This earnings season is set to be dominated by companies talking about the impact the pandemic has had on their performances.

While the overall impact varies company to company, one of the companies which is likely to have been hit hardest is Crown Resorts Ltd (ASX: CWN).

It is no wonder then that the casino and resorts operator’s shares are down 30% from their 52-week high.

Ahead of its results release on 19 August 2020, I thought I would see what analysts were expecting from the company.

What to expect from Crown Resorts in FY 2020?

According to a note out of Goldman Sachs, its analysts expect Crown to report a sharp decline in both revenue and earnings.

For the 12 months ended 30 June 2020, Goldman is forecasting revenue of $2.24 billion. This represents a 28% decline on the prior corresponding period.

In respect to earnings, the broker is estimating earnings before interest, tax, depreciation, and amortisation (EBITDA) of $483 million for FY 2020. This will be a 40% decline on the prior corresponding period. On a normalised basis, which excludes one-offs, EBITDA is expected to be $510 million.

Finally, on the bottom line, Goldman Sachs has pencilled in a second half loss of $36 million, leading to full year net profit after tax of $148 million. This will be down 60% year on year. In light of this tough second half, no final dividend is expected to be declared.

What else should you look out for?

Given the uncertainty it is facing, guidance for FY 2021 appears very unlikely to be given with these results.

Nevertheless, the broker is looking for some commentary around costs and also domestic gaming trends during the first quarter. Particularly given the recent reopening of its casino in Perth.

In addition to this, Goldman expects Crown to provide an update on its Crown Sydney development, which is expected to complete at the end of the year.

The broker commented: “Construction of Crown Sydney has largely remained uninterrupted through the pandemic, and CWN continues to expect the Crown Sydney to be completed on time (Dec 2020) and on budget (gross/net cost of A$2.2/1.4bn). Given the importance and size of this asset, we expect investors to focus on i) the outlook and how it plans to navigate around travel restrictions given its clear focus on VIP/premium end of the market and ii) progress and timing around the recruitment of c. 2k FTE to work in the Hotel Resort.”

Should you invest?

Goldman Sachs is sitting on the fence with Crown and has a neutral rating and $9.50 price target on its shares. It prefers rival Star Entertainment Group Ltd (ASX: SGR), which it has placed a buy rating and $3.70 price target on.

More reading

• Village Roadshow locked in a capital raise as it secures new $70m facility
• Why Crown, Fortescue, Kogan, & Nearmap shares are storming higher
• 5 things to watch on the ASX 200 on Monday
• Why Bubs, IAG, Star Entertainment, & Webjet shares are dropping lower
• Top broker picks the cheapest ASX stocks to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Biotechnology company Mesoblast limited‘s (ASX: MSB) share price added to the strong gains it notched up from April through June, closing up another 16.3% in July. An impressive performance considering the S&P/ASX 200 Index (ASX: XJO) only gained 0.5% in July.

Mesoblast’s share price was hammered badly in the wider market sell-off during early COVID-19 lockdown measures, tumbling a gut-wrenching 60% from 23 February through its low on 24 March.

Since its 23 March low, Mesoblast’s share price has come roaring back, up 241% by 31 July.

Year-to-date Mesoblast’s share price is up 115%, giving the company a market cap of $2.6 billion.

What does Mesoblast do?

Mesoblast is a regenerative medicine company developing treatments for inflammatory ailments, cardiovascular disease and back pain.

Mesoblast uses its proprietary technology platform to develop and commercialise innovative allogeneic cellular medicines to treat complex diseases. The company targets diseases that are resistant to a conventional standard of care and where inflammation plays a central role.

Mesoblast has four phase-3 products nearing registration:

• Revascor for advanced chronic heart failure
• MPC-06-ID for chronic low back pain due to degenerative disc disease
• Remestemcel-L for moderate to severe acute respiratory distress syndrome (ARDS) due to COVID-19 infection
• Ryoncil for use in steroid-refractory acute host disease

Why did Mesoblast’s share price gain again in July?

Mesoblast’s share price benefited from the company’s involvement in treating COVID-19.

In the first week of July, Mesoblast released a promising update on its allogeneic mesenchymal stem cell (MSC) product candidate, remestemcel-L.

The company reported an expanded access protocol (EAP) had been initiated in the United States for the compassionate use of remestemcel-L. Patients who tested positive for the virus aged between 2 months and 17 years with pre-existing cardiovascular issues could access remestemcel-L within 5 days of referral under the EAP.

