The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is outperforming the broad index on Tuesday.

Whereas the S&P/ASX 200 Index (ASX: XJO) is up 0.25% on the day, Bendigo Bank shares have climbed around 1.5% in the green.

Bendigo shares are on the move as “Australia’s better big bank” revealed a new program aimed at reducing textiles waste from its old staff uniforms.

Let’s peel back the layers on this one to get a better understanding of what Bendigo is up to.

‘Sustainability First’ uniforms

Bendigo Bank has partnered with award-winning recycling company Uparrel in a program to re-use and re-purpose its old work uniforms to soft filling.

Uparrel is a textiles recycling company that “eradicates textile waste”. It has a number of partnerships already in place. As such, Uparrel is gaining traction in the recycling business.

The “uniform recycling program”, as Bendigo puts it, mirrors the company’s focus on “supporting long-term strategies” of sustainability.

For context, Bendigo arrived at a dilemma when it introduced “new mix and match” uniforms for its staff from August 2021.

This led to a potential textiles waste problem with an “estimated 32-plus tonnes” of old uniforms no longer being worn. Hence, the Uparrel partnership seemed a natural fit to solve Bendigo’s problem.

As a result, the bank has achieved “carbon neutrality” this calendar year. Moreover, it is committed to “purchasing 100% renewable energy by 2025”.

Furthermore, Bendigo and Uparrel will meet again at the end of the project to discuss the total amount of greenhouse gases that were offset.

For instance, Bendigo stated that “every kilogram of clothing” that is recycled “will prevent 3-4 kg of greenhouse gases from entering our atmosphere”.

The duo will focus on producing a children’s flip-up sofa, made by Uparrel. One unit will purportedly use 3kg of recycled textiles.

In addition, Bendigo has extended its reach by allowing staff to send in their own old uniforms. In addition, it is offering discounts on solar panels and batteries for employees’ homes.

What did management say?

Bendigo’s executive of consumer banking Richard Fennell said:

We are proud to announce that Upparel has been chosen as our partner to assist with the upcycling of the old uniform range as we introduce a more contemporary ‘mix and match’ corporate wardrobe that really allows the personality of our Bendigo Bank team to shine through.

Bendigo Bank share price snapshot

The Bendigo Bank share price has had a choppy year to date, posting a gain of only about 6% since January 1. As such, it has lagged the broad index this year.

In addition, over the last month, Bendigo shares are about 3.5% in the red.

Despite this, the Bendigo share price has gained 56% over the last 12 months. This return has outpaced the broad index’s return of about 25% over the past year.

The post Bendigo Bank (ASX:BEN) share price outperforming amid ‘sustainability first’ appeared first on The Motley Fool Australia.

More reading

• How does the CBA (ASX:CBA) earnings result compare to Bendigo Bank?
• ASX 200 drops, Bendigo Bank sinks, JB Hi-Fi rises
• The ASX reporting wrap-up: Bendigo, Beach, Lendlease
• Why Beach, Bendigo & Adelaide Bank, Flight Centre, & Lendlease are tumbling lower
• Who’s starting the week off as the biggest mover on the ASX 300 today?

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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In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 7,503.7 points.

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

Hub24 Ltd (ASX: HUB)

The HUB24 share price is up 8% to $28.10. Investors have been buying the investment platform provider’s shares following the release of its full year results. For the 12 months ended 30 June, HUB24 reported a 34.4% increase in revenue to $110 million and a 47% lift in EBITDA to $58.6 million. This was driven partly by a 141% increase in platform FUA to $41.4 billion.

MNF Group Ltd (ASX: MNF)

The MNF share price is up 10% to $6.37. This morning this VoiP focused technology company released its full year results and revealed a 12% increase in recurring revenue to $113.2 million. This was driven partly by a 29% increase in phone numbers to 5.8 million. Also giving its shares a lift was management’s bold growth plans. It is aiming to grow the phone numbers on its network to 100 million by 2030.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is rocketing 23% higher to $7.25. This follows the release of its full year results this morning. For the 12 months ended 30 June, the infection prevention specialist reported a 3% increase in revenue to $103.1 million and a 15% decline in net profit after tax to $8.6 million. The latter was well ahead of the market’s expectations. In addition, Nanosonics announced a key new product.

