The Cochlear Limited (ASX: COH) share price has been a positive performer on Wednesday.

In afternoon trade, the hearing solutions company’s shares are up over 2% to $235.39.

This means the Cochlear share price is now up 24% since the start of the year. This is despite its shares falling 8% over the last four weeks.

Is the Cochlear share price good value?

One top broker is likely to see the recent pullback in the Cochlear share price as a buying opportunity for investors.

In response to the company’s full year results last month, the team at Macquarie Group Ltd (ASX: MQG) retained their outperform rating but trimmed their price target on its shares by 3% to $256.00.

Based on the current Cochlear share price, this suggests there’s still approximately 9% upside over the next 12 months.

What did the broker say?

According to the note, Macquarie was pleased with the company’s performance in FY 2021.

For the 12 months ended 30 June, Cochlear reported a 10% increase in sales revenue to $1,493.3 million and a 54% jump in underlying net profit to $236.7 million. The latter was in line with Macquarie’s expectations and also the company’s guidance of $225 million to $245 million.

However, one thing that did fall short was the company’s guidance for FY 2022. Cochlear is expecting net profit growth of 12% to 20% for the year ahead.

Macquarie was expecting stronger growth, which led to its analysts revising its earnings per share estimate for FY 2022 down by approximately 11%.

Nevertheless, the broker remains positive on the company’s outlook and the Cochlear share price. This is due to its belief that the company is positively leveraged to a post-pandemic recovery in activity levels.

Macquarie also noted recently that its survey of US based audiologists was very favourable. Its survey found that Cochlear’s products were the highest rated in the industry and met key criteria for both adult and paediatric patients. As a result, the company is expected to grow its market share over the next 12 months.

The post The Cochlear (ASX:COH) share price is down 8% in 4 weeks. Is it a buy? appeared first on The Motley Fool Australia.

More reading

• How have ASX healthcare shares performed during the August 2021 earnings season?
• 2 fantastic ASX 50 shares that analysts rate as buys
• The Cochlear (ASX: COH) share price is up 4% this last week
• 3 fantastic ASX shares that could be buys
• August wasn’t a great month for the Cochlear (ASX:COH) share price

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. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The IOUpay Ltd (ASX: IOU) share price has struggled this past week.

Shares in the buy now, pay later (BNPL) company have fallen around 7% in the past 7 days.  

Let’s take a look at what’s been dragging the IOUpay share price lower this past week.

Acquistion sinks IOUpay share price

It seems investors have lost interest in IOUpay.

Following a trading halt, the digital payment company made headlines late last week after announcing an acquisition.

IOUpay acquired a 42% stake in Malaysian finance company I.Destinasi Sdn Bhd (IDSB) for AU$41.3 million, via 2 tranches.

According to IOUpay, the acquisition was completed with the intention of using IDSB as a complementary business.

The BNPL player highlighted collaborative opportunities of “cross-selling” between IOUpay’s short-term offerings and IDSB’s long-term products.

In addition, IOUpay noted that IDSB owns a key credit licence (AG Code2) for the region.

The company also highlighted the purchase price could be decreased if IDSB’s profit before tax is less than AU$9.8 million for FY21.

Shares in IOUpay initially rocketed more than 22% after the company announced the news, opening at 36 cents.  

However, in the past week, investors seem to have lost interest in the BNPL player.

As a result, shares in IOUpay have drifted and are currently trading around 28.5 cents.

More on IOUpay

IOUpay operates in the BNPL sector, providing mobile banking and payment services to people in southeast Asia. The company also services leading banks in Malaysia.

IOUpay also works with telecommunication network providers to supply mobile OTT (over the top) services that leverage their subscriber base.

Since the start of the year, the IOUpay share price has soared more than 69%.

Indeed, shares in the BNPL player rocketed to record highs earlier this year after the company entered into a merchant referral agreement with EasyStore Commerce.

Despite releasing further merchant agreements throughout the year, the IOUpay share price has given back much of its gains since February.

