The Star Entertainment Group Ltd (ASX: SGR) share price is in the red today, down 0.86% after the casino group announced its financial results for FY22.

Shares in Star Entertainment are swapping hands for $2.89 apiece at the time of writing after a mixed morning of trading.

Let’s cover off what the company announced.

What did Star Entertainment report?

• Normalised gross revenue down 2% year-over-year (YoY) to $1.53 billion
• Earnings before significant items and interest, taxes, depreciation, and amortisation (EBITDA) down 45% YoY to $237 million.
• Normalised net loss of $32 million
• Domestic revenues in June this year up 11% on pre-COVID levels

Star Entertainment said the company was working to recover lost ground after its earnings were “materially affected by COVID-19”.

Key gambling locations were closed for extended periods due to lockdowns and other operating restrictions, including The Star Sydney, which was closed the longest at 102 days.

Despite facing strong headwinds from COVID-19 restrictions, Star Entertainment claims to be bouncing back strongly.

The company advised that all properties were operating at above pre-COVID levels, with group domestic revenue up 9% from 1 July to 18 August this year.

The company did not declare a final dividend for FY22.

What else happened in FY22?

Star Entertainment made several executive changes, including the appointment of three new board members. Robbie Cooke joined the company as managing director and CEO, and Scott Wharton was named as the new CEO for The Star Sydney and Group head of transformation.

The company also made progress on several acquisitions in the pipeline, including for Union Street Pyrmont and the Sheraton Grand Mirage Gold Coast.

In addition, Star Entertainment reported there was potential to “unlock the underlying value of the Group’s property assets”.

What did management say?

Star Entertainment acting CEO Geoff Hogg said:

The past year has demonstrated how resilient our business is and how quickly customers return when the properties are allowed to open and operate without restrictions. This gives us great confidence moving forward.

The fundamental earnings prospects for The Star’s domestic business remain attractive. They are underpinned by valuable long-term licences in compelling locations while the transformation of our properties into globally competitive integrated resorts continues.

What’s next?

Star Entertainment expects to make continued progress on its renewal program for the transparent reporting to regulators in Australia. The renewal program encompasses several aspects of the company including for “governance, culture, training and technology initiatives”.

Related to this is that the company will focus on retaining its licence for New South Wales and Queensland states.

No earnings or revenue guidance was provided for FY23 but an estimate for capital expenditures (CAPEX) was. The company expects CAPEX to be in the area of $150 million, down from prior guidance of $175 million.

Finally, Star Entertainment will continue its focus on improving fundamentals, including hastening its COVID-19 recovery, keeping a lid on costs, and responding to challenges and threats in its competitive environment for Crown Sydney.

Star Entertainment share price snapshot

The Star Entertainment share price is down almost 24% year to date. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 7% over the same period.

The company’s market capitalisation is $2.75 billion at the time of writing. 

The post Star Entertainment share price slides on $32 million loss appeared first on The Motley Fool Australia.

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

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

Do you remember the heady days of 2021, when Bitcoin (CRYPTO: BTC) surged past $60,000, and the entire crypto market was hitting new heights? There were plenty of people saying that they wish they had bought Bitcoin when it was $20,000 or that they wish they had bought Ethereum (CRYPTO: ETH) below $2,000. After 2022’s sell-off, patient, risk-tolerant long-term investors can do just that as prices have returned to these levels. Here are three cryptos that I would regret not buying during the dip. 

1. Bitcoin

Bitcoin has shown some signs of life as of late, rallying 33% off the 52-week low of $17,664 that it hit in June. Bitcoin is still a long way off from its all-time high of over $68,000 last November, and I like the fact that investors don’t have to try to “catch a falling knife” now that the largest digital asset by market cap has stabilized and looks like it is building momentum again.

As the original cryptocurrency and the largest digital asset with a market cap of nearly $450 billion, Bitcoin is a blue chip cryptocurrency that I would buy during this pullback. When the stock market is down, it is a great time to start or add to discounted positions in top global companies, and the crypto market is no different — during this downturn, investors can accumulate a position in Bitcoin at a discounted price rather than gambling on smaller altcoins with questionable utility that are down 95% from all-time highs they are unlikely to ever approach again. 