Uniti Group Ltd (ASX: UWL)

The Uniti share price has jumped 8% to $4.28. Investors have been buying this telco’s shares after the release of a record result for FY 2021. Uniti reported a 175% increase in revenue to $159.9 million and a 254% jump in EBITDA to $93.7 million.

The post Why HUB24, MNF, Nanosonics, & Uniti shares are surging higher appeared first on The Motley Fool Australia.

More reading

• Nanosonics (ASX:NAN) share price up 28% after earnings beat and new product announcement
• Which ASX 300 shares are the biggest winners and losers on Tuesday?
• ASX 200 midday update: Kogan crashes, Nanosonics rockets
• MNF (ASX:MNF) share price rockets 17% on strong result and bold growth targets
• Uniti Group (ASX:UWL) share price soars on record revenue in FY21

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 Hub24 Ltd, MNF Group Limited, and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited and Nanosonics Limited. The Motley Fool Australia has recommended Hub24 Ltd and Uniti Group 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 ReadyTech Holdings Ltd (ASX: RDY) share price is gaining today after the company released its results for financial year 2021 (FY21).

Right now, the ReadyTech share price is $2.78, 6.73% higher than its previous close.

ReadyTech share price jumps on 27.4% increase to revenue

Here’s how the people management software provider performed over FY21:

• Revenue increased 27.4% to $50 million
• Profit (after tax) of $2.1 million, a 45.3% increase
• Underlying earnings before, interest, tax, depreciation, and amortisation (EBITDA) of $18.9 million – a 21.4% increase on that of FY20
• No dividend

FY21 was a good one for ReadyTech.

Of the company’s revenue, 87% came from reoccurring subscription contracts.

The company reported that its customer revenue retention for the 12 months ended 30 June was 96%. Additionally, ReadyTech’s average revenue per new customer increased to $35,500 in FY21, up from $28,600 in FY20.

As part of ReadyTech’s long-term strategy, its sales and marketing spend increased to 11% of its revenue.

The company’s education & work pathways segment brought in $24.9 million –16.9% more than the prior financial year. Its workforce solutions’ revenue also increased by 13.3% to reach $20.3 million.

Additionally, the company expanded its $19 million high conviction new business pipeline.

ReadyTech ended the period with $11.9 million cash in the bank and $30.9 million of borrowings.

What happened in FY21 for ReadyTech?

FY21 was a big one for ReadyTech and its share price.

Perhaps the most exciting news from the company was its $80 million acquisition of Open Office.

Open Office is a software business servicing local and state governments, courts, tribunals, and commissions.

ReadyTech’s FY21 results include the part year contribution of Open Office, which was $4.8 million.

ReadyTech also underwent a $25 million placement in November and completed a share purchase plan in April.

Additionally, ReadyTech’s growth strategy is working. It’s focusing on its ‘sticky’ products, which mean its customers must use its products to operate effectively. It’s also working on improving its customer service and support.

Finally, ReadyTech began a rebranding project in FY21. According to the company, the rebranding aims to “evolve and elevate ReadyTech’s master brand and brand architecture” while still underpinning its growth plans.

What did management say?

ReadyTech’s CEO and co-founder, Marc Washbourne, commented on the results driving the company’s share price higher, saying:

The results reflect increasing recognition in the marketplace of ReadyTech’s expertise in next generation customer-centric SaaS solutions that streamline operations, improve user experience and meet the strict compliance and regulatory needs of the education, workforce, government and justice sectors. This is particularly true of the higher value end of the market, where have seen strong new business performance across all markets we serve, with an impressive list of new customers onboarded during the year. At the same time, we continued to successfully execute on upsell/crosssell to our loyal customer base.