At the time of writing, shares in IOUpay are trading 1.72% lower for the day at 28.5 cents.

The post IOUpay (ASX:IOU) share price continues its slump, down 7% in a week appeared first on The Motley Fool Australia.

More reading

• Why the IOUpay (ASX:IOU) share price is leaping higher
• IOUPay (ASX:IOU) share price soars 10% on news of BNPL offering

Motley Fool contributor Nikhil Gangaram 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 Bruce Jackson.

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This Australian industry is forecast to see record profits this year. Here’s what S&P/ASX 200 Index (ASX: XJO) shares investors might want to keep an eye on over the coming year.

Could these be the next ASX 200 sector to boom?

Companies involved in Australia’s agriculture industry might be preparing to receive record profits in the near future, with the sector’s profits expected to surpass $70 billion for the first time.

The federal government’s Australian Bureau of Agriculture and Resource Economics and Sciences (ABARES) has just updated its forecast for 2021/22, predicting the agriculture sector is in for a record-breaking year.

Australian farmers are having a fantastic year on the land. Particularly, as seasonal conditions and rainfall have turned out better than expected.

While Australia’s agriculture sector is enjoying a bumper year, its international competitors are struggling. Much of the northern hemisphere saw below average rainfall and warmer weather over the 3 months ended 31 July.

ABARES expects the weather above the equator to have increased the prices of agricultural commodities to Australia’s benefit.

In fact, the body expects the value of Australia’s crop exports to increase by 17% to $30 billion in 2021/22. Further, ABARES believes the country’s canola exports’ value will increase by 50%.  

Additionally, the global recovery from COVID-19 has brought increased demand for travel and retail, which in turn will likely increase demand for fibres, oilseeds, and sugar.

The increasing demand and great year for Australian farmers might leave some market watchers wondering how to get a slice of the action.

Here are 3 ASX 200 shares that could be about to benefit from Australian agriculture’s record-breaking year.

2 ASX 200 shares involved in the agriculture sector

GrainCorp Ltd (ASX: GNC)

Investors might want to keep an eye on GrainCorp in the near future.

The company operates the largest grain storage and handling network on Australia’s eastern coast. GrainCorp also operates 7 bulk port terminals to help get Australian grain out to international markets.

It also produces canola oil and meal, and cattle and livestock feed.

ABARES has predicted that much of GrainCorp’s business will see a boost in 2021/22.

Elders Ltd (ASX: ELD)

Elders’ business model is splashed across most of Australia’s agriculture sector. It has business in farm and rural insurance, property sales, market reporting, and commodity exchanges.

The company also sells a multitude of farming equipment and provides professional services to farmers.

It’s relatively safe to say that what’s good for the agriculture sector, is also good for Elders.

The post ASX 200 shares in this sector could be poised to boom in the coming year appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy next week
• ASX 200 Weekly Wrap: New records just keep coming for the ASX 200

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 recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AMP Ltd (ASX: AMP) share price continues swimming in a sea of red on Wednesday.

At the time of writing, shares in the financial services giant are trading at an all-time low of $1 per share. That’s a 2.44% drop from the market open.

What’s the deal with AMP’s share price lately?

The AMP share price has been on an extended run south ever since the Australian Securities and Investment Commission (ASIC) commenced criminal proceedings against the company.

Serious allegations and findings of misconduct were already brought against AMP from the Royal Commission into Banking and Financial Services. One of those findings was that AMP was charging fees on its life insurance and advisory services to accounts of deceased customers.

The investigations into such reprehensible conduct have been drawn out over a 3 year period after AMP admitted to the wrongdoings.

Keep in mind the AMP share price has come off a high of $5.43 back in March 2018, the time of the Royal Commission.

Even though ASIC dropped one of its cases against AMP in July, there is no doubt the Royal Commission’s findings still plague the AMP share price to this day.

For instance, the company reported a fairly robust first half result last month, which resulted in a slight recovery in its share price.