Bitcoin’s Lightning Network has made using and transacting in Bitcoin easier and more accessible than ever before. Companies like Block (NYSE: SQ) are leveraging Lightning to allow their customers to be paid in Bitcoin and to round up credit and debit card purchases for Cash Card users. These services are making Bitcoin more widely available to the general public than ever before and can help it reach even further adoption. 

I like the idea of all investors holding at least a small amount of Bitcoin in their portfolios. The hard cap of 21 million Bitcoin that will ever exist stands in stark contrast to the inflationary nature of all other global currencies. Bitcoin is a worldwide network that anyone on the planet with an internet connection can participate in, so it remains an attractive asset to individuals in countries that have seen their currency suffer from serious inflation over the years, such as Turkey and Venezuela. The increasing ease of using Bitcoin and its global appeal as a decentralized asset with a capped supply make it an attractive investment to allocate at least some investment toward, especially during the current market weakness.

2. Ethereum 

Ethereum has rallied over 100% from its cycle low in June, but the second-largest cryptocurrency is still down 60% from its all-time high. Ethereum is also benefiting from a major upcoming catalyst in The Merge, its long-awaited switch from the proof-of-work consensus to proof of stake. After completing a successful trial run on its Goerli testnet, The Merge is now expected to take place between Sept. 15th and Sept. 16th. The transition will make Ethereum less energy-intensive and thus more climate-friendly. It will also make Ethereum more decentralized, which proponents say will make it more secure. Furthermore, Ethereum will no longer be an inflationary asset and will instead become deflationary in nature, which will make it more scarce over time and should add to its value as demand increases. Some observers also point out that Ethereum will become more scalable as sharding is implemented. Lastly, more users will be able to earn staking rewards by participating in the Ethereum network. With this array of improvements in the wake of a major catalyst, Ethereum is another blue chip cryptocurrency that I have been adding to on the dip. 

3. Solana 

With a market cap of $15 billion, Solana (CRYPTO: SOL) is much smaller (and much newer) than Bitcoin and Ethereum but is also worthy of a position during the current downturn for investors who are looking to diversify and are comfortable moving a bit further down the risk curve. Solana is down 84% from its all-time high but is starting to catch some momentum as well, with a 56% increase since hitting its cycle low in June. 

Solana is establishing itself as a smaller but viable competitor to Ethereum in the world of non-fungible tokens (NFTs), with leading Solana marketplace Magic Eden recently achieving unicorn status with a valuation of over $1 billion in a private funding round. OpenSea, which is viewed as the bellwether for the NFT market, recently opened up its platform to Solana NFTs after previously exclusively featuring Ethereum and Polygon (CRYPTO: MATIC) NFTs. Solana is now the second-largest protocol for NFTs as measured by secondary sales, trailing only Ethereum. Solana is home to a talented team of developers, and its uses are not limited to just NFTs or DeFi applications like many other cryptos — Solana developers are even working on a phone that will make it easier to interact with decentralized applications when using a mobile device. This phone is scheduled to launch in early 2023 with a price point of $1,000. While this may seem a tad esoteric to some observers, I’m loath to count Solana out because co-founder Anatoly Yakovenko and other key figures from Solana all have prior experience at Qualcomm (NASDAQ: QCOM), which creates semiconductors for the mobile phone industry.

The crypto bear market has created the opportunity to start or add to positions in the top two assets that drive the entire industry, Bitcoin and Ethereum, as well as emerging challengers like Solana, at steep discounts to where they traded just a few months ago. For risk-tolerant investors, this could be the right time to allocate a percentage of their portfolios toward cryptocurrency with some smart buys. 

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

The post 3 cryptos I would regret not buying on the dip appeared first on The Motley Fool Australia.

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Michael Byrne has positions in Bitcoin, Ethereum, and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Block, Inc., Ethereum, Polygon, Qualcomm, and Solana. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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The Anson Resources Ltd (ASX: ASN) share price is taking off on news the Paradox Project’s reported lithium resource has been quadrupled.

The Anson Resources share price is 17 cents at the time of writing. That’s 17.24% higher than its previous close.

Let’s take a closer look at today’s news from the junior mineral resources company.