A strong top line and healthy profit margins have also allowed us to reinvest back in the business, supporting the long-term growth and earnings power of the company. ReadyTech operates in multiple large addressable markets that are ripe for digital transformation – and we are listening very closely to the needs of customers and investing accordingly. Our continued reinvestment in research and development supports ReadyTech’s strong product-market fit, new roles in sales and marketing drive execution on go to market, and investment in customer onboarding contributes to the streamlining of operations as we scale.

What’s next for ReadyTech?

Here’s what might drive the ReadyTech share price in FY22:

While ReadyTech didn’t give exact guidance, Washbourne did give us a slight outlook.

He commented that ReadyTech hopes to achieve organic revenue growth in the midteens in FY22, with an EBITDA margin of 36% to 38%.

Additionally, Washbourne stated ReadyTech is targeting organic revenue of more than $125 million by FY26.

The company also noted it can’t rule out being further impacted by COVID-19 in the current financial year.

ReadyTech share price snapshot

The ReadyTech share price has gained 32% year to date. It has also increased 70% since this time last year.

The post ReadyTech (ASX:RDY) share price soars 7% on $50 million revenue appeared first on The Motley Fool Australia.

More reading

• Bendigo Bank (ASX:BEN) share price outperforming amid ‘sustainability first’
• Why HUB24, MNF, Nanosonics, & Uniti shares are surging higher
• McMillan Shakespeare (ASX:MMS) share price plummets 9% despite 2500% rise in NPAT
• Event (ASX: EVT) share price soars 10% to a 52-week high
• iSelect (ASX:ISU) share price slides 5% as investors mull FY21 results

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. owns shares of and has recommended Readytech Holdings Ltd. The Motley Fool Australia has recommended Readytech Holdings 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 McMillan Shakespeare Limited (ASX: MMS) share price is in freefall after the release of the company’s full-year results for FY21.

At the time of writing, shares in the salary packaging and asset management provider are trading for $12.18 – down 8.97%. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is 0.18% higher.

Let’s take a closer look.

McMillan Shakespeare share price slumps despite dividend almost doubling

• Revenue from continuing operations rose 10.2% on the prior corresponding period (pcp) to $544 million.
• Earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $131 million – up 31.4% on the pcp.
• Basic earnings per share (EPS) rocketed more than 4,800% on the pcp to 78.9 cents.
• Net cash inflow of $66.6 million for the financial year.
• Full-year dividend of 61.3 cents per share (final dividend of 31.1 cents and interim dividend of 30.2 cents), fully franked. It’s an 80.3% increase on the pcp and represents a yield of 5.05% on the current share price.

What happened in FY21 for McMillan Shakespeare?

The biggest story in the world, and one that had a material impact on the McMillan Shakespeare share price in FY21, was the coronavirus pandemic.

The company talked about the effect of the pandemic on its finances in its annual report. To quote:

In response to the pandemic, we instituted a wage freeze for FY21 and no bonuses relating to FY20 were paid. Additionally, we extended senior debt maturities and non-essential spending was restricted. The Australian Government JobKeeper funding received ($7.3 million after-tax) in FY21 enabled the retention of our employees despite the challenges of COVID-19 and the negative impacts on our financial performance compared to FY19. The business by period end had returned to around 90% of its pre-pandemic performance, equating to approximately 80% in the absence of JobKeeper.

What’s next for McMillan Shakespeare?

McMillan Shakespeare said it expects the uncertain trading environment of the pandemic to continue in FY22.

“We expect the abnormal trading conditions that characterised FY21 to continue throughout FY22, in particular given the ongoing response of governments to the global pandemic, and motor vehicle supply constraints,” the company said.

“Our strategic focus in FY22 centres on growth and efficiency across our businesses…”

McMillan Shakespeare share price snapshot

Despite today’s massive correction, the McMillan Shakespeare share price has increased 25% over 12 months. It has dropped just over 1% year-to-date, however.

