The Motley Fool Australia.

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More reading

• Wesfarmers share price higher on big Bunnings news
• Is Wesfarmers looking to sell off its remaining Coles shares?
• How much do you need in ASX shares to give up work and live only off dividend income?
• Why I’d buy Wesfarmers shares today and hold until 2030
• Why is the Wesfarmers share price dipping on Monday?

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 Wesfarmers. 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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Liontown Resources Ltd (ASX: LTR) shares are pushing higher in afternoon trade.

At the time of writing, the lithium developer’s shares are up over 2% to $1.35.

Why are Liontown shares rising?

Investors appear to have been buying Liontown shares on Tuesday in response to the release of a broker note out of Morgans.

According to the note, the broker has initiated coverage on the lithium developer with a speculative buy rating and $1.96 price target.

Based on its current share price, this implies potential upside of 45% for investors over the next 12 months.

Though, given its speculative rating, it is a high-risk option and thus only suitable for investors with a higher tolerance for risk.

What did the broker say?

Morgans notes that the company is a near-term developer of Australian spodumene and believes there’s significant potential upside for Liontown shares if it can resolve its funding issues and avoid further significant cost blowouts. It commented:

LTR is an early stage developer with spodumene assets in central and southern WA. It is currently constructing the Katherine Valley (KV) project. Planned capacity is 3Mtpa – 4Mtpa (ROM tonnes) with first production expected in mid 2024. The KV project is supported by offtake agreements with several tier one customers.

The company and its flagship project have been impacted by cost increases however and additional funding will be required to complete it. We initiate with a SPECULATIVE BUY rating with potential 12-month upside of 44% to our $1.96 price target. However, we see LTR as a higher risk opportunity than its established peers.

The broker’s preferred pick in the industry remains Allkem Ltd (ASX: AKE). It has an add rating and $15.40 price target on the lithium giant’s shares. It stated:

We continue to prefer AKE amongst the lithium pure plays as we see a longer growth runway for production and greater potential valuation upside.

The post Roar! Broker initiates coverage on Liontown shares with buy rating appeared first on The Motley Fool Australia.

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• Here are the 10 most shorted ASX shares this week

Motley Fool contributor James Mickleboro has positions in Allkem. 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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The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is currently in the green by 0.28% even though the food business has just gone ex-dividend.

With the share going ex-dividend, it means new investors won’t be entitled to the FY23 half-year interim dividend that was declared.

Domino’s dividend

The Domino’s board decided to cut the interim dividend by 21 cents per share to 67.4 cents per share, which represented a cut of 23.8%.

In percentage terms, the dividend was cut by more than earnings per share (EPS) declined – EPS fell 21.8% to 82.5 cents per share.

This came after a 4% decline in network sales, a 14.3% fall in earnings before interest, tax, depreciation and amortisation (EBITDA), and a 21.3% drop in earnings before interest and tax (EBIT).

Domino’s pointed out that there was a negative impact from foreign currency exchange headwinds and other one-off costs such as spending $5.4 million on class action legal defence costs.

However, while the Domino’s share price is up slightly today, it’s down 34% over the last month, and down 30% since the result was released.

Is the outlook improving?

In the first seven weeks of the second half of FY23, Domino’s reported 4.2% network sales growth, but that includes the benefit of the Malaysian and Singapore acquisitions. Same-store sales declined by 2.2%. The business had added another 15 stores.

The company is expecting that its same-store sales growth will be below its three to five-year target.

Domino’s is also suffering from the impacts of inflation. Higher delivery pricing (including service fees and higher bundles) reduced delivery customer acquisition and retention.

It also said that customer counts “have not met expectations since December, especially in Europe and Asia”, lowering its store profitability.

The company is working through its pricing strategies, with the business balancing its ‘value equation.’

In other words, there may not be a super-quick fix to the current situation.

Domino’s share price snapshot

Over the past year, the Domino’s share price has dropped around 37%.

The post Domino’s share price lifts despite no dividend dough for new investors appeared first on The Motley Fool Australia.

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• Dividend investors: 2 ASX 200 shares for decades of passive income
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• Domino’s share price crashes 23% following disappointing first-half result

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 Domino’s Pizza Enterprises. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. 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 share market moves around a lot. We, investors, know this, since enduring the volatility of the share market is one of the hardest parts of investing. But shares going up and down have more consequences than just the balances of our investment portfolios and super funds.

It more or less determines the richest people in the world. Billionaires typically don’t keep their money in the bank. They invest in income-producing assets that compound wealth over time – no one saves their way to a billion.

