The PayGroup Ltd (ASX: PYG) share price has bounced strongly off record all-time lows, reaching an intraday high of 48.5 cents this morning. The company announced a record set of FY21 results after market close on Monday.

At the time of writing, the PayGroup share price is trading at 46.5 cents, up 5.68%.

PayGroup provides payroll and cloud-based Software as a Service (SaaS) human resource solutions. The company has a turnover of more than 6 million payslips and transactions per year for clients in more than 40 countries.

Why the PayGroup share price is bouncing off record-lows

PayGroup achieved its maiden full year of positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.6 million compared to its $0.6 million loss in FY20. Factors including improved operating leverage attributable to higher revenue, strong sales momentum and disciplined management of operating costs helped drive its financial performance.

In FY21, PayGroup achieved a record exit annualised recurring revenue of $27.2 million, a 53% increase on FY20 figures. This translated to a $16 million in revenue, representing 47% growth on FY20. Its increasing top-line growth was driven by an increase in payslips processed, combined with organic growth across its human capital management modules.

The company’s strong financial performance was underpinned by record new contract wins during FY21, worth $13.7 million, representing a 149% increase on FY20 contract wins. The strong growth not only contributes to the company’s record financial performance but also reflects the growing demand for its solutions and broader demand for the digitisation of human resource functions.

The company successfully completed 4 acquisitions in FY20, significantly expanding its market opportunity and capabilities. The announcement highlighted an expansion in its human resource management offering, with 11 new high margin modules and the addition of a highly specalised franchise payroll vertical.

Despite the company’s market capitalisation of just ~$50 million, it remains “well capitalised” with $12.2 million of cash at 28 May 2021.

The PayGroup share price has taken a beating in recent months, from highs of 75 cents in January to a close of 44 cents on Monday. It’s a positive to see an upbeat FY21 performance bringing life back to its share price on Tuesday.

Management commentary

PayGroup managing director and founder Mark Samlal commented on the results, saying:

We are extremely proud of the record results we have achieved in FY21. Despite the significant disruption to economies and markets as result of the global pandemic, PayGroup has delivered its first full year of positive EBITDA alongside strong ARR and statutory revenue growth.

We are excited by the opportunities ahead in FY22 underpinned by the strong momentum of FY21 and the significant digitisation tailwinds we have observed over the past year. The scale we continued to achieve across the business provides a strong foundation for sustainable long-term growth

Outlook

Another potential driver for the PayGroup share price today is the strong momentum its carrying through to FY22.

The results highlight continued industry tailwinds that the company anticipates will present further opportunities to growth revenues, as businesses increasingly look to digitise their human resources activities.

Paygroup expects its investment into its sales team in FY21 to continue to pay dividends. Alongside plans to further drive its operating leverage through the continued monetisation of activities which is expected to improve margins.

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The Immutep Ltd (ASX: IMM) share price is bouncing around today after the biotechnology company announced it has teamed up with a new German partner for a cancer study.

After rising and falling several times during early trade, Immutep shares are currently trading 1.43% higher at 71.5 cents.

Immutep enters collaboration for clinical trial

Immutep, which develops products to treat cancer and autoimmune diseases, has signed a new collaboration and supply agreement with Merck KGaA, Darmstadt, Germany. Judging by the rollercoaster performance of the Immutep share price so far today, it seems investors have mixed feelings about the company’s latest news.

The two companies will team up for a phase I/IIa clinical trial in patients with solid tumours. The study, titled INSIGHT-005, will evaluate the feasibility, safety and efficacy of Immutep’s lead product candidate, eftilagimod alpha (efti or IMP321) when given in combination with bintrafusp alfa (M7824).

M7824, developed jointly by Merck, Darmstadt, Germany and GlaxoSmithKline, is an investigational bifunctional fusion protein immunotherapy.

Immutep stated: “Bintrafusp alfa aims to block two immunosuppressive pathways, TGF-β and PD-L1, while efti activates antigen presenting cells, via the LAG-3 – MHC II pathway.”

In layman’s terms, efti works by controlling signalling pathways and activating T-cell function, while M7824 removes two brakes to allow the immune system to kill cancer cells.

