Are you looking for more dividend shares to buy? If you are, you may want to check out the two listed below that have been rated as buys by brokers.

Here’s what you need to know about these top ASX dividend shares:

Harvey Norman Holdings Limited (ASX: HVN)

The first ASX dividend share that has been tipped as a buy by brokers is Harvey Norman.

According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted their price target on the retail giant’s shares to $4.80.

Its analysts believe the company is well-placed to defend its strong market position from online disruption thanks to its favourable customer demographics. It is partly for this reason that the broker is forecasting profits ahead of consensus estimates in FY 2023. It explained:

Despite a slowing macro and housing market dragging FY23/24E earnings, we believe this is sufficiently factored into consensus and is more defensive on competition due to its regional, premium boomer exposure and higher % of bulky items (not shipped by Amazon yet). Our FY23 NPAT is +7% vs FactSet consensus and our TP implied ex-property FY24E P/E of ~5x with dividend yield of 8%. We believe that HVN offers 21% TSR at an attractive valuation; reiterate buy

As for dividends, the broker is forecasting fully franked dividends per share of 38 cents in FY 2023 and 32 cents in FY 2024. Based on the current Harvey Norman share price of $4.23, this will mean yields of 9% and 7.5%, respectively.

Super Retail Group Ltd (ASX: SUL)

Another ASX dividend share that has been tipped as a buy is Super Retail.

According to a note out of Morgans, its analysts have recently retained their add rating with an improved price target of $13.00.

Morgans was pleased with Super Retail’s full year results and believes that it should have a strong first half to FY 2023. This is expected to underpin another generous dividend payment for the full year. The broker commented:

SUL surprised the market by reporting much more resilient earnings in FY22 than had been forecast. EBIT of $397m was 15% higher than our estimate due to 4% higher sales and 110 bp higher margins.

With no signs yet that the consumer is pulling back in Australia, it looks likely that 1H23 earnings will be resilient, especially against lockdown-affected comps. We still model a 17% y/y decline in PBT in FY23, but we have pulled that number up by 6% after today’s strong result.

Morgans is forecasting fully franked dividends per share of 56 cents in FY 2023 and 58 cents in FY 2024. Based on the latest Super Retail share price of $10.58, this will mean yields of 5.3% and 5.5%, respectively.

The post Brokers name 2 top ASX dividend shares to buy now appeared first on The Motley Fool Australia.

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More reading

• Harvey Norman share price slips despite FY22 sales nearing $10b
• 5 things to watch on the ASX 200 on Wednesday
• ‘Stronger-than-expected sales to drive a re-rating’ of this ASX 200 share: Goldman
• Morgans names 2 ASX shares to buy today
• Here are the top 10 ASX 200 shares today

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 Holdings Ltd. and Super Retail Group Limited. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Super Retail Group Limited. 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 Wednesday, the S&P/ASX 200 Index (ASX: XJO) fought hard but ultimately fell a touch short of ending in positive territory. The benchmark index edged 0.15% lower to 6,986.8 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall again

The Australian share market looks set to tumble on Thursday after another poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 64 points or 0.9% lower this morning. On Wall Street, the Dow Jones fell 0.9%, the S&P 500 dropped 0.8%, and the NASDAQ edged 0.55% lower. This was the fourth consecutive day of declines for the Dow and S&P 500.

BHP shares trade ex-dividend

The BHP Group Ltd (ASX: BHP) share price is likely to trade lower again on Thursday. This is because the mining giant’s shares are going ex-dividend this morning for its monster fully franked final dividend of $2.471 per share. This represents a yield of 6.1% based on the latest BHP share price. Eligible shareholders can look forward to receiving this dividend later this month on 29 September.

Oil prices continue to slide

Energy shares including Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have another tough day after oil prices dropped again on Wednesday night. According to Bloomberg, the WTI crude oil price is down 2.7% to US$89.15 a barrel and the Brent crude oil price is down 2.8% to US$96.50 a barrel. Recession fears continue to weigh on sentiment.