In its report, the company recognised a 57% increase in net profit after tax (NPAT) from the year prior and grew its assets under management (AUM) by 8%.

However, zooming out, the downward pattern has continued from this point and its earnings result had little to no impact on the longer-term trend of the AMP share price.

What else is weighing down AMP shares?

It could also be that a failed deal with Ares Management Corp earlier in the year has left a sour taste in the mouth of investors – particularly since it was the second failed deal with Ares.

Adding more pressure is AMP’s demerger plans to split and form two separate entities, AMP Limited and AMP Private markets.

The company expects the split to finalise some time in FY22 but this appears to be weighing in on the AMP share price today.

Finally, it’s important to remember the market prices shares on the basis of a blend of past earnings history and future earnings expectations.

AMP expects its FY21 earnings to be weaker than FY20 due to lower investment return and performance income – especially given the decision to withhold the interim dividend last month. At the same time, its past earnings results over the last 3 years haven’t been much to write home about either.

So taking all of this into consideration, it starts to make sense how the market is pricing AMP shares. It’s reflecting a combination of controversy, failed deal flow, lower earnings expectations and the lack of visibility in AMP’s growth vision.

AMP share price snapshot

The AMP share price has been a major disappointment on the ASX this year, posting a loss of 36% since January 1.

Over the last month alone, AMP shares have slipped a further 13% into the red. This extends the loss over the last 12 months to 33%.

These results have lagged the S&P/ASX 200 Index (ASX: XJO)’s gain of around 25% over the past year.

The post The AMP (ASX:AMP) share price hit an all-time low of $1 today appeared first on The Motley Fool Australia.

More reading

• The AMP (ASX:AMP) share price has fallen another 7% in a month. What’s next?
• Here’s why the AMP (ASX:AMP) share price is down 4% in a week
• How have ASX financial shares performed during the August 2021 earnings season?
• What does the future look like for the AMP (ASX:AMP) share price?
• When was the best day ever on the AMP share price chart?

The author Zach Bristow has no positions 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 Bruce Jackson.

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The Transurban Group (ASX: TCL) share price has been underperforming so far this year.

Since the start of the year, the toll road operator’s shares have risen just 1%.

As a comparison, the S&P/ASX 200 Index (ASX: XJO) is up almost 11% over the same period.

Is the Transurban share price in the buy zone?

One leading broker that sees value in the Transurban share price at the current level is Ord Minnett.

According to a recent note, the broker has retained its buy rating but trimmed its price target on the company’s shares to $15.50.

Based on the current Transurban share price of $13.85, this implies potential upside of 12% over the next 12 months.

And with Ord Minnett pencilling in a dividend of 36.5 cents per share in FY 2022, this potential return stretches to approximately 14.5%.

Why is the broker bullish?

While the broker has revised its free cash estimates lower to reflect the impact of lockdowns on traffic volumes, it remains positive on the future. This is due partly to its belief that traffic will rebound quickly once restrictions ease.

In addition to this, the broker believes the Transurban share price is not reflective of the value of its assets. Particularly given how long life infrastructure assets are in demand with investors. It points to the sale of stakes in some of its US assets as evidence of this demand.

Ord Minnett commented: “We believe the market value of Transurban’s assets remains well ahead of the implied value.”

“We believe this supports the underlying thesis on Transurban and is more important than the short-term impact lockdowns are having on traffic and free cash flow,” it added.

Overall, the broker believes this makes the weakness in the Transurban share price this year a buying opportunity for investors.

The post The Transurban (ASX:TCL) share price is up only 1% this year. Is it a buy? appeared first on The Motley Fool Australia.

More reading

• 2 more of the best ASX share ideas according to this leading broker
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• Transurban (ASX:TCL) share price slides as WestConnex bid day arrives
• 2 buy-rated ASX dividend shares with attractive yields
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour

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

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What happened 

Shares of fintech stock Square (NYSE: SQ) were up as much as 2.7% in trading on Tuesday after the company announced a big integration between the Square App and Cash App. Shares are down 0.2% with a few minutes left in trading, although that was largely driven by the market overall falling from breakeven at the start of trading to just under 1% lower near the end of trading. 