The INSIGHT-005 trial will be conducted by the Institute of Clinical Cancer Research, at Krankenhaus Nordwest in Frankfurt, Germany. Subject to regulatory and ethics committee approval, the first patient is expected to be enrolled in mid-2021. First data is estimated to be available in early 2022.

Management commentary

Immutep CEO Marc Voigt said:

Through INSIGHT-005, we plan to explore the effect of releasing the brakes and pushing the accelerator of the body’s immune system in three different positions of the cancer immunity cycle. The new trial builds on our knowledge and the encouraging data from the INSIGHT trial of efti, also in solid tumours. We are excited about this new clinical collaboration which allows us to extend and strengthen our relationship with an existing partner in a new and exciting setting, particularly at a time when there is growing awareness and validation of the LAG-3 MHC class II interaction.

Dr Salah-Eddin Al-Batran, lead investigator of INSIGHT-005, added:

We are very pleased to be expanding our involvement with Immutep to explore efti in a new combination with bintrafusp alfa. Our experience and knowledge of efti, combined with our extensive nationwide network of more than 500 German clinical facilities, means we are well equipped to lead the INSIGHT-005 study.

How has the Immutep share price been performing?

Immutep shares have jumped by more than 250% over the past 12 months, and are up by around 70% year to date.

Based on current valuations, Immutep has a market capitalisation of about $497 million, with approximately 696 million shares on issue.

More reading

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It’s the start of another month. Brokers have picked out a couple of ASX shares that could be really good opportunities to think about in June 2021.

But it’s not just one broker that likes the below businesses. There are actually a number of analysts that like the below ideas:

Australian Finance Group Ltd (ASX: AFG)

There are currently at least three brokers that like this large mortgage broking business. One of those brokers that like Australian Finance Group is Macquarie which has a price target of $3.06, which gives it a potential upside of almost 10% over the next 12 months.

Macquarie pointed out that the ASX share’s net interest margin (NIM) is doing well thanks to the lower funding costs.

In the third quarter of FY21, the business’ brokers lodged a record $20.6 billion in home loan applications. That was a 3.79% increase on the prior quarter and a 34.32% increase year on year.

Australian Finance Group said that record low interest rates, effective government stimulus packages and an improving consumer outlook have contributed to increased activity.

Quarter on quarter, NSW lodgements were up 9.37% and Victorian lodgements were up 6.6%.

Rising house prices have contributed to a fall in the loan to value (LVR) ratio. The national average LVR is down from 73.3% to 71.9%. The national average mortgage size has increased by 5.9% to $574,948.

Australian Finance Group disclosed that first home buyer activity has slowed, down from 22% to 18%, but this figure is still historically high. The ASX share commented that the state and federal government incentive schemes have done their job and likely pulled forward some demand.

Using Macquarie estimates, the Australian Finance Group is valued at 15x FY21’s estimated earnings with a grossed-up dividend yield of 6.3%.

Ramelius Resources Limited (ASX: RMS)

Ramelius Resources is one of the gold miners on the ASX, with its operations in Western Australian. It operates the Mt Magnet, Vivien, Edna May and Marda gold mines. It also has the Tampia and Penny gold projects.

It’s currently rated as a buy by at least three brokers, including Morgan Stanley which has a price target of $2.30 on the business.

The broker thinks that the gold miner can continue to generate good cashflow to pay dividends, fund growth and perhaps even find some acquisitions.

In its quarterly update for the period to 31 March 2021, it saw group gold production of 66,029 ounces, which was within its production guidance of 65,000 ounces to 70,000 ounces.

The gold miner’s all-in sustaining cost (ASIC) was AU$1,370 per ounce, though this was at the top of the guidance.

For the quarter, Ramelius said it generated A$38.7 million of underlying cash flow, after excluding the FY20 tax payment and Tampia farm and minority joint venture acquisitions.

For FY21, it’s expecting to produce between 275,000 ounces to 280,000 ounces at an ASIC of between A$1,280 to A$1,330 per ounce.

According to Morgan Stanley, the gold miner is valued at 15x FY22’s estimated earnings with a projected grossed-up FY22 dividend yield of 4.7%.

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Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares edged lower on opening. At the time of writing, the ANZ share price is down 0.77% to $28.49. Comparatively, the S&P/ASX 200 Index (ASX: XJO) is down 0.29% at the time of writing.

