The Vulcan Energy Resources Ltd (ASX: VUL) share price is back on form again and is storming higher on Wednesday.

At one stage today the clean lithium developer’s shares were up as much as 12.5% to $8.19.

The Vulcan share price has since given back some of these gains but remains up 8.5% to $7.90 at the time of writing.

Why is the Vulcan share price storming higher?

Investors have been buying Vulcan shares today after it responded to media speculation that it could be about to undertake a capital raising.

According to the release, Vulcan is not conducting a capital raise at this point in time. Instead, it advised that it is undertaking a non-deal roadshow with potential investors.

The AFR had suggested that this roadshow could be a pre-requisite before launching a capital raising to fund future work at its lithium project in Europe.

Chief among these will be the starting capital cost of 226 million euros for geothermal energy plants and 474 million euros for direct lithium extraction and processing plants. After which, its phase two total capital expenditure is forecast to be 1.14 billion euros.

This means its full project costs with no phasing could come to a sizeable 1.74 billion euros by the time it is operational in 2024. But investors certainly believe this investment will be worth it based on its pre-feasibility study (PFS).  

According to its announcement, the Zero Carbon Lithium Project’s first PFS demonstrates strong potential to develop a cutting edge, combined renewable energy and lithium hydroxide project, in the centre of Europe, with net zero carbon footprint.

The study also reveals that the project has an after tax net asset value of 2.25 billion euros. This equates to approximately A$3.5 billion.

What’s next for Vulcan?

The company’s main focus in 2021 will be the Definitive Feasibility Study (DFS) work at the project.

It is also working on permitting, the scale up of lithium extraction test-work, and advancing its current discussions with European lithium offtakers.

The Vulcan share price is now up 185% since the start of 2021.

More reading

• 5 lithium shares that are fast-charging up in 2021
• Here’s why the AVZ Minerals (ASX:AVZ) share price is surging higher today
• Why Cleanaway, Crown, Pro Medicus, & Vulcan shares are tumbling lower
• Why Vulcan (ASX:VUL) and these ASX shares are smashing the market in 2021
• We have lift-off: Vulcan Energy (ASX:VUL) share price hits new heights

Motley Fool contributor James Mickleboro 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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Shares in plus-size women’s clothing retailer City Chic Collective Ltd (ASX: CCX) stormed to a new all-time high price of $4.24 on Monday. This means that, since it bottomed out at 71.5 cents during the COVID-19 panic sell-off in March last year, the City Chic share price has gained nearly 500%!

This puts its 12-month performance well ahead of more established ASX clothing retailers like Premier Investments Limited (ASX: PMV), which owns the Just Jeans and Peter Alexander brands.

What’s driving the City Chic share price?

Despite COVID-19 lockdowns forcing temporary store closures across Australia and New Zealand for big chunks of 2020, City Chic was still able to increase sales last financial year by pivoting towards online channels and tapping into the United States market.

City Chic also made a number of key strategic acquisitions in 2019 and 2020 that have helped boost its global presence. The company will be hoping these acquisitions pave the way for further growth in both Europe and the US – particularly as those economies recover post-coronavirus.

Now, to the financials. Despite the many market challenges, FY20 was a solid year for City Chic. Top line revenue increased by 31% year on year to $194.5 million, and global active customer numbers increased by 72% to over 650,000. Statutory NPAT came in at $9.7 million for the year, a drop of almost 40%, but this decline was due in large part to higher discounting to support customer numbers during COVID-19, as well as higher logistics and freight costs due to greater numbers of online sales.

The result showed how City Chic’s expansion into new markets was helping the company to continue growing its revenues during the pandemic. Although sales dropped by 4.8% year on year in Australia and New Zealand due to COVID lockdowns, sales in the Northern Hemisphere surged 179% higher. In fact, the Northern Hemisphere accounted for over 40% of City Chic’s total sales for FY20.