Mesoblast’s financial performance has also been strong. The company recorded a 113% increase in overall revenues for the first 9 months of the 2020 financial year, compared to the first 9 month of the 2019 financial year. Mesoblast’s balance sheet was also fortified by a $138 million fund raising in May. The company’s next earning report is scheduled to be released on 27 August.

Mesoblast’s share price has continued to run higher, up 16% so far in August.

More reading

• Why I would buy and hold CSL shares today
• Worley share price jumps on contract win and is my key pick in the sector
• Which 3 ASX tech shares are investing in long-term growth?
• ASX 200 down 0.45%: REA Group impresses, IAG profit slump, ResMed downgraded
• Magellan share price falls despite strong July inflows

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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There has never been an easier time to invest in many great companies on the ASX. We live in a world that is dominated by fast moving news and by-the-second business transactions, with Australia’s economy integrated with those of other countries all across the globe.

Information and communication are always at the forefront of how we live today.

That being said, I believe there is currently no better company to invest in than CSL Limited (ASX: CSL). Here is why I would buy and hold CSL shares today.

What does CSL do?

Founded in 1916 (formerly known as Commonwealth Serum Laboratories), CSL has grown from a small cap stock to become a global biotherapeutics and vaccine company. With over 1,700 scientists working across the world, this biotech behemoth specialises in developing and delivering plasma-derived products for treating serious and rare diseases, as well as being one of the largest influenza vaccine providers.

What is CSL’s economic moat?

The term ‘economic moat’ as popularised by legendary investor Warren Buffett, refers to a business’ ability to maintain a competitive advantage over its competitors which allows it protect its market share and long-term profitability. It’s often seen as a distinct advantage that is difficult to replicate and thus creating a barrier against rival firms.

Whilst CSL’s wide economic moat is its large free cash flow amounts and strong track record of year-on-year returns, other advantages include its commitment to funding its R&D division to support continued growth.

In 2018/19 alone, CSL invested US$832 million for future-life saving medicines. Products in the pipeline include CSL112 – a potential game changer for heart attack patients. Currently in phase 3 trials, this novel apolipoprotein A-I infusion therapy is expected to prevent secondary heart attacks – 10% of which occur within 90 days of the first cardiovascular event.

John Deakin-Bell, a respected Citi biotech analyst has said that “if the product works and the trial is successful, it would be the single biggest opportunity for a product that CSL has developed.”

It’s estimated that the product could be released in early 2024 and reach global sales of an astonishing $5.75 billion per year. CSL’s revenue for 2019 was $12 billion. That’s almost 50% of its entire gross sales. This is just 1 of 37 products in its R&D portfolio.

And given the world is in midst of a pandemic, CSL (through its CoVig-19 Plasma Alliance) has been actively working toward developing a medicine to treat individuals with serious complications from COVID-19.

Is the CSL share price good value?

As Australia’s second largest company based on valuation grounds of just over $125 billion, CSL is still growing at an impressive rate. Financial metrics such as return on equity (ROE) – a measure of a company making good profits from its assets – sits at around 15–25% in the healthcare sector. CSL has averaged ROE of 45.8% over the last 5 years.

Whilst that’s only one of many indicators when reading a company’s financial reports, you can see how the CSL share price from the past 12 months has risen 23% compared to the S&P/ASX 200 Index (ASX: XJO), which has fallen more than 8% during that time. Even a patient buy-and-hold investor would be smiling at their returns of 728% for the last decade.

Foolish takeaway

Some of the best quality stocks in the market are in the ASX healthcare sector, and I think that CSL is the standout. It offers a trailing dividend yield of 1.06% and projects strong growth for future shareholder returns.

Since the pandemic began, the CSL share price has fallen almost 20% below its all-time high of $342.75. This could be attributed to the drop in blood plasma donations which risk disrupting production of its medical therapies. In light of this, I believe this would make it an opportune time to pick up some CSL shares and hold for the long-term.

With its world class facilities, lifesaving treatments and innovative R&D products, the sky is the limit for this biotech leader.

At the time of writing, the CSL share price is sitting at $275.88 per share with a market cap of more than $125 billion.

More reading

• Worley share price jumps on contract win and is my key pick in the sector
• Which 3 ASX tech shares are investing in long-term growth?
• ASX 200 down 0.45%: REA Group impresses, IAG profit slump, ResMed downgraded
• Magellan share price falls despite strong July inflows
• Earnings: IAG share price on watch after 50% profit slump

Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Recessions? Depressions? Pandemics? Not according to global share prices, particularly tech shares.