Below we look at the details of the bank’s $1 billion capital raising plans.

How will the bank raise $1 billion?

ANZ shares are edging lower after the big 4 bank announced its intention to raise $1 billion in new tier 1 capital.

The company will raise the funds via its new ANZ Capital Notes 6 (CN6), saying it has the ability to raise more or less than $1 billion.

Under a reinvestment offer, investors holding existing ANZ Capital Notes 1 (CN1) can apply to sell some or all of those holdings. Furthermore, this will then be reinvested into the new CN6 notes. The CN1 notes were issued in August 2013.

Current holders of ANZ shares who wish to participate in the new CN6 offer or the reinvestment offer are looking at a closing date of 30 June.

The company points out that, “ANZ Capital Notes 6 are complex, involve increased risks compared to other less risky and less complex bank investments such as deposits and may not be suitable for all investors.”

The bank said it expects the offer to open on 9 June. It will use the newly raised funds both for general corporate purposes and refinance CN1.

ANZ shares snapshot

ANZ shares first listed in Australia way back in 1969. These days the bank counts amongst the largest listed companies on the ASX 200. The company also has a market cap of $81.7 billion.

ANZ shares are also well known for providing a reliable dividend stream. At the current price of $28.49 per share, the bank pays an annual dividend yield of 3.68%, fully franked. 

Atop dividends, shareholders have also enjoyed some outperforming capital gains over the past year. This is due to ANZ shares being up 59% over the past 12 months. By comparison, the ASX 200 has gained 23% over that same time.

Year-to-date ANZ shares are up 25%. 

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

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

Moderna‘s (NASDAQ: MRNA) vaccine is successfully helping people avoid the coronavirus. The billion-dollar product has demonstrated more than 90% efficacy in adults. And new data show it’s 100% effective in teens. But Moderna faces one big challenge that could wreak havoc on how well its vaccine protects the population. And that’s the rapid emergence of variants.

The vaccine has handled them so far. Moderna even says one of its booster candidates may be ready by fall. One of the candidates specifically targets the South African variant. But the biotech company realizes it can’t constantly chase the next variant. It has to stay a step ahead. Let’s take a closer look at how Moderna plans to do that — and what it means for investors.

Investing “intensively”

Moderna gave us a hint a few weeks ago. During the company’s earnings call, CEO Stephane Bancel emphasized Moderna’s commitment to artificial intelligence (AI). He said the company planned on investing “intensively” in AI, automation, and digital over the coming five to 10 years.

Fast forward a few weeks to the company’s annual Science Day. Here, Moderna said one major way to stay ahead of variants involves AI and machine learning. They help predict strains that may “escape” protection provided by current vaccines. Based on this, Moderna will be able to create next-generation vaccines and boosters before need becomes critical.

Researchers worldwide have made available on a database more than one million genome sequences of SARS-CoV-2 since the virus emerged. Moderna uses a special app to quickly review sequences as soon as they appear. The company then selects variants to explore in-depth.

From here, Moderna examines the situation from various angles and using various tools. Researchers look at the prevalence of particular variants over time by location. They use structural mapping of neutralizing antibody contact sites to determine where “escape” from protection is likely to happen. And they perform deep mutational scanning on a library of mutations. This helps scientists understand the possible mutations available to a virus so that it may continue to progress and infect. Moderna also examines sequencing information from coronavirus infections that may occur in its clinical trials or out in the real world.

Tomorrow’s coronavirus

All of this is key for one big reason: The coronavirus we’re fighting today may not be the same as the one we’ll fight a year from now. We’ve seen a steady emergence in variants over the past several months. It’s possible that will continue. To maintain leadership, companies must be able to address new variants before they gain ground.

Moderna is a leader now. The company is set to generate $19.2 billion in product revenue this year according to advance purchase agreements. And the potential availability of a booster this fall may get the ball rolling when it comes to handling variants. But what makes me even more confident about Moderna’s prospects in the coronavirus space are the efforts to stay ahead of the variants rather than chase them.

Of course, rivals are working to handle variants too. Pfizer is testing a variant-specific vaccine and expects to report data this summer. Smaller rival Inovio Pharmaceuticals is investigating a “pan-COVID” vaccine to handle all variants — the company expects to start a clinical trial this year.