So what

The announcement was that Square sellers will now be able to accept Cash App Pay both online and at their terminals. This opens up a new payment option for businesses and allows customers to access funds in their Cash App account. 

While adding a payment method may be a small move, it’s the underlying fees where Square will see the biggest impact. A majority of the approximate 2.9% fee that it charges sellers to perform credit or debit card transactions is paid to banks and credit card companies like Visa and Mastercard. Since the Cash App to Square integration doesn’t use those networks it’s Square that will keep the entire fee. 

Now what

The end goal for Square has long been a likely integration between the consumer Cash App and the business-focused Square App. This announcement does just that and it could be the start of Square’s disruption of the long engrained credit card companies. I’m very bullish on this announcement and Square’s ecosystem in general, and think the small bounce today should have been much bigger, even if investors could have seen the move coming a mile away. 

The post Why the Square share price jumped and fell off today appeared first on The Motley Fool Australia.

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Travis Hoium owns shares of Square. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Square. 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 Bruce Jackson.

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The Treasury Wine Estates Ltd (ASX: TWE) share price certainly has returned to form in 2021.

Since the start of the year, the wine company’s shares have rallied an impressive 28% higher.

Can the Treasury Wine share price keep rising?

Despite this strong rise, one top broker believes the Treasury Wine share price can still go even higher.

According to a recent note out of Morgans, its analysts have retained their add rating and increased their price target on the company’s shares to $14.01.

Based on the current Treasury Wine share price of $12.25, this means potential upside of 14% over the next 12 months.

What did the broker say?

Morgans was pleased with the company’s performance in FY 2021 and appears positive on the future.

It notes that the company is targeting sustainable revenue growth and significant wider margins.

And while Morgans acknowledges that there are risks to the reallocation of its wine from China, it isn’t overly fazed. Especially given the impressive performance of its US business, which is bouncing back from the pandemic much quicker than it was expecting.

It commented: “TWE has the China reallocation risk and it will take 2-3 years to recover these earnings in new markets. However, outside of China, its key markets, particularly the US, are recovering faster than expected from COVID.”

In addition to this, the broker highlights the company’s restructuring and believes the Treasury Wine share price is undervalued based on a sum of the parts (SOTP) valuation.

Morgans explained: “The new business units centred around the brands, are now fully in place and we are excited to see what they can earn with TWE effectively creating the benefits of a demerger without the extra costs. It also demonstrates that the SOTP is worth materially more than the whole.”

“It shines a light on Penfolds and its best-in-class margins and may ultimately lead to corporate activity in some form in the future. We rate this management team highly,” it concluded.

The post Is the current Treasury Wine (ASX:TWE) share price a bargain? appeared first on The Motley Fool Australia.

More reading

• 2 more of the best ASX share ideas according to this leading broker
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• 5 things to watch on the ASX 200 on Wednesday

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 owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Boss Energy Ltd (ASX: BOE) share price is riding the recent uranium boom, rallying another 7% to a 13-year high of 30 cents.

Boss Energy is a uranium explorer operating the Honeymoon uranium project in South Australia. Honeywell was moved into care and maintenance in 2013 due to weak uranium prices. The company is now pushing towards the restart of mining with a final investment decision to be made within the next 12-months.

Australia’s next uranium producer?

The Boss Energy share price is picking up where it left off and coined itself as Australia’s next uranium producer.

The company’s August Diggers and Dealers presentation described the Honeymoon project as a “technically proven, low-cost re-start operation in a uranium friendly jurisdiction”. Key highlights include:

• Industry competitive upfront capital requirement of US$80 million
• Fast track to production, <12 months from Final Investment Decision of first uranium production
• Low-cost producer, life of mine average all-in sustaining cost of US$25.6/lb
• Fully permitted with native title agreements in place
• Ready to go when uranium price rebounds

Within the presentation, Boss Energy said that project finance and offtake negotiations were underway, seeking to maximise its exposure to a uranium price recovery.