Those income-producing assets could be property or private companies. But, more often than not, they are publically-listed shares. That is certainly true of the current five richest people in the world.

Elon Musk, CEO of Tesla, SpaceX, Twitter, Neuralink and The Boring Company, had an exceptionally rough year last year. Musk had the dubious honour of being the first human in history to lose US$200 billion in personal wealth last year.

This was largely driven by the collapse we saw in the Tesla share price, of which Mussk has a huge chunk of his wealth housed.

Tesla tanked by more than 65% in 2022, which led to LVMH‘s Bernard Arnault overtaking Musk as the world’s richest person in the later months of last year.

But Arnault’s spot at the top of the greasy pole wasn’t to last.

Elon Musk is back as the world’s richest person

Today, Elon has his crown back. After a brief stint of being only the world’s second-richest person, Musk has just reclaimed his gold medal. And he can thank Tesla stock, that same company that put such a big dent in his net worth last year.

While Tesla stock cratered in 2022, it has seen a shocking renaissance in 2023 thus far. Since 6 January, the Tesla stock price has risen by a whopping 85%, going from US$113 to the US$207.63 it is commanding today.

This has catapulted Musk back up to the top of the rich list. According to the Bloomberg Billionaires Index, today, Musk’s fortune stands at US$187 billion. That’s just ahead of Arnault’s US$185 billion.

Here’s a list of the top five richest people, their fortunes as they currently stand, and the companies they are associated with:

Billionaire	Fortune (US$)	Source of Wealth
Elon Musk	$187 billion	Tesla, SpaceX, Twitter
Bernard Arnault	$185 billion	LVMH
Jeff Bezos	$117 billion	Amazon
Bill Gates	$114 billion	Microsoft
Warren Buffett	$106 billion	Berkshire Hathaway

So we’ll have to wait and see how long Musk’s stint as the world’s richest person lasts this time.

The post Surging Tesla share price propels Elon Musk to world’s richest person again appeared first on The Motley Fool Australia.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Amazon.com, Berkshire Hathaway, Microsoft, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon.com, Berkshire Hathaway, Microsoft, and Tesla. The Motley Fool Australia has recommended Amazon.com and Berkshire Hathaway. 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 S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday and is pushing higher. In afternoon trade, the benchmark index is up 0.5% to 7,258.5 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is down over 5% to $2.17. This has been driven by the footwear and fashion retailer’s shares trading ex-dividend this morning for its upcoming interim dividend. Eligible shareholders can now look forward to receiving this 12 cents per share fully franked dividend next month on 9 March.

Adbri Ltd (ASX: ABC)

The Adbri share price is down 8% to $1.69. Investors have been selling the building materials company’s shares following the release of its full-year results. Adbri reported an 8.4% increase in revenue to $1.7 billion but a 31% decline in its net profit to $77.7 million. In light of this decline and its capex requirements, the company scrapped its final dividend to conserve cash.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is down 11% to $3.69. This has been driven by the release of the retail giant’s half-year results. Harvey Norman reported flat revenue, a 14.5% decline underlying profit after tax to $291.09 million, and a 35% cut to its interim dividend to 13 cents per share. The market was expecting a profit of $323 million and an 18 cents per share dividend.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price has crashed 24% to $1.10. Investors have been heading to the exits after the sports betting company released its half-year results. Pointsbet reported decent top line growth but still reported a $178 million loss for the half. This was partly driven by surprisingly poor earnings from the Australia business, which missed consensus estimates.

The post Why Accent, Adbri, Harvey Norman, and Pointsbet shares are sinking appeared first on The Motley Fool Australia.

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• Guess which ASX 200 stock is tanking 7% after axing its dividend
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• PointsBet share price tumbles on $178m first-half loss
• Earnings preview: Here are the ASX shares reporting on Tuesday
• 5 things to watch on the ASX 200 on Tuesday

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 Harvey Norman and PointsBet. The Motley Fool Australia has positions in and has recommended Harvey Norman. The Motley Fool Australia has recommended Accent Group and PointsBet. 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 Rio Tinto Limited (ASX: RIO) share price has not performed as well in February as investors would have liked. In fact, with only a couple of hours left of trading for the month, the S&P/ASX 200 Index (ASX: XJO) mining share has fallen around 9% since the start of February.

While changes to the iron ore price can have a major impact on the business, Rio Tinto shares have seen most of the fall occur after the miner reported its result.

Let’s have a look at some of the highlights from the report for the 12 months to 31 December 2022.

Earnings recap

Rio Tinto reported that operating cash flow dropped 36% to US$16.1 billion. Free cash flow declined 49% to US$9 billion. Net profit after tax (NPAT) dropped 41% to US$12.4 billion.