US sales were boosted by the October 2019 acquisition of the e-commerce assets of US plus-size retailer Avenue for US$16.5 million. This grew City Chic’s market penetration in the US and helped to double the company’s online sales in FY20.

City Chic had also hoped to acquire the e-commerce assets of US-based brand Catherine’s, but its bid was unsuccessful. However, although this deal fell through, in December the company announced it had acquired the e-commerce and wholesale assets of United Kingdom-based women’s plus-size brand Evans for 23.1 million pounds. Evans is a well-established UK high street brand with a 90-year history and a large customer base. For the 12 months leading up to August 2020, the Evans website had over 19 million visits and generated 23 million pounds in sales.

Forecast for FY21

Continued uncertainty surrounding the economic impacts of COVID-19 has made it difficult for City Chic to make any definitive earnings forecasts for FY21. However, the company has stated it remains focused on several growth initiatives for the year ahead. These include pursuing further acquisitions in the Northern Hemisphere, investing in the expansion of its online presence, and improving engagement with its Avenue customers in the US.

At the time of writing on Wednesday, the City Chic share price is trading at $4.10, down 1.4% for the day so far.

More reading

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Motley Fool contributor Rhys Brock 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 Synlait Milk Ltd (ASX: SM1) share price is up 5.3% in morning trading, following an upgrade on the company’s base milk price forecasts.

Why did Synlait Milk upgrade its milk price forecast?

In an update released to the ASX this morning, Synlait Milk increased its forecast base milk price for the 2020–2021 season by 12.5%. The new forecast is $7.20 /kg milk solids (kgMS), up from $6.40 /kgMS.

The company decided to increase its base milk price forecast after a large rise in dairy commodity prices over the past few months. Synlait believes the rest of this milk season will see commodity prices remain near their current levels.

Commenting on the revised price forecast, Synlait Milk’s supply manager David Williams said:

Despite the wider global uncertainty, dairy commodity prices have remained robust and a higher forecast base milk price will be welcomed by our Synlait farmer suppliers. We are grateful for their continued support.

The company said it will continue monitoring price movements for its farmer suppliers, noting that its forecasts are based on the best information currently available. Its next price update is expected in May.

Synlait Milk company and share price snapshot

Synlait Milk is a New Zealand-based company, listed on both the New Zealand and Australian share exchanges. The company works with more than 200 milk suppliers to provide global access to quality dairy products. Synlait’s cheese manufacturing facility, Talbot Forest Cheese, is based in Temuka.

Synlait shares first began trading on the ASX in November 2016. The company has a market cap of $949 million.

2020 was a difficult year for Synlait shareholders. The share price crashed more than 48% through to 19 March during the wider COVID-19 market panic. Though shares rebounded strongly from there, gaining 66% by 17 April, it’s been mostly downhill from there.

Synlait’s largest customer is A2 Milk Company Ltd (ASX: A2M). And a2 Milk has taken an unexpectedly hard hit from reduced daigou trading. (That’s where individuals or syndicates purchase products – baby formula in this case – in Australia and resell those in China.) As a result, in December Synlait forecast that its 2021 financial year net profit after tax (NPAT) will be roughly half of the 2020 figures.

Over the past 12 months, the Synlait Milk share price is down 46%. Year-to-date so far in 2021, its shares are down 7%.

More reading

• Why the City Chic (ASX:CCX) share price is trading near record highs
• These ASX clothing retailers’ share prices are storming to record highs
• Moderna says vaccine protects against all known variants
• Why the 4DMedical (ASX:4DS) share price is soaring higher
• Why the Booktopia (ASX:BKG) share price is rocketing 15% to a record high

Motley Fool contributor Bernd Struben 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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With COVID-19 vaccine rollouts now advancing in many nations across the world, there is a renewed sense of optimism about the end of the pandemic and a potential near term economic recovery.