McMillan Shakespeare has a market capitalisation of around $1 billion.

The post McMillan Shakespeare (ASX:MMS) share price plummets 9% despite 2500% rise in NPAT appeared first on The Motley Fool Australia.

More reading

• Event (ASX: EVT) share price soars 10% to a 52-week high
• iSelect (ASX:ISU) share price slides 5% as investors mull FY21 results
• Here’s why the Ioneer (ASX:INR) share price hit an all-time high today
• It’s been a good week for the Qantas (ASX:QAN) share price
• Here’s what has been moving the CBA (ASX:CBA) share price in August 2021

Motley Fool contributor Marc Sidarous 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 Event Hospitality and Entertainment Ltd (ASX: EVT) share price soared more than 10% higher in today’s trading session.

Shares in the entertainment company have continued their momentum from yesterday, following the release of the company’s results for FY21.

Here’s a recap of what Event announced and why investors are bidding shares in the company higher.

Event share price soars on full-year report

Shares in Event stormed 5% higher yesterday after the company reported a promising result for FY21.

Despite the impact of COVID-19 restrictions, investors jumped to get their hands on shares in the entertainment company.

Highlights from Event’s full-year report included:

• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $27.2 million – 71% less than FY20
• $653 million of revenue excluding government subsidies, down 45.4%
• Loss of $63 million before income tax

The company’s entertainment and event segments weighed down EBITDA.

However, Event highlighted strong returns from its hotels and resorts segments.

In addition, the company’s property and investments segment helped offset losses.

Vaccine rollout to determine outlook for Event

Despite various COVID-19 disruptions, the Event share price has performed remarkably well in 2021.

Including today’s price action, shares in Event have stormed 50% higher year-to-date and are currently trading at a 52-week high.

In its full-year report, Event’s management highlighted quality films had seen a strong return to cinemas.

In addition, the company noted that customers are spending more than they were pre-COVID which bodes well for Event’s outlook.

The company also noted that given the current Delta variant outbreak, the speed of various government vaccine rollout programs will determine Event’s timeline for recovery. 

At the time of writing, shares in Event are trading 7.21% higher for the day at $14.20.

Earlier, shares in the entertainment company stormed ahead more than 10%, hitting an intraday and 52-week high of $14.67.

The post Event (ASX: EVT) share price soars 10% to a 52-week high appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are the biggest winners and losers on Tuesday?
• The Event (ASX: EVT) share price is gaining on FY21 earnings

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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The iSelect Ltd (ASX: ISU) share price is sliding today, down 5% to 45 cents per share.

The company offers comparison service for consumers to get the best rates on insurance, utilities and personal finance products.

Below we take a look at the its results for the 2021 financial year ending 30 June.

iSelect share price falls on FY21 results

• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) (including JobKeeper) of $20.8 million, up from $13.7 million in FY20
• Underlying Revenue of $111 million, down from $123 million in the prior year
• Underlying net profits after tax (NPAT) of $7.1 million, up from $3.1 million in FY20
• Reported NPAT loss of -$5.1 million, compared to a loss of -$43.5 million in FY20

What happened during the reporting period for iSelect?

iSelect reported significant impacts from COVID-19 during the course of the year, with fluctuating consumer demand hitting its leads and revenue. It said this was most noticeable in the Energy, Telco and Car Insurance segments, with declines of 40-50% recorded.

The company launched new partnerships with NewsCorp and Seven Affiliates Sales, promoting the iSelect and Energy Watch brands.

FY21 also saw iSelect representation of major health insurers grow to 9, following Bupa’s arrival in the marketplace. Meanwhile, Aussie Broadband became a new partner for the company in its Telco segment.

iSelect highlighted management’s rollout of its 5-year strategy, i26, focused around the Consumer Data Right (CDR) legislation, passed in 2019. It said, “The introduction of CDR will empower consumers to compare and switch products and service providers.”