Webjet rated as a buy

The Webjet Ltd (ASX: WEB) share price could be great value according to the team at Goldman Sachs. In response to the online travel agent’s trading update, the broker has retained its buy rating with a slightly trimmed price target of $6.80. Goldman said: “We believe WEB remains well positioned to capitalise on the recovery through their online OTA offer and more importantly the strengthening position in the Bedbanks market.”

Gold price falls again

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could come under pressure after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.85% to US$1,721.40 an ounce. This meant that gold recorded its fifth monthly decline in a row.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

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More reading

• How does the Rio Tinto dividend stack up against what BHP is offering?
• 3 ASX All Ords shares that leapt over 10% today
• Here are the top 10 ASX 200 shares today
• Why Deep Yellow, Nitro, Tyro, and Webjet shares are storming higher
• Why DGL, PointsBet, Tabcorp, and Woodside shares are dropping today

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 Webjet Ltd. 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 All Ordinaries Index (ASX: XAO) closed 0.06% lower today as the ASX reporting season wraps up for another year.

The following ASX All Ords shares spent a day in the red as well, after releasing FY22 and half-yearly results today. However, a late rally saw two of the companies return to base. Let’s take a look.

Healthia Ltd (ASX: HLA)

The Healthia share price dropped 4% today after the ASX-listed healthcare company brought in some subdued results for FY22.

The top line did quite well with revenue growth of 44.4% to $202.8 million, but Healthia recorded a net loss of $3.3 million.

Healthia attributes the loss to flooding events across Southeast Queensland and New South Wales, staff absenteeism and cancellations stemming from COVID-19. On top of this, there were one-off non-recurring acquisition, integration and restructuring costs.

Across the year, Healthia deployed $111.3 million in capital towards acquiring 95 new businesses. This includes the 63 Back In Motion physiotherapy clinics, enabling Healthia to become one of the largest health providers in Australia and New Zealand.

However, these acquisitions stretched Healthia’s balance sheet. It increased borrowing to around $77 million and managed to negotiate an extension of its finance facility from $70 million to $100 million.

Management advised that it expected to record underlying earnings before interest, taxation, depreciation and amortisation of more than $40 million in FY23.

Healthia also plans to spend at least $20 million on acquisitions in FY23.

The company’s current market capitalisation is around $231 million.

Family Zone Cyber Safety Ltd (ASX: FZO)

The Family Zone share price spent all day in the red on the back of a poor set of financial results for FY22 before returning to its previous closing price of 40 cents apiece in the final moments of trading. The company is focused on developing a cyber safety and parental control platform.

Revenue increased 399% from $8.96 million in FY21 to $44.73 million in FY22, but this couldn’t curtail the hefty jump in its net loss. Family Zone recorded a 243% increase in its net loss from $21.98 million in FY21 to $75.38 million in FY22.

The significant change in results is due to the company’s acquisition of Smoothwall and Cipafilter during the year.

Family Zone currently holds $32.75 million in cash and $0.2 million in long-term borrowings.

Operating cash outflow jumped from negative $15.48 million in FY21 to negative $37.32 million in FY22.

Family Zone’s market capitalisation is around $352.23 million.

Audio Pixels Holdings Ltd (ASX: AKP)

The Audio Pixels share price fell by as much as 3% today on the back of soft results for HY22. However, shares in the ASX All Ords company also rallied back to their previous closing price of $14.47 in the final moments of trading.

Revenue went up from $58.3 million in HY21 to $78.6 million in HY22. Audio Pixels’ net loss also went in the right direction, improving from $1.6 million to $0.68 million. However, when you account for foreign exchange differences, net loss rose from $2.66 million in HY21 to $2.98 million in HY22.

Operating cash outflow improved slightly from $2.64 million in HY21 to $2.50 million in HY22.

