The Commonwealth Bank of Australia (ASX: CBA) share price is having a stellar year on the ASX. In fact, the banking giant is now only 2% lower than its highest share price of the last 5 years.

So far, the CBA share price has gained around 6% year to date. If it keeps up this rate of growth, it could smash its previous all-time high of ~$96 (which it reached in 2015) before the end of the year.

Let’s take a look at what’s been driving the bank’s share price lately.

How bright is the future?

The CBA share price has been performing well lately, despite a rough trot for the banking giant.

In the last month alone, the Commonwealth Bank has weathered class actions, copped a $7 million fine for deceptive conduct, and settled a US class action.

Fortunately for its shareholders, the bank’s share price has continued to climb despite the bad press. It’s grown by around 5% over the last 30 days.

It’s been helped along by an impressive economic recovery, as its rival National Australia Bank Ltd (ASX: NAB) reports is nearing completion.

The Australian employment rate is also looking positive, as the number of hours worked by Australians is back to pre-COVID levels. This bodes well for Australia’s economy and, arguably, banking shares, in turn.

Currently, the CBA share price is only around 7% lower than its all-time highest closing price. 

With the International Monetary Fund now believing Australia will completely recover from the COVID-induced recession in 2021, is there a chance we might see CBA shares smash their record before the year ends?

CBA share price snapshot

At the time of writing, the CBA share price is even with yesterday’s closing price of $89.14.

Based on the current share price, the company has a price-to-earnings (P/E) ratio of 23.98.

Commonwealth Bank has a market capitalisation of around $158 billion, with approximately 1.77 billion shares outstanding.

More reading

• Aussie adds digital home loans in an effort to keep up with the big four
• Aussie investors snapped up Coinbase (NASDAQ:COIN) shares last week
• Westpac, ANZ, CBA share prices dip after class action for ‘junk’ insurance
• ANZ Bank’s (ASX:ANZ) profit result could get an extra boost: Macquarie
• Why the Commonwealth Bank (ASX:CBA) share price is flying right now

Motley Fool contributor Brooke Cooper 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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ASX investors have long struggled with a seemingly simple question: how much are shares of Afterpay Ltd (ASX: APT) really worth? At the time of writing, the market has decided a price of $124.38 is appropriate. But, judging history, this could change dramatically in the future. Back on 10 February, Afterpay was judged to be worth $160 a share at one point. And of course, in March last year, the market decided that a price under $9 was fair.

Since Afterpay doesn’t yet make positive earnings, or official profits just yet, it’s hard to value this company on its cash flows (or lack thereof). So it has turned into a ‘future profits’ game for this company.

Well, one investor isn’t so optimistic.

According to a report in the Australian Financial Review (AFR) this week, the highly regarded American brokerage firm Bernstein has just initiated coverage of the Afterpay share price. This is fitting, I suppose, seeing as it looks as though Afterpay is heading for a US listing soon.

So what did Bernstein, which the AFR notes are a firm “which has a reputation for high-quality investment research”, think of Afterpay shares today?

Well, not highly, it seems. Bernstein has reportedly given Afterpay a price target of just $40 a share. That’s a good 68% down from the share price we see right now.

Is Afterpay worth $40 a share?

Why such a low share price target? Well, Bernstein isn’t worried about Afterpay’s raw growth. The report states that Bernstein is actually assuming Afterpay will be able to grow its gross merchant value by ten times to $108 billion over the next 5 years. That will be fuelled by continued growth in the buy now, pay later (BNPL) market itself, as well as Afterpay growing its market share and expanding into new markets.

But Bernstein is predicting that Afterpay will have to bow to competitive pressure as it grows. It sees Afterpay experiencing margin compression, and estimated the company’s ‘take-rate’ will fall from the 3.8% it’s currently at to 2.8% over the next 5 years.

This, Bernstein says, is exactly what has happened to other payments companies like PayPal Holdings Inc (NASDAQ: PYPL). The broker also notes that PayPal managed to pull in a third of Afterpay’s payment volume in the first quarter of offering its own instalments plan.

Bernstein sees Afterpay hitting revenues of $3.6 billion in 2025 and profits of $349 million. That would deliver Afterpay earnings per share of $1.30, which would give Afterpay a share price of $51 a share on a price-to-earnings (P/E) ratio of 40. That $51 share price for 2025 has been discounted back to $40 today.