As at 30 June, it had a consolidated cash balance of $9.4 million and no debt.

What did management say?

Commenting on the results of the year gone by, iSelect’s CEO, Warren Hebard said:

During FY21, we have invested in our data platforms and focused on growing our iSelect account base, which is now up to 1.1 million customers. We will continue this ahead of the arrival of Open Energy in FY23, when we will look to leverage these investments to deliver new and innovative digitised journeys for our customers, providing a frictionless, always-on comparison experience.

What’s next for iSelect?

Looking to the year ahead the company cautioned that the pandemic is continuing to cause market volatility. iSelect expects this will impact its performance in the first half of FY22.

Taking note of increased competition entering the space, Hebard said:

Our focus in FY22 will be on executing operationally within our core business whilst progressing our i26 strategy. Our first phase of i26 will be leveraging our Energy expertise in preparing for Open Energy, building out our new verticals and continuing to invest in our marketing partnerships and brand.

The iSelect share price is up 65% over the past 12 months.

The post iSelect (ASX:ISU) share price slides 5% as investors mull FY21 results appeared first on The Motley Fool Australia.

More reading

• Here’s why the Ioneer (ASX:INR) share price hit an all-time high today
• It’s been a good week for the Qantas (ASX:QAN) share price
• Here’s what has been moving the CBA (ASX:CBA) share price in August 2021
• Nanosonics (ASX:NAN) share price up 28% after earnings beat and new product announcement
• Carbon Revolution (ASX:CBR) share price surges 14% on growth outlook

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 Ioneer Ltd (ASX: INR) share price achieved a record high today following a positive announcement by the emerging lithium-boron company.

During the first hour of market open, Ioneer shares touched an all-time high of 53.5 cents. However, some investors were quick to take profit off the table, sending the company’s shares back down.

At the time of writing, Ioneer shares are up 4.08% to 51 cents.

What did Ioneer announce?

According to today’s release, Ioneer advised it has awarded a major engineering design and equipment supply contract to Veolia Water Technologies (Veolia).

A leading specialist in water treatment, Veolia Water is a subsidiary of the Veolia group. The company designs and delivers drinking water and wastewater treatment plants as well as water treatment equipment.

Under the agreement, Veolia will begin work on a final detailed engineering design for the development of Ioneer’s Rhyolite Ridge Lithium-Boron Project. This will include using evaporation, crystallisation and dewatering equipment.

The contract, however, has been awarded on a limited notice to proceed basis. Essentially, this means Veolia will receive short notice on each stage of the project should it be given the green light.

Both Ioneer and Veolia have been working together since 2018 to demonstrate the feasibility of the process design. Veolia has conducted laboratory testing and simulated operations of key units consisting of clarification, ion exchange purification, evaporation and crystallisation.

Ioneer managing director Bernard Rowe commented:

We are very pleased to award this engineering design and equipment supply contract to Veolia, the largest supply contract we will award in the development of Rhyolite Ridge.

We have been working closely with Veolia over the past three years during the pilot plant and DFS phases and have developed a strong relationship and mutual respect. Veolia is a recognised leader in process design and engineering, with direct experience in developing solutions for lithium processing facilities. Veolia’s experience and capabilities are important to meet required purity standards in our production facilities.

Ioneer share price summary

During the past 12 months, Ioneer shares have accelerated by more than 380%, with year-to-date gains above 80%.

On valuation grounds, Ioneer commands a market capitalisation of roughly $961.6 million, with 1.9 billion shares on issue.

The post Here’s why the Ioneer (ASX:INR) share price hit an all-time high today appeared first on The Motley Fool Australia.

More reading

• Ioneer (ASX:INR) share price jumps following quarterly results

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 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 Qantas Airways Limited (ASX: QAN) share price has been on fire this week. Shares in Australia’s flag carrier are up 8.9% since Monday’s open in good news for shareholders.

Why it’s been a good week for the Qantas share price

Shares in the Aussie airline have climbed 5.2% higher in the last 5 days. That’s despite no new ASX announcements from Qantas since 3 August.