It appears Audio Pixels needs to raise more capital or rely on more debt given it holds $0.59 million in current assets and $1.40 million in current trade payables.

Audio Pixels relied heavily on unsecured borrowings of $2.39 million in HY22.

The current market capitalisation of Audio Pixels is around $415 million.

The post 3 ASX All Ords shares beaten up on results appeared first on The Motley Fool Australia.

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• Why Audio Pixels, Coles, EML, and Nanosonics shares are sinking today

Motley Fool contributor Raymond Jang 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 HEALTHIA FPO. The Motley Fool Australia has recommended HEALTHIA FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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One of the blockbuster reports this earnings season was from the ‘big dog’ of the ASX, BHP Group Ltd (ASX: BHP). But BHP’s fellow ASX 200 miner Rio Tinto Limited (ASX: RIO)? Not so much.

BHP revealed its full-year results for FY22 back on 16 August, and they certainly caused quite a stir. The BHP share price leapt more than 4% that day and was almost 10% higher by the end of last week. The savage selling we have seen over this week has brought the mining giant back to earth somewhat, but we can still come to the conclusion that investors loved what the miner had to say.

No doubt this was assisted by BHP’s dividend announcement. The Big Australian declared a final dividend of US$1.75 per share. That’s 12.5% lower than the monstrous final dividend of US$2 per share that we saw last year, but it still makes BHP’s previous payouts before that pale in comparison.

But how does this stack up against Rio Tinto, BHP’s largest mining rival on the ASX? Rio was one of the first ASX 200 shares out of the gate this reporting season, delivering its half-year results back on 27 July.

So what did Rio have to say in the dividend department last month?

How do Rio’s dividends stack up against BHP?

Well, this might be the reason why investors were talking about the BHP dividend, and not Rio’s.

Rio Tinto announced an interim dividend of US$2.67 per share. Unlike last year, the company did not declare a special dividend to go along with it. This dividend represents a nasty 24.7% drop from last year’s payout, or around 50% if you include the special dividends.

So where does this leave the Rio Tinto dividend today compared to BHP?

Well, If we take Rio’s last final dividend and special dividend with this latest interim dividend, we get a total of $10.47 per share in dividend payouts. This works out to represent a dividend yield of 11.05% on current pricing. That’s 10.14% without including the special dividend.

In contrast, BHP’s last two dividends (including the latest final dividend) give the miner a dividend yield of 11.34% at current pricing.

So in terms of raw yield, BHP shares are pipping BHP at the present share pricing. But take this with a grain of salt, given the number of moving parts here. It can be fairly concluded that both of these mining giants have a lot to offer investors when it comes to dividend income right now.

The post How does the Rio Tinto dividend stack up against what BHP is offering? appeared first on The Motley Fool Australia.

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• What’s going wrong for ASX 200 iron ore shares on Wednesday?
• Time is running out to secure the next BHP dividend. Here’s the lowdown
• 3 popular ASX 200 shares going ex-dividend tomorrow
• Woodside dividend tripled: Here’s everything you need to know
• Woodside share price lifts on 400% profit surge

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 Hawsons Iron Ltd (ASX: HIO) share price had a day to remember on Wednesday, closing up almost 24%.

Shares of the iron ore producer finished the day at 42 cents each after opening the day at 32.5 cents a share.

The Hawsons Iron share price outstripped its sector peers by a wide margin with the S&P/ASX 200 Materials Index (ASX: XMJ) recording a 1.4% loss today.

Hawsons outperformed BHP Group Limited (ASX: BHP), which finished down 2.75% at $40.60 a share, and Fortescue Metals Group (ASX: FMG). Fortescue closed 2.06% lower at $18.42 per share.

Meanwhile, the spot price for iron ore is also down considerably today, trading 4.71% lower at $US104.92 per dry metric tonne, according to MarketsInsider.