Although the vaccine distribution is yet to commence here in Australia, our success in dealing with localised outbreaks has meant that we have already been able to safely open up our economy and return to some degree of normal life.

We can see this in sectors such as the retail industry which bounced back over the Christmas period. The Australian Bureau of Statistics estimated that seasonally adjusted turnover increased by 9.4% year-on-year in December 2020.

This unexpected jump in retail activity has helped buoy the share prices of many local retailers. Here are four clothing brands that have seen their share prices soar to new highs recently.

Premier Investments Limited (ASX:PMV)

With a market cap approaching $3.7 billion, Premier Investments is the largest and most established retail company on this list. It owns the Just Group, which includes the Just Jeans, Peter Alexander, and Jay Jays brands. Premier Investments also has a 28% stake in household electrical appliances manufacturer Breville Group Limited (ASX:BRG).

In a trading update released to the market earlier this month, Premier Investments stated that it expected first half FY21 earnings before interest and tax expenses (“EBIT”) to be in the range of $221 million to $233 million, an increase of between 75% and 85% on first half FY20.

Its share price briefly jumped to a new all time high of $26.70 on the back of that update. While it has pulled back to $23.10 as at the time of writing, it is still up a touch over 25% in the last twelve months.

Globe International Limited (ASX:GLB)

Globe manufactures and distributes a range of street fashion, skating equipment, outdoor clothing, and workwear. Among its proprietary brands is skate and apparel brand Globe, as well as surfing apparel brand Salty Crew. It also owns the Australian distribution rights for well known American streetwear brand, Stüssy.

Globe International released a trading update on 18 January. It  was reported that preliminary sales numbers of approximately $125 million for the first half of FY21, an uplift of 60% versus first half FY20. More importantly, EBIT was also expected to come in at more than $20 million – an increase of over 370%.

Its share price skyrocketed on the news. In just this month alone it has surged almost 70% higher. Over the last twelve months it is up close to 190%.

Accent Group Limited (ASX:AX1)

Accent Group is the largest footwear retailer in Australia. It operates over 400 stores across Australia and New Zealand and has exclusive distribution rights for a number of well known international brands including Dr. Martens, Skechers, and Timberland.

Accent Group also released a trading update earlier this month in which it announced that stronger than expected sales in November and December had resulted in a jump in first half FY21 earnings before interest, tax, depreciation, and amortisation expenses (EBITDA). It now expects EBITDA in the range of $95 million to $98 million, an increase of up to 45% versus first half FY20.

The Accent Group share price has surged over 40% higher in the last twelve months.

City Chic Collective Limited (ASX:CCX)

Last on the list is plus sized women’s clothing retailer, City Chic. Despite store closures causing a dip in City Chic’s sales across Australia and New Zealand in FY20, the company still managed to increase Group revenues due to its growing presence in the Northern Hemisphere.

It acquired the eCommerce assets of American brand the Avenue in October 2019, which boosted its market penetration in the US and also helped to double its online sales for the year. In December, City Chic also announced it had acquired the eCommerce and Wholesale assets of UK-based women’s plus size brand, Evans.

This willingness to expand into new markets has delivered big gains in the company’s share price.

It recently set a new record high price of $4.24, and is up almost 50% over the last twelve months.

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Motley Fool contributor Rhys Brock has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Accent Group. 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 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 Inc (NASDAQ: MRNA) announced evidence that its COVID-19 vaccine is protective against all variants of the SARS-CoV-2 virus detected to date, including two strains first detected in the United Kingdom and South Africa. The level of protective antibodies against the UK strain, B.1.1.7, was equivalent to those against earlier variants. But while the antibodies to B.1.351, the South African strain, were believed to be sufficient to be protective against the disease, they were reduced, leading the company to move ahead with testing a new version of the vaccine aimed at that variant.