Anson Resources share price soars on lithium update

The Anson Resources share price is gaining on news the Paradox Lithium Project’s mineral resource has been significantly upgraded. On top of that, the project still houses plenty of potential for further expansions.

The project – located in Utah, USA – has been found to host 788,300 tonnes of lithium carbonate equivalent and 3.5 million tonnes of bromine, including:

• Indicated resource of 239,000 tonnes of lithium carbonate equivalent and 1.192 million tonnes of bromine
• Inferred resource of 549,300 tonnes of lithium carbonate equivalent and 2.331 million tonnes of bromine.

That represents a 324% increase in the project’s lithium resource, including a 248% lift in its bromine resource.

The latest upgrade will be added to the project’s definitive feasibility study, which will be released in the near future.

And the project still offers substantial potential for further mineral resource expansion.

That’s because its latest mineral resource was calculated from drilling and sampling conducted at the project’s Long Canyon No. 2 well. It doesn’t include drilling completed at the project’s Cane Creek 32-1 well or the company’s planned Western Expansion strategy, which will see it re-entering historic drill holes in the project’s western areas.

The results of such drilling are expected to be included in future mineral resource upgrades.

Today’s gain sees the Anson Resources share price 21% higher than it was at the start of 2022. It has also gained 112.5% since this time last year.

For context, the All Ordinaries Index (ASX: XAO) has slipped 8% year-to-date and 6% over the last 12 months.

The post Anson Resources share price surges 17% on lithium news 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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The New Hope Corporation (ASX: NHC) share price is sliding today amid a quarterly activities report.

The coal producer’s share price is currently trading at $4.87, a 1.22% fall. In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 0.74% today.

Let’s take a look at what New Hope reported to the market.

New Hope reports higher coal prices

Highlights of New Hope’s results include:

• Quarterly underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $645 million
• Unaudited final full-year EBITDA of $1.56 billion
• Quarterly ROM coal production lifted 29.1% on the previous quarter to 2.484 million tonnes
• Full-year coal production dropped 27.8% to 10.1 million tonnes
• Quarterly total coal sold lifted 0.3% on the previous quarter
• Yearly total coal sold fell 12.4% compared to FY21

What did the company report?

New Hope’s underlying EBITDA lifted in the quarter on the back of higher coal prices. The final unaudited underlying EBITDA of about $1.56 billion is considerably higher than the previous financial year.

In FY2021, New Hope reported an EBITDA of $367 million.

New Hope reported closing cash and cash equivalents of $815 million. This follows the $94.4 million investment in Malabar Resources and includes closing receivables of $504 million.

The company’s 80%-owned Bengalla operation was impacted by unfavourable weather in July and COVID-related labour shortages.

A loss of 15,186 truck hours was reported during the quarter. However, despite this, Bengalla lifted saleable coal production by 20% at these operations compared to the previous quarter. Sale volumes also lifted 5.2%.

New Hope said thermal coal prices hit record highs after the Russian invasion of Ukraine and amid global energy security concerns.

What else is going on?

New Hope is awaiting approvals from the Queensland government to secure New Acland stage three mining leases and a water licence for the company’s Queensland operations. The company is rehabilitating stage two mining areas while waiting on the outcome of this process.

The company is also working on a restart plan for its Queensland operations amid the “unprecedented coal demand”.

Since the end of the quarter, New Hope has received news that the Chuwar Coal Mine, 5km from Ipswich, is now fully rehabilitated. The Queensland government has accepted surrender of New Hope’s environmental authority and mining leases at the site.

Commenting on this news, New Hope said:

The rehabilitation work at both Chuwar and New Acland are a clear and practical demonstration of the successful co-existence of mining and agriculture.

New Hope share price snapshot

The New Hope share price has soared 154% in the past year, while it has risen 119% in a year to date.

For perspective, the benchmark ASX 200 index has lost nearly 6% in the past year.

New Hope has a market capitalisation of nearly $4.1 billion based on the current share price.

The post New Hope share price slides despite quarterly coal production boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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 Southern Cross Media Group Ltd (ASX: SXL) share price is seeking direction today, initially posting a 1.8% gain and currently down 0.4%.

The All Ordinaries Index (ASX: XAO) is also in the red today, down 0.9% at this same time.