There was also no news posted by the company today to justify the steep climb in its shares. So what’s going on? Let’s investigate by recapping some recent coverage about the company.

What’s going on with Hawsons Iron lately

Most recently, on 17 August, the Hawsons Iron share price slumped 7% amid lower iron ore prices and the company rejecting court claims against it from Pure Metals.

Hawsons acquired Pure Metals’ 24.15% interest in the Hawsons Iron project, completing its acquisition in May 2021.

On 5 August, there was more bullish news about the company. It was announced US investment firm LDA Holdings would finance Hawsons Iron to the tune of $200 million. The company’s shares lifted from 30 cents to 31 cents per share on the day.

In light of these events and the price action of the broader market today, it seems the Hawsons Iron share price has decoupled from fears surrounding iron ore. These include pessimism surrounding the economic slowdown in China, the major customer for Australian iron ore.

It seems the emerging iron ore producer was writing its own script today.

Hawsons Iron share price snapshot

The Hawsons Iron share price is up 180% year to date. At the same time, the S&P/ASX 200 Index (ASX: XJO) is down 8% over the same period.

The company’s current market capitalisation is approximately $311 million.

The post Why did the Hawsons Iron share price shoot 24% higher today? appeared first on The Motley Fool Australia.

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• Why is the Hawsons Iron share price slumping 9% today?
• This US investment house has made tens of millions from Brainchip. Guess which other ASX share it’s backing

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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The All Ordinaries Index (ASX: XAO) had a fairly disappointing day of trading on Wednesday. At market close, the All Ords had slipped by 0.06% to 7,226.1 points. But that doesn’t mean all All Ords shares are following suit.

So let’s check out three ASX All Ords shares that had had a cracker of a day today, each rising over 10% at one point.

3 All Ords shares that leapt over 10%

Webjet Limited (ASX: WEB)

ASX travel share Webjet is our first All Ords company to take stock of today. Webjet shares fiished up a healthy 8.02% at $5.52 each. But the travel company rose as high as $5.70 after lunchtime, a gain worth more than 11% at the time.

This seems to be a response to the trading update the company put out this morning alongside its annual general meeting. This informed investors that Webjet has had a great and profitable start to FY23.

The company expects cash flow to exceed $100 million over the first half of the financial year. Investors have obviously liked what they heard there.

Tyro Payments Ltd (ASX: TYR)

Tyro Payments is another ASX All Ords share that had a day to remember this Wednesday. At the close, the Tyro share price finished 11.93% higher at $1.22 after climbing as high as $1.23 this morning.

In this case, it seems investors are continuing to flood into Tyro shares following the company’s full-year earnings for FY22 that were delivered on Monday.

Tyro announced a 34% rise in payments statutory gross profit to $147.7 million. But it also reported a statutory loss after tax of $29.6 million, slightly down from the $29.8 million loss of FY21. Even so, investors seem to approve, with Tyro shares now up almost 20% this week.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

Finally today we have All Ords pharma company Clinuvel. Clinuvel shares gained an impressive 16.19% to $20.17 at market close today. Earlier, the Clinuvel share price reached as high as $20.43.

This company also delivered its FY22 numbers yesterday. But the reaction at the time was far more muted than the gains we saw today. Perhaps the investor webinar that was released to investors this morning got some more blood flowing.

This highlighted Clinuvel’s 37% rise in revenues, the 33% increase in net profit before tax to $34.2 million and the 60% spike in the annual dividend to 4 cents per share. Investors evidently liked what the company had to say.

The post 3 ASX All Ords shares that leapt over 10% today appeared first on The Motley Fool Australia.

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• Why did the Tyro share price surge 12% today?
• Here are the top 10 ASX 200 shares today
• Why did this ASX 200 healthcare share rocket 16% today?
• Why Deep Yellow, Nitro, Tyro, and Webjet shares are storming higher
• Why is the Qantas share price beating the ASX 200 on Wednesday?