It’s worth noting that many other brokers are far more bullish on Afterpay. According to the AFR, broker Jefferies has recently raised its price target to $157.38 on higher revenue and growth forecasts. Citi has a $128.3 price target.

I guess we’ll have to wait until 2025 to see who’s right. But someone is going to be very wrong at the same time.

More reading

• Could a dual listing drive the Afterpay (ASX:APT) share price higher? 
• Why your ASX 200 shares aren’t going up with the market 
• Is the Afterpay (ASX:APT) share price fully valued?
• Top brokers name 3 ASX shares to sell today
• Is the Afterpay (ASX:APT) share price a buying opportunity right now?

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends PayPal Holdings and recommends the following options: long January 2022 $75 calls on PayPal Holdings. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended PayPal Holdings. 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 early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small daily decline. At the time of writing, the benchmark index is down 0.15% to 7,045.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Accent Group Ltd (ASX: AX1)

The Accent share price has jumped 6.5% to $2.77. The catalyst for this was news that the retailer has signed an agreement to acquire Glue Store and the wholesale and distribution brands of Next Athleisure for a cash consideration of $13 million. Glue Store operates a network of 21 stores and an integrated online site, with around 500,000 loyalty program members. It currently generates annual sales of approximately $90 million, including $16.6 million of online sales.

AMP Ltd (ASX: AMP)

The AMP share price is up 1.5% to $1.15. Investors have been buying the financial services company’s shares after it announced demerger plans. AMP revealed that it intends to pursue a demerger of AMP Capital’s Private Markets business. It believes the demerger will create two focused businesses that are better equipped to pursue and allocate capital to distinct growth opportunities.

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up almost 10% to $1.46. Investors have been buying the gold exploration company’s shares following the release of drilling results. According to the release, strong mineralisation has been intersected at its Aquila and Crow sites. In respect to the latter, visible gold was intersected again in the McLeod lode at Crow.

Nuix Ltd (ASX: NXL)

The Nuix share price is pushing 5.5% higher to $4.53. This gain appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has retained its overweight rating but trimmed its price target to $7.50. Although its guidance downgrade was disappointing, Morgan Stanley remains positive. It feels the global forensic and investigative software market is a structural growth story.

More reading

• ASX 200 down 0.1%: Kogan crashes, AMP’s demerger plans, Telstra strengthens 5G network
• AMP (ASX:AMP) share price charges higher on demerger plans
• Accent (ASX:AX1) share price on watch after announcing Glue acquisition
• 2 growing ASX dividend shares for income investors
• Why is the NUIX (ASX:NXL) share price rebounding today?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Accent Group and Nuix Pty 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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If you’re looking for today’s biggest mover, you’ll probably be eyeing Brockman Mining Ltd (ASX: BCK) shares.

At its highest point today, the Brockman Mining share price had rocketed 361% higher than yesterday’s closing price.

At the time of writing, shares in the company are trading at 8.8 cents, representing a still mammoth 238% gain. 

What’s lit the fire under the Brockman Mining share price? Let’s take a look.

Farm-in and joint venture agreement

Today, Brockman Mining announced its farm-in and joint venture agreement with Mineral Resources Ltd (ASX: MIN) has come to fruition.

The deal was first announced in 2018, but today’s news is that the companies are finally signing the joint venture portion of the agreement. 

The deal is between subsidiaries of both companies. Brockman’s Brockman Iron and Mineral Resources’ Polaris are representing their ASX-listed parent companies.

Originally, the deal would have seen Polaris securing 50% of Brockman’s Marillana Iron Ore Project. Today, it’s been updated to also include Brockman’s Ophthalmia Project.

Under the agreement’s terms, Polaris began a farm-in venture at Brockman’s Marillana Iron Ore Project. Once Polaris had met its farm-in obligations, the companies would form a joint venture, each owning half of the Marillana Project.

The farm-in agreement’s obligations include Polaris providing Brockman with a $10 million loan, spending $250,000 to explore and develop Marillana, and completing a mine site plan.

There’s also an agreement that another subsidiary of Mineral Resources would pay for and build a rail and port system from the project to Port Hedland ­– a distance of around 270 kilometres.

According to Mineral Resources, the project will mine iron ore to be sold in China.

Brockman Mining share price snapshot

The company is dual-listed on both the ASX and the Hong Kong Stock Exchange and, while it’s prone to volatility, today’s moves are next level.