Shares in the ASX listed media provider closed on Friday trading at $1.17 and are now at $1.16. This comes as investors pore over the company’s full-year results for the 12 months ending 30 June (FY22).

Southern Cross Media share price wobbles despite dividend boost

• Revenue of $519.7 million, down 1.8% from FY21
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $87.9 million, up 2.8% year on year
• Underlying net profit after tax (NPAT) of $27.4 million, up 38.4% from the prior year
• Full-year dividends of 9.25 cents per share (cps), fully franked, up from 5.0 cps paid in FY21

(* Note, underlying expenses and underlying EBITDA exclude government grants received in FY21 and FY22, impairment charges of $179.4 million and $4.0 million of other significant items in FY22.)

What else happened during the year?

The Southern Cross Media share price should be getting some extra lift from the 4.75 cents fully franked final dividend the board declared. That represents 85% of NPAT (excluding significant items), coming in at the top of the company’s policy of paying dividends of 65% to 85% of NPAT.

As at 30 June, Southern Cross had net debt of $78.5 million, down from $52.6 million at the end of FY21. The media company reported leverage of 0.95 times EBITDA, noting that’s “well below” its covenant of 3.50 times.

FY22 saw a continuing recovery in all of its audio segments, with audio revenue of $392.9 million increasing 9.2% year on year.

Southern Cross Media also saw improved margins from its television segment in the wake of its affiliation switch from Nine to Network 10. Television’s underlying EBITDA margin rose from 17.6% to 23.7%.

A strategic review has now concluded shareholder value will be maximised by continuing to hold its television assets.

What did management say?

Commenting on the results, Southern Cross Media CEO, Grant Blackley said:

With a robust balance sheet and strong cashflow, we are continuing to invest for the future while returning funds to shareholders through fully franked dividends and our on-market share buy-back.

Commercial radio audiences in metro markets reached record levels in recent surveys. The total audience of 12 million recorded in GfK Survey 4 was the highest ever and a 7.6% jump over the prior year. SCA’s Hit and Triple M stations have led this rise as audiences return to entertainment and music formats.

With a nod to some headwinds over the year, Blackley added, “Local advertisers were directly affected by floods and supply chain issues resulting in lower levels of growth in local advertising.”

What’s next?

Looking ahead, Blackley said:

SCA has completed a five-year program to install digital operating infrastructure across all offices and every asset. This allows SCA to distribute our premium content from any location to audiences at a time and on a device on their choice…

Our investment in a fully owned and operated digital audio ecosystem, LiSTNR, also positions SCA to take a leading share of the rapidly expanding Australian digital audio market.

Southern Cross Media share price snapshot

The Southern Cross Media share price has struggled this year, down 40% since the opening bell of 4 January. By comparison, the All Ordinaries has lost 8% year-to-date.

The post Southern Cross Media share price wobbles despite 85% FY22 dividend boost appeared first on The Motley Fool Australia.

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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 Dreadnought Resources Ltd (ASX: DRE) share price is spiking on Monday. It now trades at 11 cents apiece.

Investors have bid the share higher following a company announcement out of Dreadnought’s camp today.

The chart below shows returns for Dreadnought shares over the past 12 months.

What did the company announce?

Dreadnought advised that infill reverse circulation (RC) drilling at its Mangaroon Project in Western Australia has again intersected mineralised rare earth element (REE) ironstones.

Further studies indicate this trend extends more than 16kms in strike, with “significant growth potential
beyond the initial 3km of drilling,” it says.

The company’s managing director, Dean Tuck, said that “understanding of the petrophysical properties [at Mangaroon] has significantly improved,” following the drilling.

“We have also identified three new ironstone trends, including a possible link between Yin and Y3 and a new carbonatite target at C7,” he added.

“We look forward to receiving assay results from our new targets and to inspecting the remaining 100 targets in our database.”

Meanwhile, the company has already confirmed REE mineralisation at 22 of these inspected targets.

It had initially identified 140 anomalies prospective for REE mineralisation below surface following a detailed magnetic-radiometric survey. To date, only 40 of these have been mapped.

Dreadnought share price snapshot

In the past 12 months, the Dreadnought share price has spiked more than 162% into the green. Dreadnought shares have risen 115% in the last month alone.