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 positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments and Webjet Ltd. 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 Tyro Payments Ltd (ASX: TYR) share price was on a tear on Wednesday, closing 12% higher at $1.22.

2022 has been a volatile year for the payments business. While the Tyro share price is still down by around 60% year to date, it has more than doubled since the start of July 2022.

The company didn’t announce any news today. However, it was only a couple of days ago that Tyro released its FY22 result.

But it was not just Tyro shares in the green on Wednesday. Today was a positive day for technology shares and financial shares. The Zip Co Ltd (ASX: ZIP) share price rose 11.7%, the Commonwealth Bank of Australia (ASX: CBA) share price closed 0.95% higher, and the Xero Limited (ASX: XRO) share price finished up 3.72%.

Let’s have a closer look at what’s been happening with Tyro lately.

Experts are optimistic about the Tyro share price

Brokers and analysts have been giving their opinions on the business, and some price targets are pretty bullish.

For example, after looking at the FY22 result, Morgans rates Tyro as a buy with a price target of $1.70. That implies a rise of almost 40% over the next 12 months. The result and earnings guidance were better than the market had been expecting. Morgans thinks that the outlook for FY23 demonstrates the strengthening operating leverage of the business.

Ord Minnett is another broker that rates Tyro as a buy, with a price target of $1.40. The FY22 result was stronger than the broker had been expecting. It also liked the FY23 guidance. It thinks the ASX payments business can grow its market share thanks to new products.

What did the company report in FY22?

Tyro said that the number of merchants using Tyro increased by 10% to 63,770, while the value of transactions increased 34% to $34.2 billion.

The company reported payments revenue of $318.8 million, up 39%, and gross profit of $147.7 million, up 34%. E-commerce now represents 1.5% of total transaction value, which increased 640% to $519.9 million during the year.

It generated earnings before interest, tax, depreciation and amortisation (EBITDA) of $10.7 million, down from $14.2 million in FY21 but better than expected. Profitability may be important to investors when evaluating the Tyro share price.

Tyro said that the alliance with Bendigo and Adelaide Bank Ltd (ASX: BEN) is “tracking ahead of expectations”. It was also appointed as the exclusive partner of Telstra Corporation Ltd (ASX: TLS), offering merchant acquiring solutions to Telstra’s business customers.

In FY23, July transaction values increased 46% to $3.4 billion, while August saw growth of 70% to $2.9 billion (up to 26 August).

Looking at the guidance, Tyro said it forecast the FY23 transaction value to be between $40 billion to $42 billion, normalised gross profit to be between $175 million to $181 million, and it’s targeting ‘operating leverage’ at around 85%. The ASX share is aiming to be free cash flow positive “on exiting FY23”.

Tyro share price snapshot

Over the last month, Tyro shares have jumped almost 50%.

The post Why did the Tyro share price surge 12% today? appeared first on The Motley Fool Australia.

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• Why Deep Yellow, Nitro, Tyro, and Webjet shares are storming higher
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• Tyro Payments shares surge as gross profit lifts 34% in FY22

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 Tyro Payments, Xero, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Bendigo and Adelaide Bank Limited, Telstra Corporation Limited, and Xero. The Motley Fool Australia has recommended Tyro Payments. 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 Zip Co Ltd (ASX: ZIP) share price continues to take investors on a wild ride this week.

After tumbling 8.89% on Monday, the buy now, pay later (BNPL) company’s shares are rebounding strongly of late.

Yesterday, Zip shares recovered 4.27% at Tuesday’s market close despite no announcements from the group.

And today, its shares zoomed skyward 11.7% to finish at 95.5 cents at the final bell – just pipping last week’s closing price of 95 cents per share.

Let’s take a look at what could be driving these recent gains.

What’s driving Zip shares upwards today?

The Zip share price is on the move following an uptick across the S&P/ASX 200 Financials Index (ASX: XFJ).