Yesterday marked the fourth consecutive day of gains for the MSCI All-Country World Index. And with that, the global basket of stocks has recouped all of 2020’s COVID-19 driven losses, which saw the index down more than 30% for the year in mid-March.

Created by MSCI Inc, the All-Country World Index corresponds to the performance of more than 2,700 small to large-cap stocks around the world. These stem from both developed and emerging markets.

The Index was buoyed by another strong performance in the United States share markets yesterday (overnight Aussie time). All three major indices closed in the green.

The tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) led the charge, up 1.0% for another new record high. Year to date, the Nasdaq is now up more than 22%.

Amazon.com, Inc. (NASDAQ: AMZN), Netflix Inc (NASDAQ: NFLX), Alphabet Inc Class A (NASDAQ: GOOGL), Microsoft Corporation (NASDAQ: MSFT) and Apple Inc. (NASDAQ: AAPL) all posted strong share price gains.

The 3.5% rise in the Apple share price yesterday brings the company’s market capitalisation to within a whisker of US$2 trillion…closing the day at US$1.95 trillion (AU$2.7 trillion).

Soaring tech share prices have seen the Nasdaq gain a stellar 62% since its 23 March low. With this rapid gain in mind, Ryan Detrick of LPL Financial — the largest independent broker-dealer in the US — sounds a note of caution. As quoted by today’s Australian Financial Review, he said: “Technology is probably extended in the near-term, but when you look at how strong earnings and guidance have been from the group, you realise there’s a reason the Nasdaq is at 11,000 and why eventual continued strength is quite likely”.

The important takeaway here for long-term investors is that while there could always be some retractions in the booming tech shares’ prices, their longer-term growth outlook remains strong.

Exploding demand for digital data sees the Nextdc share price skyrocket

It’s not just US tech shares that are enjoying booming share prices.

Australian data centre operator, Nextdc Ltd‘s (ASX: NXT), share price has rocketed more than 82% year to date. Today’s Nextdc share price brings the company’s market cap to $5.46 billion.

Specialist investment manager, Alceon, was onto the trend that’s seen a surging demand for data storage early. Daniel Chersky is the portfolio manager for the Alceon High Conviction Absolute Return Fund, which is up 13% year-to-date.

As reported by Bloomberg, Chersky says that Nextdc was one of the fund’s first picks in 2017. He commented that it has since “been a main driver behind returns seen during the coronavirus pandemic”. He went on to say that “All of us working from home, shopping from home and doing everything online benefits the data-center industry. People are realizing that data centers are core infrastructure assets”.

Chersky believes the shift towards cloud services is still in its early days, with decades of growth still ahead for tech shares like Nextdc.

Long-term investors take note.

Moving on…

ME Bank’s research flags caution with high flying BNPL tech shares

The share prices of Australia’s high flying buy now, pay later (BNPL) companies could come under pressure as consumers’ spending habits shift under the impacts of COVID-19.

According to new research from ME Bank, announced in a press release this morning, the number of Australians using BNPL services declined 3% during the six months to June 2020, falling to 13%. That compares to 16% using BNPL during the six months to December 2019.

Credit card payments, on the other hand, remained the same. 46% of respondents said they’d borrowed on credit cards over the past six months.

Commenting on the results, ME General Manager – Personal Banking, Claudio Mazzarella stated:

“It doesn’t matter how innovative the lending method is, most Australians are wary of getting into more unsecured debt in the midst of a global and domestic economic crisis. Buy Now Pay Later certainly hasn’t replaced the credit card yet. Credit card usage is holding steady while Buy Now Pay Later is dropping.

Most Australians are financially savvy. They know spending is spending, and debt is debt. Many households have taken a severe financial hit to incomes and been forced to cut back on spending, or they’re prudently waiting to see how this pandemic plays out before borrowing more.

The average Buy Now Pay Later user is younger and less financially comfortable. They may be wary of credit cards in general or unable to qualify for a credit card”.

With leading BNPL shares like Afterpay Ltd‘s (ASX: APT) share price up 131% so far in 2020, and rival Sezzle Inc‘s (ASX: SZL) share price up a sizzling 355%, these shares could come under pressure if this trend takes holds.