The post Dreadnought share price leaps 5% on rare earths ‘significant growth potential’ appeared first on The Motley Fool Australia.

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

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The APA Group (ASX: APA) share price is once again in the red.

This time, it’s falling on news the CEO of the S&P/ASX 200 Index (ASX: XJO) energy infrastructure giant will step down as the company dumps its strategy to enter the US via acquisition after three years of scouring the market.

On top of that, APA provided a peek at its upcoming full-year earnings this morning.

The APA share price is currently $11.54, 1.2% lower than its previous close.

Let’s take a closer look at today’s news from the ASX 200 utilities company.

What’s weighing on the APA share price today?

APA results preview

The ASX 200 giant released some unaudited earnings for financial year 2022 today. Here are the key takeaways:

• Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $1.69 billion – a 3.9% year-on-year improvement
• $1.08 billion of free cash flow – a 19.8% increase
• 53 cents per share of full-year dividends – meaning its final dividend will likely be 25 cents

The company plans to release its financial year 2022 earnings on Wednesday.

Late last week, APA announced it will recognise a $32 million impairment in its results. The APA share price fell 1.35% on the back of the news.

CEO steps down as US plans ditched

The APA share price is also trading lower on news the company’s CEO and managing director Rob Wheals will step down from the top job at the end of next month.

Wheals will leave the company in the hands of chief financial officer Adam Watson. He will step up as acting CEO while the company searches for a new leader.

Meanwhile, the role of chief financial officer will be temporarily filled by APA general manager of investor relations Kynwynn Strong.

Commenting on his resignation, Wheals said:

It has been an intense couple of years in the energy industry, made even more challenging with the overlay of the COVID-19 pandemic. This, together with the decision not to pursue an acquisition in the US, has led me to conclude that now is the right time to move on.

APA chair Michael Fraser thanked Wheals for his 14 years with the company, three of which were spent at the helm. Fraser also spoke of the company’s decision to ditch its US plans, saying:

We have been screening the US utilities market for over three years now and whilst there are clearly attractive aspects to that market, it also involves a number of risks and ongoing investment challenges.

APA’s core competencies and competitive advantages are in the Australian market and the focus of our strategy will be to maximise returns to security holders while pursuing the very significant investment opportunities arising from Australia’s transition to a low carbon future.

The post APA share price slips on CEO resignation and earnings preview 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 positions in and has recommended APA 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 S&P/ASX 200 Index (ASX: XJO) has clearly gotten off on the wrong side of the bed this Monday. In a shaky start to the trading week so far, the ASX 200 is currently down a nasty 0.86% at around 7,050 points. But it’s been far better for the Ampol Ltd (ASX: ALD) share price.

The company is outperforming the broader market today, currently enjoying a rebound with its shares up 2.12% to $34.865 each at the time of writing. This comes after Ampol reported some solid half-year results this morning.

As we covered earlier today, Ampol reported an 83% rise in revenues to $11.33 billion. That helped lift statutory net profit after tax (NPAT) by 114% to $695.9 million. Sales of fuel were up 4% to 11.5 billion litres.

Ampol announces biggest dividend in history

But perhaps the biggest piece of news in Ampol’s half-year report was the dividend. Ampol has announced an interim dividend of $1.20 per share, fully franked.

Not only is this the largest interim dividend Ampol has ever paid out, but it also represents a whopping increase of 130% over last year’s interim dividend of 52 cents per share. In fact, this new interim dividend is larger than the last interim dividend and Ampol’s previous final dividend of 41 cents per share put together.

Ampol shares will trade ex-dividend for this payment on 2 September next month. Shareholders will then receive the payout on 28 September. Investors will have no choice but to receive this dividend in cash, as the company is currently not operating a dividend reinvestment plan (DRP).

Ampol’s previous 12 months of dividends add up to 93 cents per share, which gives the shares a trailing dividend yield of 2.72% at current pricing.

However, once the new dividend is paid out on 28 September, the petroleum company will have a trailing yield of 4.71%. So we can see from these metrics how significant this dividend hike will be for Ampol shares and investors.

At the current Ampol share price, this ASX 200 energy share has a market capitalisation of $8.3 billion. Ampol shares are now up 17% year to date.

The post Everything you need to know about the monster Ampol dividend appeared first on The Motley Fool Australia.