At the end of Wednesday, the sector finished up 1.11% at 6,219.3 points.

It appears the financial industry is reeling from the heavy beating it took on Monday when investors fled the market.

Fears reemerged about an aggressive rate hike from the United States Federal Reserve after hawkish comments by its chair Jerome Powell.

However, it seems the financial market is recovering for now with a knock-on effect for Zip shares.

No doubt, this will bring some relief to Zip shareholders after seeing the company’s shares drop in value in 2022.

In its full-year results, Zip reported record revenue of $620 million, but posted a $1 billion loss on the bottom line.

Furthermore, net bad debts continued to increase, in which Zip has made a priority to tidy up.

Zip share price summary

Over the past 12 months, the Zip share price has plummeted 86%, with year to date currently down 78%.

Based on today’s price, Zip presides a market capitalisation of around $588.22 million.

The post Why did the Zip share price zoom 11% higher today? appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
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• These are the 10 most shorted ASX shares
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• Zip’s FY22 loss is 165% of its market cap. So why did its shares go up?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ZIPCOLTD FPO. 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 S&P/ASX 200 Index (ASX: XJO) put out a wobbly performance on Wednesday, opening and closing in the red despite gaining for much of the session. The index closed 0.16% lower at 6,986.80 points.

Sadly, today marks the unofficial end of earnings season. While the month of August always brings a rollercoaster of emotions for ASX investors, we’ll be sad to see it go.

As always, readers can catch up on all this season’s major earnings here.

The S&P/ASX 200 Energy Index (ASX: XEJ) weighed on the market today, closing 2.9% lower, likely on the back of falling energy commodities.

The Brent crude oil price fell 5.5% to US$99.31 a barrel overnight while the US Nymex crude oil price tumbled 5.5% to US$91.64 a barrel. To top it off, the price of thermal coal slipped 1.9% to US$414.55.

On the other end of the market, the S&P/ASX 200 Information Technology Index (ASX: XIJ) posted a 1.7% gain today. Despite lifting for a second consecutive day, it still hasn’t recovered its Monday losses.

Five of the ASX 200’s 11 sectors were in the green at the end of Wednesday’s trade. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s biggest gain was posted by the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price. It lifted 16%, potentially driven by the company’s earnings that were released on Tuesday afternoon.

Find out more about the healthcare stock and what it’s been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Clinuvel Pharmaceuticals Limited (ASX: CUV)	$20.17	16.19%
Zip Co Ltd (ASX: Z1P)	$0.955	11.7%
Imugene Limited (ASX: IMU)	$0.26	8.33%
Webjet Limited (ASX: WEB)	$5.52	8.02%
De Grey Mining Limited (ASX: DEG)	$0.98	7.1%
Chalice Mining Ltd (ASX: CHN)	$4.58	5.29%
Megaport Ltd (ASX: MP1)	$7.26	5.22%
Idp Education Ltd (ASX: IEL)	$29.01	4.84%
Lake Resources N.L. (ASX: LKE)	$1.17	4.46%
Credit Corp Group Limited (ASX: CCP)	$20.44	4.39%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Why did this ASX 200 healthcare share rocket 16% today?
• Why Deep Yellow, Nitro, Tyro, and Webjet shares are storming higher
• Why is the Qantas share price beating the ASX 200 on Wednesday?
• Net loss doubles in FY22, so what’s with the Imugene share price today?
• Webjet share price ascends 11% amid profitable start to FY23

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 positions in and has recommended Idp Education Pty Ltd, MEGAPORT FPO, and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Webjet Ltd. 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 Clinuvel Pharmaceuticals Limited (ASX: CUV) share price gained 16% today after the company released a strong set of results for FY22.

Shares in the ASX-biotech company went into overdrive today, finishing 16.19% higher at $20.17 a share after hitting an intraday high of $20.43 each.

Let’s see what all the fuss was about.