Currently, the Brockman Mining share price is up by around 47% year to date. It’s also up by 340% over the last 12 months.

The company has a market capitalisation of around $241 million, with approximately 9.2 billion shares outstanding.

More reading

• Brokers think these shares can outperform the ASX 200
• BHP (ASX:BHP) share price drops despite 10-year iron ore highs
• ASX 200 down 0.4%: Afterpay delivers stellar Q3 growth, Rio Tinto Q1 update
• ASX 200 edges higher, Origin crunched, Mineral Resources falls
• Why Mineral Resources, Origin, Strike, Whitehaven shares are sinking

Motley Fool contributor Brooke Cooper 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 Silver Lake Resources Limited (ASX: SLR) share price is in the red today following the release of its latest quarterly report.

At the time of writing, the Silver Lake Resources share price is down 0.99% trading at $1.80 per share.  

Production and costs improve

For the period ending 31 March 2021, the gold and copper miner achieved higher production with a reduction in all-in sustaining costs compared to the prior quarter. The company recorded an average sales price of A$2,180 per ounce during the quarter. Meanwhile, its all-in sustaining costs (AISC) were further reduced to A$1,452 per ounce.

Silver Lake Resources produced 60,502 ounces of gold and 411 tonnes of copper. While sales for the quarter were 60,740 ounces of gold and 279 tonnes of copper.

The company maintained its FY21 guidance for gold sales of 240,000 to 250,000 ounces and 1,600 tonnes of copper. It expects AISC to range between A$1,400 to A$1,500 for FY21.

Silver Lake achieved the steady result while the company works through the development of its projects in the Deflector region. The projects continued to progress through the construction and development phases during the quarter.

Finances and future

Despite investing heavily in investments during the quarter, Silver Lake Resources increased its cash position by $5 million. At the end of March, the miner held $320.5 million in cash and bullion – while remaining debt-free.

Key cash flow movements included $17.9 million from the Mount Monger mine, $23.6 million from the Deflector mine, and $7.8 million in proceeds from the divestment of the Andy Well and Gnaweeda gold projects.

For cash outflows, Silver Lake spent $26.8 million on its Deflector project upgrade and Rothsay underground development. A further $3.4 million was spent on exploration activities.

Re-discovering the Silver Lake Resources share price

The Silver Lake Resources share price has been caught up in the gold price weakness of the past 6 months. Shares in the miner have been thrown in the dirt, falling 20% in that time. Meanwhile, the company has continued to increase its revenue, partly with higher production.

The conflicting patterns have resulted in a compression of its price-to-earnings (P/E) ratio. Consequently, the company now trades on a 5.5 times earnings multiple.

More reading

• ASX 200 Weekly Wrap: ASX sees 7,000 points once more
• These were the best performing ASX 200 shares last week
• The Magnetite Mines (ASX:MGT) share price is up 330% in 2021

Motley Fool contributor Mitchell Lawler 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 Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has been on the charge in recent days. The Aussie bank’s share has edged higher on Friday morning and is now up 24.1% since the start of the year.

Why is the ANZ share price climbing?

It’s been a busy start to the year for the Aussie banks but there haven’t been many price-sensitive announcements from ANZ itself. Credit rating agency Fitch revised its outlook on ANZ to stable, up from negative, while affirming the bank’s long-term issuer default rating (IDR) at A+.

The bank also lost deputy CEO Alexis George who was poached by AMP Ltd (ASX: AMP) after the departure of former CEO Francesco de Ferrari. 

The ANZ share price has been performing well in 2021 as the Aussie housing boom rolls on. That’s good news for the lenders as underlying security values increase and default rates remain low.

There are high expectations from certain analysts like those at Macquarie Group Ltd (ASX: MQG). Macquarie analysts believe the ANZ share price could be a big winner if the US trend of strong bank results continues in Australia.

Macquarie said, “Our analysis highlights that ANZ appears to be more leveraged to the trends observed from offshore peers”. That’s largely thanks to a larger global market’s business compared to its Big Four peers in Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC). 

The ANZ share price is already streets ahead of the S&P/ASX 200 Index (ASX: XJO) so far this year. Shares in the bank are up 24.1% in 2021 compared to a 5.5% gain for the benchmark Aussie index.

The bank is set to announce its half-year earnings on Wednesday, May 5 and the ANZ share price will be worth watching in the lead-up.