The underlying earnings per share (EPS) fell by 38% to US$8.20, so the ordinary dividend per share was cut by 38% to US$4.92.

With no special dividend paid for the 2022 financial year, the total dividend per share was cut by 53%.

The business finished 2022 with net debt of US$4.2 billion, a reversal of the US$1.6 billion of net cash it had at the end of 2021. It did spend US$3.8 billion on the acquisitions of Turquoise Hill Resources and the Rincon lithium project.

Rio Tinto explained that the result reflected “the movement in commodity prices, the impact of higher energy and raw materials prices” on its operations, as well as “higher rates of inflation” on its operating costs and closure liabilities. The average iron ore price was 25% lower in 2022 compared to 2021. The average copper price was 6% lower.

Looking at the mid-point of its guidance for 2023, it’s expecting iron and copper mining costs per unit to increase. Iron ore shipments are also expected to increase.

Greenfield exploration

Rio Tinto continues to look at potential new projects. It’s working in 18 countries across seven commodities and spent $253 million in 2022.

The bulk of the company’s exploration spending was focused on copper projects in Australia, Colombia, Namibia, Peru, the US, and Zambia; diamonds in Angola; and heavy mineral sands projects in Australia and South Africa.

It’s also exploring for nickel in Canada and Finland, and for lithium in all regions, with “opportunities emerging in the US and Africa”.

When will huge dividends return?

Rio Tinto’s board said the level of dividend takes into account the result for the financial year, the outlook for major commodities, the long-term growth prospects of the business, and the company’s objective of maintaining a strong balance sheet.

The board also said it expects total cash returns to shareholders over the longer term to be in a range of between 40% to 60% of underlying earnings in total through the cycle. Additional returns could be paid in “periods of strong earnings and cash generation”.

With the Rio Tinto dividend payout ratio being 60% for FY22, Rio Tinto may be suggesting there could be another dividend decrease unless resource prices keep performing in 2023.

Rio Tinto share price snapshot

While the Rio Tinto share price noticeably fell in February, it’s been relatively flat since the start of 2023 and has risen around 20% over the past six months.

The post What made the Rio Tinto share price slide 9% in February? appeared first on The Motley Fool Australia.

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• How I’d generate a $30,000 second income from Rio Tinto shares
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• Everything you need to know about the latest Rio Tinto dividend

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 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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The share price of S&P/ASX 200 Index (ASX: XJO) stock Adbri Ltd (ASX: ABC) is plummeting today after the company posted its full-year earnings.

Stock in the cement and lime products manufacturer is currently down 7.07%, trading at $1.71.

ASX 200 stock Adbri crumbles as dividend dumped

Here are the key takeaways from the company’s earnings announcement:

• $1.7 billion of revenue – up 8.4% on the prior comparable period (pcp)
• $102.6 million of net profit after tax (NPAT) – down 12.1%
• $157.2 million of earnings before interest and tax (EBIT) – down 10.1% on the pcp
• $166.4 million of operating cash flow –  a 15% fall on that of the pcp
• Net debt reached $576.4 million – a 32% increase
• No final dividend declared

Adbri declined to pay a final dividend due to the capital required to complete its Kwinana Upgrade Project.

Its debt levels also increased last year, reflecting its Zanows acquisition and the upgrade project. Though, they were offset by $96.8 million of cash proceeds from the sale of property, plant, and equipment.

The company’s cash flow was dinted by lower earnings and higher working capital. Its capital expenditure came in at $255.1 million for the year – up 81.5% year-on-year.

What else happened last fiscal year?

Revenue at the company’s lime business was down just 4% on the prior year despite an 11% drop in volumes on the back of the wind-down in the historical Alcoa contract.

The business’ average selling price also lifted by 11.4% as numerous customers swapped from imported to domestic product.

Its concrete and aggregates business, meanwhile, saw revenue jump 12.5% amid solid demand and price increases.

What did management say?

Adbri CEO Mark Irwin commented on the release driving the ASX 200 stock lower today, saying:

Our full year profit result was impacted by higher operating costs caused by inflationary pressures and wet weather events.

Despite some significant operational headwinds during the year, the company made solid progress on a number of strategic initiatives, including our Kwinana Upgrade project, growth of our concrete and aggregates footprint through the Zanows acquisition, further recovery in our lime business, increased exposure to the infrastructure sector and divestment of some surplus land holdings.

What’s next?

Looking forward, the company expects cost headwinds to continue.

However, demand for its products is tipped to be bolstered by a backlog of residential works for much of 2023.

Such demand should rebuild resilience and margin.