Moderna’s study was conducted in the laboratory by exposing blood serum from eight clinical trial participants aged 18 to 55 who had received the two-dose regimen of its mRNA-1273 vaccine and from two nonhuman primates to all key emerging variants of SARS-CoV-2. The level of neutralizing antibodies to all the variants were judged to be protective, but antibodies to the South African variant were reduced six-fold compared with the response to earlier variants.

Moderna CEO Stephane Bancel said, “Out of an abundance of caution and leveraging the flexibility of our mRNA platform, we are advancing an emerging variant booster candidate against the variant first identified in the Republic of South Africa into the clinic to determine if it will be more effective to boost titers against this and potentially future variants.” The biotech company expects the booster could be given in combination with any of the leading vaccine candidates.

The new booster vaccine candidate, dubbed mRNA-1273.351, will be advanced into a preclinical study and a phase 1 trial in the United States. Moderna will also test the effectiveness of a third dose of its standard vaccine as a booster against emerging strains of COVID-19. 

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

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Jim Crumly 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 4DMedical Ltd (ASX:4DX) share price is soaring higher today despite the broader All Ordinaries Index (ASX: XAO) tumbling lower. This, after the company announced it has started its first clinical trial for its XV Lung Ventilation Analysis Software (XV LVAS).

During early morning trade, the 4DMedical share price is up 6.6% to $2.41. In contrast, the All Ords is slightly down 0.37% to 7,096 points.

What did 4DMedical announce?

The 4DMedical share price is on the move after the company reported its progressing with the commercialisation of XV LVAS.

4DMedical advised that its first XV LVAS clinical pilot program will be undertaken at St Joseph Hospital in Orange County, California. St Joseph Hospital is one of 51 hospitals owned by the third largest non-profit health system within the United States, Providence Health & Services.

According to this morning’s release, XV LVAS will be used to assist in the screening for lung diseases. This includes diagnosing and monitoring patients with health problems such as asthma, emphysema, pulmonary fibrosis, lung cancer and COVID-19.

The respiratory imaging platform will be tested over the coming months by St Joseph Hospital medical professionals. If successful, it’s anticipated that the company will roll-out XV LVAS as the standard practise for inpatient and outpatient settings.

XV software and its addressable market

4DMedical’s proprietary XV LVAS technology converts X-ray images into a four-dimensional data package using mathematical models and algorithms. The platform then provides physicians with information about a patient’s lung motion and air flow. This enables the detection and monitoring of various lung diseases, which can be managed or treated if possible.

4DMedical noted that the respiratory diagnosis industry is worth an estimated US$31 billion per annum world-wide. In the United States, the largest healthcare market, this represents an annual opportunity of US$13.7 billion.

Management commentary

4DMedical founder & CEO Andreas Fouras hailed the milestone, saying:

We are extremely pleased to announce the commencement of the clinical pilot in collaboration with St Joseph Hospital as it signifies the commencement of our commercialisation phase in the US. We believe that XV LVAS is a unique tool that can assist physicians in diagnosing and managing patients with various lung diseases, including COVID-19, as it provides physicians with a unique picture of how air moves in the lungs.

We have been extremely pleased with the feedback received from leading hospitals and clinics in the US, our priority market, and remain focused on continuing to progress the commercial rollout of XV LVAS.

About the 4DMedical share price

Since listing in August, the 4DMedical share price has gained more than 42% for investors in that time. The company’s shares hit a low of $1.25 in the opening month, before accelerating higher to $2.98 in October.

Based on the current share price, 4DMedical commands a market capitalisation of around $400 million.

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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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The Booktopia Group Ltd (ASX: BKG) share price has returned from the public holiday in style.

In morning trade the online book retailer’s shares were up a massive 15% to a record high of $3.06.

When the Booktopia share price hit that level, it meant it was up 33% from its December IPO price of $2.30.

Why is the Booktopia share price rocketing higher?

Investors have been buying Booktopia’s shares today following the release of an update on its first half performance.

According to the release, Booktopia continued to experience strong demand for its products throughout the Christmas period.