More reading

• ASX 200 down 0.1%: Kogan crashes, AMP’s demerger plans, Telstra strengthens 5G network
• Brokers name 3 ASX shares to buy now
• What Biden’s capital gains tax changes could mean for the ASX 200
• 2 strong ASX 200 shares offering good income
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie 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 Santos Ltd (ASX: STO) share price is in seesawing during midday trade. This comes after the company provided an update on its bonds offer.

At the time of writing, the energy producer’s shares are swapping hands for $6.93, up 0.14%. However, during morning trade, Santos shares have swung several times from red to green. 

Quick take on Santos

Founded in 1954, Santos produces natural gas and oil, with operations across Australia, Timor-Leste and Papua New Guinea. The company is recognised as Australia’s largest domestic natural gas supplier, catering to over 20% of the country’s needs.

Bonds offer

Investors appear divided over the company’s latest update, sending Santos shares up and down in the day’s trade so far.

According to its release, Santos has placed a US$1 billion price tag on its senior unsecured fixed-rate bond transaction. The bonds will be issued by wholly-owned subsidiary, Santos Finance and guaranteed by Santos.

The company stated that the bonds will have a fixed coupon rate of 3.649% for a period of 10 years. The maturity date for the bonds will occur in April 2031.

Subject to customary closing conditions, settlement of the bonds is expected to be completed on 30 April 2021.

Santos managing director and CEO Kevin Gallagher welcomed the news, saying:

This is an excellent result for Santos’ debut 144A issuance, showing strong support from the capital markets and ensures our balance sheet is well positioned to support our disciplined growth strategy.

Santos’ disciplined operating model is focussed on maintaining a strong balance sheet and generating free cash flow through improvements in productivity and maintaining discipline in capital expenditure through the cycle.

Santos share price snapshot

The Santos share price has gained over 60% in the past year and is up around 8% year to date. The company’s shares hit a recent 52-week high of $7.80 last month, but have since headed lower.

Santos has a market capitalisation of about $14.4 billion, with a tad more than 2 billion shares outstanding.

More reading

• 5 things to watch on the ASX 200 on Friday
• Woodside (ASX:WPL) share price slides despite 22% revenue increase
• ASX 200 up 0.2%: AMP sinks, Redbubble crashes, Megaport jumps
• Why the Santos (ASX:STO) share price is in focus
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Aaron Teboneras 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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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to have a subdued finish to the week. The benchmark index is currently down 0.1% to 7,046 points.

Here’s what is happening on the market today:

Kogan update disappoints

The Kogan.com Ltd (ASX: KGN) share price has been sold off today after the release of a disappointing third quarter update. Although the ecommerce company reported a 47% increase in gross sales and a 54% jump in gross profit, its operating earnings actually declined by 24%. The damage was done primarily in the core Kogan business, which reported a 42% decline in adjusted operating earnings. This was driven by a significant increase in operating costs.

AMP announces demerger plans

The AMP Ltd (ASX: AMP) share price is pushing higher today after announcing demerger plans. According to the release, the company intends to pursue a demerger of AMP Capital’s Private Markets business. Management believes the demerger will create two focused businesses, better equipped to pursue and allocate capital to distinct growth opportunities and realise efficiencies.

Telstra buys more 5G spectrum

The Telstra Corporation Ltd (ASX: TLS) share price is trading largely flat today after announcing a $277 million investment in the 26 GHz spectrum auction. According to the release, the telco giant has it has secured 1000 MHz of additional spectrum, which it expects to further extend its leadership in 5G now and into the future. Telstra advised that it secured the spectrum in all major capital cities and regional areas where it was sold.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Nuix Ltd (ASX: NXL) share price with a 6.5% gain. This morning Morgan Stanley retained its overweight rating but trimmed its price target to $7.50. The worst performer has been the Kogan share price with an 11% decline following its third quarter update.

More reading

• What Biden’s capital gains tax changes could mean for the ASX 200
• AMP (ASX:AMP) share price charges higher on demerger plans
• Why has the Kogan (ASX:KGN) share price plummeted 10%?
• Telstra (ASX:TLS) share price on watch after 5G update
• 2 strong ASX 200 shares offering good income

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Telstra Limited. The Motley Fool Australia has recommended Nuix Pty 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 Hyperion Metals Ltd (ASX: HYM) share price has surged to a new record high for the second consecutive day. Shares in the Aussie materials group shot 11.9% higher to $1.08 this morning after another key market update.