But here are two reasons why that shouldn’t worry Moderna investors. First, considering the worldwide need for vaccination, there is room for more than one player to generate billions annually in this space. And second, from a timeline and technology perspective, Moderna seems to be ahead of the pack right now. So, Moderna has a good chance of becoming a leader when it comes to handling variants.

All of this means Moderna’s nearly 180% share price gain over the past year isn’t the end of the story. It’s probably just the beginning. It’s important to remember that the stock is trading at only seven times forward earnings estimates. And it’s trading at 26 times sales.

MRNA PE Ratio (Forward) data by YCharts

Considering these numbers and the points I mention above, Moderna shares aren’t expensive at these levels. The good news for Moderna investors and potential investors? It’s not too late to get in on shares of this biotech company — and reap rewards over the long term.

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

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The Starpharma Holdings Limited (ASX: SPL) share price is pushing higher on Tuesday morning.

At the time of writing, the dendrimer products developer’s shares are up over 2% to $1.84.

This latest gain means the Starpharma share price is now up almost 20% year to date.

Why is the Starpharma share price pushing higher?

Investors have been bidding the Starpharma share price higher on Tuesday following the release of a positive announcement relating to SPL7013. This is the active in its Viraleze antiviral nasal spray.

According to the release, new data confirms that SPL7013 has potent antiviral activity against the UK COVID-19 variant in laboratory studies, achieving more than 98% reduction in infectious virus in antiviral assays.

The release explains that the antiviral testing of SPL7013 was conducted in the laboratory of virologist Professor Philippe Gallay at The Scripps Research Institute in the United States. Previous studies at the same laboratory have demonstrated the same level of antiviral activity of SPL7013 against the US strain of COVID-19.

Management notes that this indicates that there is no loss of potency for SPL7013 against the UK variant compared with earlier strains of the virus. This is thought to be due to its mechanism of action, which is not reliant on specific binding sites within the spike protein.

The active in Viraleze acts by blocking the interaction between the SARS-CoV-2 viral spikes and the human cells the virus is seeking to infect. It feels the lack of reliance on specific binding sites within the spike protein could represent a key advantage for the breadth of activity of SPL7013 against multiple variants

Overall, it feels the broad-spectrum antiviral activity of Viraleze is a compelling feature for the product to be used alongside other prevention strategies and complementary to vaccines. This is particularly the case as health authorities respond to the emergence of new SARS-CoV-2 coronavirus variants.

Starpharma’s CEO, Dr Jackie Fairley, commented: “Given the constantly evolving public health challenges presented by SARS-CoV-2 variants, we are delighted to see that Viraleze retains potent activity against the important UK variant. SPL7013 has consistently shown high levels of antiviral activity, not only against multiple COVID-19 variants, but also against a broad spectrum of other respiratory viruses, including influenza, making Viraleze an ideal product to use alongside vaccines and other measures.”

Starpharma is pursuing avenues to provide rapid access to Viraleze in a number of countries where outbreaks have occurred. It is also exploring expedited registration where applicable and progressing other regulatory activities for a number of markets, including Australia.

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The Infomedia Limited (ASX: IFM) share price is on the rise in early morning trade. This comes after the company provided an update on its SimplePart acquisition, and FY21 guidance.

At the time of writing, Infomedia shares are up 8.86% to $1.48.

Business update and FY21 guidance

Investors are pushing Infomedia shares higher following the company’s positive announcement.

According to this morning’s release, Infomedia advised it has completed the acquisition of United States-based e-commerce platform, SimplePart.

Infomedia’s CEO, Mr Jonathan Rubinsztein commented:

We are delighted to officially welcome SimplePart into the Infomedia family. Our respective teams have started to engage and identify opportunities to leverage existing relationships in the Americas and elsewhere.

SimplePart is a strategic extension of Infomedia’s core global offering and uniquely positions us to offer our customers an expanded range of market leading business-to-business and business-to-consumer parts, service and data insights solutions.

The procurement which was finalised towards the end of the 2021 financial year, is not expected to contribute materially to Infomedia.