However, the gains have coincided with Qantas’ incentive scheme to get more Australians vaccinated. The Qantas share price edged lower on Monday but has since rocketed higher.

Qantas will be giving inoculated Australians 1,000 Qantas points, 15 status credits or a $20 flight voucher. There will also be 10 “mega prizes” on offer for eligible persons.

Qantas is due to release its FY21 earnings on Thursday in a hotly anticipated release.

Investors interested in the travel sector would be bracing themselves after Sydney Airport Holdings Pty Ltd (ASX: SYD)’s results last Friday.

Australia’s busiest airport reported an 81.7% increase in net losses after tax to $97.4 million with revenue down 31.3% to $351 million.

COVID-19 restrictions have presented “challenging” conditions with traffic numbers remaining subdued.

While Sydney Airport shares haven’t climbed in the days since, the Qantas share price has been on fire.

Alongside Thursday’s earnings result, Qantas investors may also be eyeing easing restrictions in New South Wales and around the country.

Optimism appears to be growing around easing border restrictions once the 70 to 80 per cent vaccination target is reached.

Foolish takeaway

The Qantas share price has shot 5.8% higher on Tuesday and is one to watch throughout the rest of the week.

With no new announcements and Qantas’ earnings expected on Thursday, there’s a fair bit happening for the Aussie airline. There is also building optimism around vaccination levels and the easing of COVID-19 restrictions later in the year

The post It’s been a good week for the Qantas (ASX:QAN) share price appeared first on The Motley Fool Australia.

More reading

• Iron ore price plunge hurting most, but helping exporters. Plus, optimism the ticket to boost vaccinations. Scott Phillips on Sky News First Edition
• 10 ASX shares we’re overweight in right now: fund
• Qantas (ASX: QAN) share price falls amid campaign to reward vaccination
• ASX 200 Weekly Wrap: Miners drag ASX back to earth
• What can we learn from the Qantas (ASX:QAN) share price history?

Motley Fool contributor Ken Hall 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 Commonwealth Bank of Australia (ASX: CBA) share price was an early star of this August ASX earnings season. It’s not quite as fresh now, but when CBA reported its FY21 earnings on 11 August, complete with a dividend hike and a $6 billion share buyback program, it caused quite the stir.

Not only did CBA shares rocket to a new all-time high of $109.03 a share shortly afterwards, it also prompted a rally in the entire ASX banking sector, and by extension, the S&P/ASX 200 Index (ASX: XJO) itself.

But now these earnings are in the rear-view mirror, and the CBA share price has cooled somewhat (it’s going for a flat $100 at the time of writing, up 0.06% for the day), it might be a good idea to gauge this bank’s performance over August so far. So let’s get into it.

How has the CBA share price perform over August so far?

Here’s a look at how the CBA share price has performed since the start of the month of August:

As you can see, it’s been a pretty wild rise for CBA over August so far. The company started the month at just under the $100 a share mark at $99.65. But that proved short lived. CBA spent the next week or two building up to its earnings, rising by almost 7% by the day before its earnings were released.

On the big day, CBA shares responded with unbridled enthusiasm. Soon after market open on 11 August, CBA was at its current new all-time high of $109.03.

But, as you can see above, that turned out to be the peak of CBA’s goodwill. Ever since its reporting date, the CBA share price has been edging lower. On today’s prices, the bank is now a hefty 8.3% down from that high watermark.

So a long story short, CBA’s August share price performance so far revolves around the earnings report the bank delivered on 11 August.

At the current share price of $100, CBA is now up 19.65% year to date in 2021 so far, and up 45.3% over the past 12 months. It’s also up 36.8% over the past 5 years.

This share price gives Commonwealth Bank a market capitalisation of $177.7 billion, a price-to-earnings (P/E) ratio of 21.3 and a dividend yield of 2.49%.

The post Here’s what has been moving the CBA (ASX:CBA) share price in August 2021 appeared first on The Motley Fool Australia.