And thanks partly to its recent investment in additional automation and the increased capacity of its distribution centre, it delivered a record month in December and a record half year performance.

The first stage of its $20 million expansion and automation project at the Lidcombe Distribution Centre in Sydney was completed in November. It increased Booktopia’s outbound capacity from 30,000 units to 60,000 units per day.

This allowed the company to ship a record 728,000 units during the final month of the year, bringing its total shipments to 4.2 million units for the half. This is a 40% increase on the same period last year.

This underpinned a 52% increase in unaudited half year revenue to $113 million and a 506% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to $8 million.

Outlook

Management notes that the increase in trading volumes compared to the previous year is consistent with other online retailers and a continuation of the shift towards online shopping experienced throughout 2020 because of the pandemic.

In light of this and the ongoing uncertainty around COVID-19, it has warned that its first half performance should not be seen as an indication of the potential full year result.

However, Booktopia’s CEO, Tony Nash, remains very positive on the future.

He commented: “The Christmas period saw strong demand from customers. Our investment in additional capacity and automation allowed us to meet customer orders in a timely fashion and ensured we were able to have the biggest December in the history of the company.”

“We are confident the momentum and growth we experienced in 2020 should continue throughout the year and beyond and as a result the business is on track to meet forecasts provided in the company’s prospectus,” he added.

More reading

• 3 mammoth IPOs of 2020

Motley Fool contributor James Mickleboro 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 Nitro Software Ltd (ASX: NTO) share price has been a very strong performer on Wednesday morning.

In early trade, the document productivity software company’s shares are up 7% to $3.27.

Why is the Nitro share price surging higher?

Investors have been buying the company’s shares following the release of its fourth quarter update this morning.

According to the release, the company completed the fourth quarter and FY 2020 with annualised recurring revenue (ARR), subscription revenue, and cash receipts above its prospectus forecasts.

In respect to its ARR, Nitro finished the year with ARR of US$27.7 million, which was up 64% on the prior corresponding period. This also compares favourably to its previously upgraded guidance of US$26 million to US$27 million.

Nitro also revealed that its subscription revenue has now increased to approximately 58% of total revenue and comprised approximately 78% of revenue across the dominant Business sales channel. It notes that this reflects strong progress in Nitro’s transition to a subscription revenue model.

The company now serves 11,700 business customers, including 68% of the Fortune 500, and saw over 1 million Nitro Sign eSignature requests sent during the year. Key expanding and renewing accounts in the period included Lufthansa, Swiss Mobiliar, Pike Corporation, PPD, USI Insurance, and Citco.

What about its full year results?

In respect to its full year results, Nitro expects to report total FY 2020 revenue in line with its prospectus forecast of $40.5 million.

Management also advised that it expects to post an operating loss (excluding share-based payments and FX) within the range of $2.1 million to $2.6 million. This compares to its prospectus forecast of a $4 million operating loss. This better than expected performance was due to the slower pace of planned hiring and lower required marketing investment to achieve its sales goals.

At the end of the period, the company had a cash balance of US$43.7 million and no debt. Management believes this provides it with a strong financial position to pursue growth opportunities.

Nitro’s CEO and Co-Founder, Sam Chandler said: “We achieved a very strong finish to 2020 as the transition to digital workflows and productivity anywhere remains a priority for organisations of all sizes. Our results are testament to the quality of our products and the incredible efforts of the Nitro team in delivering continued acceleration in subscription sales and revenue. As the world navigates the ongoing disruption caused by the COVID-19 pandemic, we will continue to provide our customers with best-in-class solutions for remote work and digital productivity.”

“We’re honoured to serve 11,700 Business customers, including 68% of the Fortune 500, and we look forward to continuing to drive digital transformation around the world in 2021 and beyond,” he concluded.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nitro Software 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 Syrah Resources Ltd (ASX: SYR) share price slumped 6.9% lower on Monday as the Aussie graphite miner closed its share purchase plan (SPP) at a steep discount.