Looking ahead, key milestones for the company included plans for increasing production profile and extending mine life through the development of satellite resources.

What’s driving the Boss Energy share price ?

Uranium prices have skyrocketed to above US$44/lb, the highest since December 2012.

This has in turn translated to a significant re-rate for the Boss Energy share price, which has been patiently waiting for higher uranium prices.

The sudden jump in uranium has been driven by the Sprott Physical Uranium Trust, which began trading on Canada’s Toronto Stock Exchange in July this year.

The fund has been actively and aggressively buying physical uranium off the spot market, tightening supply and sparking renewed interest in the energy metal.

Uranium is a relatively illiquid commodity that does not trade on an open market like gold or copper. Instead, buyers and sellers typically negotiate private contracts.

On 8 September, Bloomberg reported that the fund had purchased over 24 million pounds of uranium.

By comparison, uranium investment firm Yellow Cake PLC reported total spot volume for 2020 of 92.2 million pounds.

Sprott hasn’t stopped there, with the fund’s Twitter announcing another 1.25 million lbs added on Wednesday.

Sprott Physical Uranium Trust was back in action today with record trading volume and new unit issuance!

1.25 million lbs of physical #uranium added#lowcarbon #nuclear #U308 $U.UN $U.U $SRUUF #SPUT

For more information and disclosures, please visit https://t.co/PcaG53VfN5 pic.twitter.com/ss3zcoQGAh

— Sprott Asset Management (@Sprott) September 14, 2021

https://platform.twitter.com/widgets.js

Boss Energy share price making up for lost time

The Boss Energy share price is in a hot space right now, after trading mostly sideways between 2012 and 2022.

It’s honing in on 2007 highs of 50 cents after rallying 87% in the last month and 200% year-to-date.

The post Boss Energy (ASX:BOE) share price surges 8%, up 90% in a month. Here’s why appeared first on The Motley Fool Australia.

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• ASX uranium shares are booming: What’s all the hype about?
• What’s happening with the Boss Energy (ASX:BOE) share price today?
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• ASX uranium shares are booming this week. Here’s why.

Motley Fool contributor Kerry Sun 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) banks all reported their latest batch of financial results over the last few months.

One reported full-year results last month, the others their half-year results back in May.

And when the big banks report, ASX 200 investors take note.

That’s because together the big four banks – Commonwealth Bank of Australia (ASX: CBA), Australia and New Zealand Banking Group Ltd (ASX: ANZ), Westpac Banking Corp (ASX: WBC), and National Australia Bank Ltd. (ASX: NAB) – have a combined market cap somewhere north of $446 billion.

That’s right. Almost half a trillion dollars.

With investors having now had plenty of time to digest their results, we take a look at how these 4 ASX 200 powerhouses have performed since reporting.

How has the biggest ASX 200 bank performed since reporting?

With a market cap of roughly $180 billion, CommBank is easily the biggest financial share on the ASX 200.

CBA reported its full 2021 financial year (FY21) results before market open on 11 August.

Among the key results reported was a 19.7% year-on-year increase in net profit after tax (NPAT), to $8.84 billion.

CBA’s cash earning of $8.65 billion was up 19.8% from FY20 and came in slightly above consensus analyst forecasts.

The big bank rewarded investors with a final dividend of $2 per share, fully franked. That brought the full-year dividend to $3.50 per share, an increase of 17% from the previous year.

CommBank also announced a $6 billion off-market share buyback, which was expected to cut the number of its shares by approximately 3.5%.

Investors appeared pleased with the results, sending CBA’s share price up 1.5% on the day it was reported.

Since then, shares have come under some pressure. At the time of writing the CBA share price is down 5.6% since the bank released its FY21 results. Over that same time the ASX 200 is down 2.2%.

How has NAB performed since reporting results?

Unlike CBA, National Australia Bank released its half-year results (H1 FY21) earlier in the year, on 6 May.