Why is the Hyperion Metals share price climbing?

Hyperion this morning announced a new US-focused advisory board to help drive its growth plans. The Capital Markets Advisory Board comprises a team of experts to help advance potential strategic partnerships for financing, development and operational activities.

The Hyperion Metals share price has surged higher for the second straight day on the back of the news. Key Advisory Board members include:

• Todd Ruppert, former CEO and president of T. Rowe Price Global Investment Services;
• Melissa Waller, AIF Institute president and former deputy treasurer and chief of staff for the North Carolina Department of State Treasurer;
• Andy Stewart, industry partner at Motive Partners and former co-lead of Blackrock’s Alternative Investment Platform; and 
• Toby Symond, senior advisor to a number of asset managers including Coliseum Capital Management and Sweetwater Capital Partners.

Upwards momentum

The board announcement saw the Hyperion Metals share price shoot 8.9% higher to start the day, and up 11.9% at the time of writing. That pushes the company’s market capitalisation to more than $111.5 million following yesterday’s surge.

The Hyperion Metals share price rocketed 16.4% higher on Thursday after a key new partnership announcement. Hyperion signed a memorandum of understanding (MOU) with US-based Energy Fuels.

That MOU is to evaluate the potential supply of monazite sands from the Titan Project in Tennessee, USA to Energy Fuels’ White Mesa Mill in Utah for the production of rare earth products.

The news was well-received by investors who helped propel the Hyperion Metals share price higher. That strong momentum has been carried on this morning following the advisory board update from the Aussie-US materials group.

More reading

• ASX 200 down 0.1%: Kogan crashes, AMP’s demerger plans, Telstra strengthens 5G network
• Why the Dimerix (ASX:DXB) share price is rocketing higher
• Why the Prospa (ASX:PGL) share price has surged 7%
• Can the WiseTech Global (ASX:WTC) share price climb higher from here?
• Vitalharvest (ASX:VTH) share price pause as M&A battle continues

Motley Fool contributor Ken Hall 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 Dimerix Ltd (ASX: DXB) share price has shot 6% higher to start the day after an update from the drug discovery company.

Why is the Dimerix share price surging higher?

Dimerix provided an update on its Phase 3 ACE2 renin angiotensin system (RAS) modulation study domain in Europe. The first 24 patients have been recruited into the study in patients with COVID-19 pneumonia, which incorporates DMX-200. DMX-200 is Dimerix’s chemokine receptor (CCR2) blocker that has been included in the global COVID-19 trial. 

The Dimerix share price has rocketed higher on the news with 22 patients from the Netherlands and 2 in the UK. Patients receive one of three randomly assigned interventions or a control as part of the study.

It comes as the World Health Organisation (WHO) has recorded 5.2 million new cases of COVID-19 in the last 7 days. That’s the most cases in a week since the beginning of the pandemic with both case numbers and deaths increasing in recent weeks.

The Dimerix feasibility/Phase 3 study is a “multi-centre, randomised, standard of care vs multi-active comparators platform study in patients with COVID-19”. The three RAS blockade strategies are:

• Angiotensin receptor blocker (ARB)
• ARB in combination with DMX-200
• Angiotensin converting enzyme (ACE) inhibitor
• No RAS inhibitor (no placebo)

How have the company’s shares performed?

The Dimerix share price rocketed higher on the news this morning before paring back some gains throughout the morning. Shares in the Aussie biotech company have been volatile in the last year or so.

In fact, the ASX biotech share plunged 63% lower in just one day, back in September 2020. That came after the company reported results from its phase 2 study of DMX-200 in patients with diabetic kidney disease. The study showed no statistically significant difference across the cohort between those receiving DMX-200 and the placebo treatment.

However, the Dimerix share price has gained 8.3% so far in 2021 including today’s early gains.

More reading

• ASX 200 down 0.1%: Kogan crashes, AMP’s demerger plans, Telstra strengthens 5G network
• Hyperion Metals (ASX:HYM) share price hits another record high
• Why the Prospa (ASX:PGL) share price has surged 7%
• Can the WiseTech Global (ASX:WTC) share price climb higher from here?
• Vitalharvest (ASX:VTH) share price pause as M&A battle continues

Motley Fool contributor Ken Hall 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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