In early trading today, Syrah shares have gained slightly, up 0.57% at $1.22 at the time of writing.

Why did the Syrah share price fall 7%?

Syrah announced the results of its SPP, which closed on Wednesday 20 January. Syrah’s SPP targeted raising $12 million in new equity at a price of $0.90 per share.

The SPP was “heavily oversubscribed” with the Aussie miner receiving $63.7 million of valid applications. Applications for the SPP came at the same price as the recently completed $56 million share placement.

As a result of the oversubscription, Syrah’s board of directors decided to accept a total of $18 million from the SPP. The new shares are set to be issued on Thursday with scale back on a pro-rata basis.

Syrah managing director Shaun Verner welcomed the shareholder support. The funds will be used to progress Syrah’s natural graphite active anode material (AAM) facility in Louisiana, USA. The company is working towards a final investment decision in the second half of 2020 for the construction of a 10 kilotonnes per annum facility.

The Syrah share price slumped lower on Monday following the update on the SPP. It’s worth noting the $0.90 offer price is a steep discount to the closing Syrah share price on January 20.

Shares in the Aussie graphite miner closed at $1.19 per share last Wednesday before climbing to a new 52-week high of $1.34 per share on Thursday.

How did the graphite miner’s shares perform in 2020?

The Syrah share price rebounded strongly in 2020 after years of lacklustre performance. From late January 2016 to January 2020, shares in the Aussie graphite miner fell 86.1% lower.

2020 represented a turning point of sorts with the Syrah share price climbing 134.6% higher in the last 12 months.

The Aussie graphite miner boasts a market capitalisation of $582.1 million as at Monday’s close of trade.

More reading

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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 Asaleo Care Ltd (ASX: AHY) share price has come under pressure on Wednesday.

At the time of writing, the personal care products company’s shares are down 1% to $1.27.

Why is the Asaleo Care share price dropping lower?

Investors have been selling the company’s shares this morning following the release of an update on both its performance in FY 2020 and a recent takeover approach.

In respect to FY 2020, Asaleo Care reported unaudited full year revenue of $419.2 million, which represents a 2.3% year on year increase.

This was driven by a strong performance in all retail segments and the B2B Incontinence Healthcare segment, which were collectively up 6.7%. Offsetting some of this growth was a 4% decline in B2B Professional Hygiene, which was impacted by COVID-19 restrictions on “away from home” activity.

Asaleo Care’s underlying earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $87.2 million for the 12 months. This was ahead of its previous guidance of the upper end of $84 million to $87 million. Excluding discontinued businesses (Baby NZ), underlying EBITDA was up 6.3% to $89.2 million.

At the end of the period, the company’s net debt had reduced from $139.3 million to $94.9 million. It believes this gives it the balance sheet flexibility to fund dividends and accommodate accretive bolt-on acquisitions.

FY 2021 and FY 2022 Guidance

Management believes the company is well-placed to deliver continued revenue growth in FY 2021 and margin expansion from FY 2022.

In light of this, in FY 2021 it is targeting revenue growth of 5% to 7% and EBITDA of $90 million to $93 million.

After which, in FY 2022 is aiming for mid-single digit revenue growth and EBITDA growth of 10%+.

Takeover update

The Independent Board Committee has responded to December’s unsolicited, indicative, conditional and non-binding proposal from Essity Aktiebolag to acquire all the shares in the company for $1.26 per share.

According to the release, after careful review, the committee considers that the proposal fundamentally undervalues Asaleo Care and is materially inadequate.

Asaleo Care’s Chairman, Harry Boon, commented: “The Independent Board Committee, after careful review, considers that the Proposal fundamentally undervalues Asaleo Care, is materially inadequate and does not reflect the strategic value of the company to Essity. However, the Committee remains open to further engagement.”

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Motley Fool contributor James Mickleboro 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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