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

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The Chorus Ltd (ASX: CNU) share price is lifting 2% higher in morning trade following the release of its FY22 results.

At the time of writing, Chorus shares are swapping hands at $7.13 apiece.

Chorus lifts revenue, earnings in FY22

Key takeouts from the 12 months include:

• Reported revenue came in at $965 million, up from $955 million the year prior
• Earnings before interest and tax (EBIT) of $248 million, up from a FY21 result of $230 million
• Net profit after tax (NPAT) of $64 million ahead of the previous year’s $51 million
• Chorus’ fibre rollout reportedly now 98% completed
• Declared FY22 dividend of 35 cents per share

What else happened during this period for Chorus?

The company added over 88,000 connections, bringing its total to now sit at 959,000 connections.

Operating expenses came in relatively flat at $299 million which led to underlying EBITDA of $660 million and EBIT of $248 million.

Chorus brought this down to an NPAT of $64 million, a substantial gain from last year’s bottom-line result.

The performance was a turnaround for Chorus, with the company returning to “earning more than it was investing in the network for the first time in a decade”.

This permitted management to authorise a 35 cents per share dividend in FY22, and increased guidance for the FY23 and FY24 dividends’ respectively.

Management commentary

Speaking on the announcement, Chorus CEO, JB Rousselot said:

FY22 was a crossroads year for Chorus with the core elements of our utility-style regulatory framework now settled and the finish line in sight for our 11-year fibre rollout. Our fibre rollout is now 98% complete, and we have just 17,000 premises left to pass by Christmas. We added 88,000 new fibre connections to the network, and overall uptake increased from 65% to 69%.

We were pleased to see strong growth in our major centres of Auckland and Wellington, where uptake increased to 79% and 68%, respectively. During the pandemic, our digital inclusion initiatives focused on student broadband connections, helping seniors with their connected lives, and supporting the charitable sector to embrace digital tools.

What’s next for Chorus?

The company expects the following ranges of guidance, per the release:

• EBITDA: $655–$675 million
• Capital expenditure: $410–$450 million
• FY23 dividend: increased to 42.5 cents per share
• FY24 dividend guidance: a minimum of 47.5 cents per share

The Chorus share price is up more than 6% in the past 12 months.

The post Chorus share price lifts as company declares 35 cents per share dividend appeared first on The Motley Fool Australia.

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

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The Block Inc (ASX: SQ2) share price is off to a poor start this week.

Block shares closed on Friday trading for $144.89 and are currently at $107.50, down 6.4% in morning trade.

The Block share price is now down 14.6% since the ASX buy now, pay later (BNPL) share released its quarterly report on 5 August. Investors appear underwhelmed with the company’s expectations of slowing growth in Q3.

Why is the Block share price sinking again today?

Block, which acquired Afterpay in January this year, began trading on the ASX on 20 January.

The global payments company is also listed on the New York Stock Exchange. And the Block share price on the ASX tends to follow, if not mirror, the moves of its US-listed stock. In Friday’s trade, Block shares closed 6.7% lower on the NYSE.

It’s not just Block selling off today.

While the S&P/ASX 200 Index (ASX: XJO) is down a more modest 1.27% at the time of writing, fellow ASX BNPL share Zip Co Ltd (ASX: ZIP) is down 4.33%. Meanwhile, the Sezzle Inc (ASX: SZL) share price is down 5.03%.

Part of that sell-off can be pinned on renewed selling in the tech sector, with the NASDAQ closing down 2% on Friday and the S&P/ASX All Technology Index (ASX: XTX) down 1.7% today.

But the Block share price and other BNPL stocks look to be coming under added pressure from the prospect of more interest rate hikes ahead.

As rates continue to rise, following a period of more than 10 years where they only went lower, analysts are expecting BNPL companies to struggle with increasing levels of bad debts.

2022 has been a tough one for investors in the BNPL sector. Since listing on 20 January, Block shares have dropped 39%.

Since 4 January, Zip shares are down 77%, while the Sezzle share price has tanked 75%.

The post Why is the Block share price tumbling 6% today? appeared first on The Motley Fool Australia.

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More reading

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• Sezzle share price soars 22% as BNPL company eyes profit target by year-end
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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 positions in and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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