More reading

• Here’s what has been moving the ANZ (ASX:ANZ) share price in August 2021
• What’s moving the ASX 200 Index (ASX:XJO) on Monday?
• CBA (ASX:CBA) share price gaining as bank rolls out vax centres
• ASX 200 Weekly Wrap: Miners drag ASX back to earth
• Down 8%: Is the CBA (ASX:CBA) share price a buy?

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 Bruce Jackson.

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The Nanosonics Ltd (ASX: NAN) share price has been an outstanding performer on Tuesday.

In afternoon trade, the infection prevention company’s shares are up a massive 28% to $7.52.

Though, despite this impressive gain, the Nanosonics share price is still down 9% year to date.

Why is the Nanosonics share price rocketing higher?

The catalyst for the rise in the Nanosonics share price today has been the release of its full year results and the announcement of a new product.

In respect to the former, for the 12 months ended 30 June, the company reported a 3% increase in revenue to $103.1 million and a 15% decline in net profit after tax to $8.6 million. The latter was well ahead of the market’s expectations, which goes some way to explaining the incredible rise by the Nanosonics share price today.

This stronger than expected result was driven by a significant recovery in the second half of the financial year. For example, management revealed that its second half revenue increased 39% over the first half.

Looking ahead, based on current trading conditions remaining consistent, management expects double-digit revenue growth in FY 2022.

What else is lifting its shares?

Also giving the Nanosonics share price a lift was the announcement of another new product – Nanosonics Coris.

The company expects Nanosonics Coris to transform the cleaning of flexible endoscopes. It notes that more healthcare-associated outbreaks have been linked to contaminated endoscopes than any other medical device.

It also notes that there’s a huge potential market opportunity. There are over 60 million flexible endoscopy procedures being conducted across the United States and the largest five markets in Europe alone every year and growing at 6% per annum.

Regulatory approval is still required and the company is currently targeting the first commercial launch to occur in calendar year 2023.

How does this compare to expectations?

The team at Goldman Sachs has been running the rule over the result. It notes that Nanosonics thoroughly outperformed the market’s earnings expectations.

It commented: “Revenue grew +3% vs. Visible Alpha consensus’ +0%, as a +2% beat in consumables more than offset the (6)% miss in capital. As flagged at 1H21, performance benefited from the resumption of orders from GE after sharp de-stocking at the start of the pandemic (c.50% of NAN sales). Earnings fell (15)% but came in materially ahead of consensus ($8.6m vs. $5.3m; +62%), almost entirely driven by an SG&A beat of +$3m ($53.6m vs. $57.0m).”

However, despite what the Nanosonics share price performance today might indicate, Goldman notes that the company’s guidance is below expectations.

It explained: “As widely expected, NAN saw a recovery in business performance in 2H (EBIT $0m in 1H21). Assuming the positive trend continues, NAN targets double digit growth in FY22, but the company expects FY22 gross margin to reduce from 78% (albeit remain >75%), and for operating expenses to approximate $90m.”

“For context, we currently forecast FY22 sales growth of +29%, gross margin of 78.6% and operating expenses of $80m. Assuming our sales forecast is correct, guidance implies (30)% downgrades to our FY22E EBIT forecast,” it added.

Goldman also gave feedback on the company’s new product.

It said: “Notably, the company has confirmed that the long-awaited new product platform (Coris) will be a cleaning device for flexible endoscopes (the consensus expectation). NAN quantifies the market at 60m procedures per annum (US & EU-5), with growth of +6%. However, the launch date has again been delayed, potentially by up to 18 months (now targeting CY23, from FY22 previously), which will be a further disappointment to the market.”

The broker currently has a sell rating and $4.93 price target on the Nanosonics share price. Though, that could change in the coming days once it has updated its financial model to reflect today’s release.

The post Nanosonics (ASX:NAN) share price up 28% after earnings beat and new product announcement appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics 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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