Finally, the review of the Kwinana Upgrade Project is nearly complete. The company expects capital cost pressures to push its budget above the estimated $290 million. Though, it noted the review confirmed the project’s “robust economics”.

Adbri stock underperforms the ASX 200

Today’s tumble is just the latest experienced by the Adbri share price. The stock is currently 48% lower than it was this time last year. Though, it has lifted 7% so far this year.

For comparison, the ASX 200 has gained 5% over the last 12 months and 3% year to date.

The post Guess which ASX 200 stock is tanking 7% after axing its dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 0.55% to 7,263.5 points.

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

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up 5% to $1.36. This appears to have been driven largely by a broker note out of Macquarie this morning. According to the note, the broker has retained its outperform rating and $1.90 price target on the gold developer’s shares.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 5.5% to $3.69. Investors have been buying this ecommerce company’s shares since the release of its half-year results on Monday. However, one broker that isn’t buying is Credit Suisse. It is feeling pessimistic about the company’s future given Amazon Australia’s significant market share gains and Kogan’s inability to compete with the size of its range. The broker expects Kogan to have to focus on a core range to avoid inventory issues, which could limit its growth.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price almost 7% to $3.36. This is despite the pharmaceutical company reporting a large first-half loss and announcing the cancellation of its proposed capital return. Investors appear to be responding well to news of the sale of its US generics business and management’s belief that it is on course to return to profit.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is up 4% to 96.7 cents. This morning, this biotech released its half-year results. But as the company is barely generating revenue, it is likely to be a separate announcement that has got investors excited. That announcement reveals that the results from the phase 3 chronic heart failure trial, DREAM-HF, in patients with reduced ejection fraction (HFrEF) highlight the potential for rexlemestrocel-L to make a key difference in patient outcomes, including mortality, heart attack, or stroke.

The post Why De Grey, Kogan, Mayne Pharma, and Mesoblast shares are charging higher 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 Kogan.com. The Motley Fool Australia has positions in and has recommended Kogan.com. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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On Friday, Pilbara Minerals Ltd (ASX: PLS) declared its first-ever dividend of 11 cents per share, fully franked.

The inaugural dividend will see the S&P/ASX 200 Index (ASX: XJO) lithium stock return some $330 million to shareholders.

The maiden Pilbara Minerals dividend came as the company reported some truly stellar results for the first half of the 2023 financial year (H1 FY23).

Top highlights included a 647% year-on-year increase in revenue, which hit $2.2 billion for the six months. And the statutory net profit after tax (NPAT) of $1.24 billion was up a whopping 989% from H1 FY22.

“The stage is set for Pilbara Minerals to take massive growth steps in the months and years ahead. This is just the beginning,” CEO Dale Henderson said of those results.

On Pilbara Minerals’ maiden dividend, he added:

This result has enabled the board to declare an inaugural fully franked interim dividend of 11 cents per share. This is a huge milestone for Pilbara Minerals, and we are very pleased to be able to reward our shareholders who have had faith and stuck with us over the journey.

For ASX 200 investors looking to cash in on the dividend, time is running short.

When does Pilbara Minerals trade ex-dividend?

If you’d like to receive the first-ever Pilbara Minerals dividend, you’ll need to own shares by market close tomorrow, Wednesday 1 March.

The ASX 200 lithium share trades ex-dividend on Thursday.

Payment is scheduled for 24 March.

At the current share price of $4.18, that works out to an immediate yield of 2.6%.

New Zealand shareholders will be paid in New Zealand dollars. Everyone else will receive the dividend payout in Aussie dollars.

How has the ASX 200 lithium stock been performing?

As you can see on the chart below, the Pilbara Minerals share price is up 12% so far in 2023 and up 55% over 12 months.

The post Looking to cash in on the inaugural Pilbara Minerals dividend? You better hurry! appeared first on The Motley Fool Australia.

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More reading

• Someone just sold $250 million of Pilbara Minerals shares. Here’s what we know
• 3 incredible ASX 200 growth shares to buy: analysts
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here’s what brokers are saying about the Pilbara Minerals share price
• Here are the 3 most heavily traded ASX 200 shares on Friday

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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The post Here’s how I’d invest in ASX shares today to achieve financial freedom appeared first on The Motley Fool Australia.

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More reading

• Why I’m not investing in ASX index ETFs (yet)
• 3 excellent ETFs for ASX investors to buy in March
• I’d aim for a million buying just a few cheap ASX shares!
• 2 ASX ETFs I’d buy for my child for the long term
• 3 ASX shares that could create lasting generational wealth

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 VanEck Morningstar Wide Moat 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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