Infomedia indicated that its core parts and service Software-as-a-Service (SaaS) platform has seen an uptick since December, particularly this quarter. While COVID-19 has somewhat impacted the business, FY21 revenue is projected to come between $95 million and $96 million. In addition, cash earnings before interest, tax, depreciation, and amortisation (EBITDA) are expected to be around $19 million and $20 million.

Infomedia noted that growth in organic monthly recurring revenue coupled with SimplePart revenue will lead to strong momentum for FY22.

The company is scheduled to release its full-year results on 24 August, 2021.

About the Infomedia share price

Over the past 12 months, Infomedia shares have lost roughly 15%, with year-to-date performance down by 30%. The company’s share price reached a 52-week high of $2.02 in late December, before sinking on its half-year results.

Infomedia presides a market capitalisation of about $509 million, with approximately 375 million shares on issue.

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The BHP Group Ltd (ASX: BHP) share price hit a new record all-time high of $51.82 on 10 May.

But instead of it being smooth sailing at record highs, its shares experienced a sharp 10.60% pullback to a low of $46.34 by 26 May. By the end of the month, its shares had delivered an unfortunate flat month-on-month gain.

Why was May such a bipolar month for the BHP share price?

May seemed like a tug-of-war between record high iron ore prices and China’s policies against “unreasonable” commodity prices.

Looking back, it might have felt like iron ore prices had topped in April. Factors such China’s infrastructure stimulus easing and an anticipated improvement in Brazil’s iron ore output could see the supply demand pendulum shift closer to equilibrium.

But against all odds, iron ore staged yet another rally to break above US$200/tonne for the first time on record. This unexpected move up was arguably the catalyst behind the BHP share price hitting new all-time record high.

But just as things started to get even more euphoric for BHP shares, China issued a number of statements including plans to increase domestic iron ore production, strength its domestic management of commodities and summoned major producers, urging them to safeguard price stability.

While iron ore spot prices have remained above US$200, Chinese iron ore futures contracts on the Dalian Commodity Exchange fell from as high as 1,300 yuan (US$204) to lows of 1,000 yuan (~US$156). Prices have since rebounded to 1,100 yuan (~US$172) levels.

Despite spot prices standing firm above US$200 per tonne, the dive in Chinese iron ore futures contracts could be a reason why BHP shares retreated so quickly from record highs. It might be worth keeping an eye out for any continued divergence in Chinese iron ore futures prices, and if any weakness spills over into spot markets.

With that said, the BHP share price is still 11.10% higher year-to-date, alongside a generous 5.80% dividend yield.

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The Woolworths Group Ltd (ASX: WOW) share price is trading lower on Tuesday despite the release of an announcement.

At the time of writing, the retail conglomerate’s shares are down 1% to $41.20.

What did Woolworths announce?

The Woolworths share price is under pressure today despite announcing the successful completion of its Quantium transaction this morning.

According to the release, this transaction has strengthened its partnership with the data science and advanced analytics business, increasing its shareholding from 47% to 75%. Woolworths paid $223 million for the additional stake.

What is Quantium?

Quantium is a world-class data science and advanced analytics business that has been helping Woolworths and its supplier partners to make customer-first decisions across pricing, ranging, and promotions.

It has been growing exponentially in Australia and internationally since Woolworths’ original investment back in 2013.

Why did Woolworths increase its stake?

Woolworths’ CEO, Brad Banducci, believes that advanced analytics is becoming incredibly important for businesses and expects Quantium to help unlock value.

Commenting on the investment in April, Mr Banducci said: “Advanced analytics is key to improving the experiences, ranges and services we provide to our customers and the support we provide to our teams and suppliers. The way we gather data, interpret it, and protect it, is becoming ever more important.”

“Through this transaction, we aspire to bring together Quantium’s advanced analytics capability and Woolworths Group’s retail capabilities to unlock value across our entire retail ecosystem. By working better together, we aim to transform the rapidly evolving retail sector, helping us better service our customers and support our team and supplier partners,” he added.

Quantium will now form part of Woolworths Group, and a new business unit called Q-Retail is being established. Q-Retail will bring together Quantium and Woolworths Group’s collective data science and advanced analytics capabilities with a focus on delivering against the company’s advanced analytics aspirations.

The Woolworths share price is up 18% over the last 12 months.

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• AGL (ASX:AGL) may need a ~$600m capital raise to complete demerger

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