NAB will announce its full-year results on 9 November.

Among the core numbers, NAB’s cash earnings increased by 94.8% compared to the prior corresponding period, to $3.34 billion. Revenues were up 1%.

The bank also saw a large decline in its writeback of credit impairment charges. Those were reported as $128 million compared to a charge of $1.16 billion in the prior corresponding half year.

NAB paid out an interim dividend of 60 cents per share, fully franked, twice the interim dividend paid in the prior corresponding period.

NAB’s share price fell 3% on the day it reported these results.

Since reporting its results, the NAB share price has gained 2.5%. Over that same time the ASX 200 has gained 4.3%.

How about Westpac?

Westpac reported its half-year results on 3 May. The ASX 200 bank will announce its full-year results on 1 November.

Some of the key investor takeaways from its half-year results included a 189% year-on-year leap in statutory net profit after tax (NPAT) to $3.44 billion. Cash earnings for the half year increased 256% to $3.54 billion, compared to the prior corresponding period.

Westpac declared an interim dividend of 58 cents per share, fully franked. The bank did not pay an interim dividend in the first half of the 2020 financial year.

Investors reacted to the results by sending Westpac’s share price up 5% on the day.

Since releasing its results, the Westpac share price is up 2.6% at time of writing. The ASX 200 is up 5.4% over that same time.

And lastly…

How has ASX 200-listed ANZ performed since reporting results?

Australia and New Zealand Banking Group reported its half-year results before market open on 5 May.

Core results included a 45% increase in statutory profit after tax from the prior corresponding half year to $2.94 billion.

Cash earnings from continuing operations increased 28% compared to the second half of FY20, hitting $2.99 billion. ANZ reported a return on equity (ROE) of 9.7%.

The bank paid out an interim dividend of 70 cents per share, fully franked.

Despite beating consensus analyst expectations, the ANZ share price closed down 3.2% on the day it reported.

Since reporting, ANZ’s share price is down 4.2%. By comparison the ASX 200 is up 4.7% over the same period.

The post How these 4 ASX 200 bank shares have performed since reporting results appeared first on The Motley Fool Australia.

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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 Bruce Jackson.

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The Aussie Broadband Ltd (ASX: ABB) share price is moving into positive territory again today. This comes after the broadband provider released its share purchase plan (SPP) offer booklet to investors just before midday.

At the time of writing, Aussie Broadband shares are fetching for $4.78 apiece, up 0.63%. This means its shares have now risen more than 30% in the past month alone.

Share purchase plan details

Investors are sending Aussie Broadband shares higher following the company’s invitation to retail shareholders to participate in its SPP.

Following the successful $114 million institutional placement, Aussie Broadband has extended its offer to eligible shareholders.

Under the SPP, investors can apply to buy a parcel of Aussie Broadband shares for $4.00 per share. The same terms offered in the placement represent a discount of 13.6% on the last closing price on 6 September (when the SPP was announced).

Investors can apply for a minimum application amount of $2,500 with a maximum application amount of $30,000.

Aussie Broadband is seeking to raise a total of $10 million through the SPP. However, this can be scaled back or increased depending on the total value of the applications.

The proceeds raised will be used towards funding a number of initiatives for the company. These include acquisitive growth by mergers and acquisitions, new business product and technology development, and increasing fibre and network assets.

The closing date for the SPP will be 1 October. Allotment of the new shares, as well as trading on the ASX, will be available from 8 October.

Aussie Broadband share price snapshot

Over the course of the last 12 months, Aussie Broadband shares have accelerated to post gains of 150%. Year-to-date has been just as impressive, up by more than 140% after the company revealed a strong fourth-quarter trading update.

Based on today’s price, Aussie Broadband commands a market capitalisation of around $1 billion with approximately 219 million shares outstanding.

The post Aussie Broadband (ASX:ABB) share price lifts on share purchase plan appeared first on The Motley Fool Australia.

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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. owns shares of and has recommended Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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