What did Clinuvel report for FY22?

Here is a brief snapshot of the key highlights from the company’s FY22 results.

• Revenue jumped 37% to $65.7 million
• Profit before income tax rose 33% to $34.3 million
• Net profit after tax (NPAT) went backwards by 16% to $20.9 million
• A fully franked final dividend of 4 cents per share was declared

Clinuvel develops drugs for the treatment of genetic and vascular disorders and makes most of its revenue in Europe and the USA. Its core product is SCENESSE, a drug for erythropoietic protoporphyria, an inherited condition that causes acute and painful sensitivity to light.

SCENESSE was the primary revenue driver with its sales increasing 40.8% to $60 million, in particular in the US.

The significant increase in income tax from $0.98 million in FY21 to $13.4 million in FY22 was the main reason for the decline in net profit after tax, the company said.

Personnel-related costs, share-based payments, and materials expenses also contributed to the fall in the bottom line. Share-based payments rose from $2.6 million in FY21 to $6.1 million in FY22.

Operating cash flows jumped from $19.2 million in FY21 to $39.9 million in FY22. After deducting payments for property and plant and equipment, free cash flow improved from $18.4 million in FY21 to $39.4 million in FY22.

The record date for determining entitlements for the final dividend is 7 September. It is due to be paid on 21 September.

What else happened in FY22?

In March, the Clinuvel share price shot up on the back of a positive update on a stroke treatment pilot study, as covered by my colleague James Mickleboro.

The study revealed that Clinuvel’s drug had no adverse side effects in stroke patients by day eight over a 42-day study period.

In May, Clinuvel then recorded positive results by the end of the trial where Clinuvel’s drug afamelanotide was deemed safe in treating mild to moderate arterial ischaemic stroke.

Such results demonstrate the potential optionality of Clinuvel’s treatments, the company said.

What did management say?

Clinuvel’s chief financial officer Darren Keamy said:

CLINUVEL’s commercial operations are scaling up to meet treatment demand worldwide, while the Group is pursuing R&D projects which aim to add value over the long-term. Our FY2022 results show a fundamentally strong business to date, allowing us to invest for future growth. Improved cash inflows this year have further bolstered the Company’s cash reserves enabling us to continue the implementation of a growth strategy in the face of difficult economic headwinds. The strong cash position has also allowed the Board to declare an increase in dividend this year, most of all recognising the loyalty and patience of long-term shareholders. We remain focused to translate our technology to the benefit of patients and specialised populations, particularly those at highest risk of light-induced damage and skin cancer.

Given Clinuvel currently has $121.5 million in cash with no long-term debt, I can see why Keamy is optimistic about the company’s future outlook.

What’s next for Clinuvel?

Management is planning to reinvest a large chunk of its capital into new development. In FY22, Clinuvel reinvested more than 49% of its revenue in R&D, new specialised staff, and production.

The biopharmaceutical company has committed to spending $175 million over the five years to 30 June 2025 to execute its growth and expansion plans. Management says is on track based on prior expenditure levels in FY21 and FY22.

Clinuvel share price upgraded by broker

Broker Jefferies upgraded its Clinuvel share price target from $31.40 per share to $36.90 per share, maintaining a ‘buy’ rating. Jefferies sees big market potential for its erythropoietic protoporphyria drug because it believes there are no competitors. However, it also sees increased competition over the medium term.

Clinuvel share price snapshot

The Clinuvel share price has suffered a similar fate as many other ASX growth stocks. The company’s shares fell by 47% across the last year but have recorded a 10% rise in just the past week.

Meantime, the S&P/ASX 200 Index (ASX: XJO) has been more steady with a fall of 7% over the past year and a drop of 0.16% in the last month.

Clinuvel has a current market capitalisation of around $995 million.

Its current price-to-earnings multiple is around 42.78 times.

The post Why did this ASX 200 healthcare share rocket 16% today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Raymond Jang 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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