More reading

• Sezzle share price leaps 10% on oversubscribed share purchase plan
• Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher
• The next ASX stocks to beat expectations during this reporting season
• Why these ASX tech shares are skyrocketing
• Overvalued or a strong buy? Nextdc and 1 more ASX growth share to watch

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Bernd Struben 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 Amazon, Apple, Microsoft, and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc and recommends the following options: long January 2022 $1920 calls on Amazon, short January 2022 $1940 calls on Amazon, long January 2021 $85 calls on Microsoft, and short January 2021 $115 calls on Microsoft. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Amazon, Apple, Netflix, and Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Sezzle Inc (ASX: SZL) share price leapt by nearly 10% this morning when the buy now, pay later (BNPL) provider announced the successful completion of its oversubscribed share purchase plan. The plan was taken up by 4,395 eligible shareholders representing a participation rate of 72.58% with an average application amount of $17,796. 

The Sezzle share price has since pulled back slightly and is sitting at $7.48 per share at the time of writing.

What does Sezzle do?

Sezzle is a BNPL provider focused on the North American market. It listed on the ASX in mid-2019 at an issue price of $1.22 and quickly became a favourite with BNPL investors. The company is less than 5 years old but has seen significant growth in the United States under the leadership of CEO, Charlie Youakim, who is also the company’s largest shareholder.

Sezzle’s interest free instalment plans are now available via over 16,000 merchants online and select in-store locations. Customer approval is instant and does not impact credit scores unless the customer opts in a credit-building feature, ‘Sezzle Up’. 

How has Sezzle been performing? 

Like competitor Afterpay Ltd (ASX: APT), Sezzle has seen some serious growth in customer numbers and transaction volumes since the start of the coronavirus pandemic. Active customers grew by 28% in the June quarter to reach 1,475,235. Underlying sales grew 57.5% to $188 million during the quarter, a 348.6% year-on-year increase. This performance sent the Sezzle share price flying in July.

The shift to online shopping prompted by the pandemic has positioned BNPL providers as key partners for merchants looking to decrease cart abandonment and increase sales. Sezzle increased active merchant numbers by 26.7% to 16,112 in the June quarter, a 219% increase year on year. Where customers opt to use Sezzle, the company pays the merchant in full upfront, collecting payments in instalments from the customer. The merchant pays Sezzle a processing fee, typically a percentage of the purchase price. Merchant fees increased 54.8% in the June quarter, reaching $10.6 million. This represents a 397% increase year on year. 

Why the share purchase plan? 

Sezzle launched an $86 million capital raising last month to provide funds to accelerate its growth strategy. The raising consisted of a $79 million placement and $7.2 million share purchase plan.

Today, Sezzle announced that due to the strong level of application under the share purchase plan, issuance had to be scaled back. This means that demand from Sezzle’s retail investors was strong, necessitating that shares available under the plan be distributed pro rata to shareholders who applied. 

Foolish takeaway

The strong demand for Sezzle shares under the share purchase plan is unsurprising – shares were offered at $5.30 under the plan with the Sezzle share price currently $7.48.

While the Sezzle share price has pulled back from this morning’s high, it is still trading 4.8% higher than yesterday’s close. 

More reading

• Tech shares drive rally as new research indicates BNPL share prices lofty
• Why Coca-Cola Amatil, REA Group, Redbubble, & Sezzle shares are storming higher
• Why these ASX tech shares are skyrocketing
• Top broker warns Afterpay and these ASX stocks could disappoint on profit results
• Why the Splitit share price is zooming 20% higher today

Kate O’Brien has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX 200 shares are in the buy zone:

ELMO Software Ltd (ASX: ELO)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $9.00 price target on this HR and payroll software company’s shares. This follows the release of its full year results on Thursday. Although the broker notes that ELMO’s guidance for FY 2021 is a little softer than the market was expecting, it believes it is positive that it is actually in a position to provide guidance. Overall, it remains very positive on its long term prospects and retains its overweight rating. I agree with Morgan Stanley and feel the post-results pullback in the ELMO share price is a buying opportunity. Especially given its growth through acquisition plans.

Nick Scali Limited (ASX: NCK)

Analysts at Citi have retained their buy rating and lifted the price target on this furniture retailer’s shares to $9.80. According to the note, the broker believes that Nick Scali’s first half profit guidance of 50% to 60% growth may prove conservative. In addition to this, it believes the market is overlooking its strong balance sheet which could be used for acquisitions. I think Citi makes some great points and Nick Scali could be worth considering.

ResMed Inc. (ASX: RMD)

A note out of Morgans reveals that its analysts have retained their add rating and lifted the price target on this medical device company’s shares to $29.33. The broker notes that ResMed’s fourth quarter profit result was ahead of its expectations. This was driven by very strong ventilator sales due to the pandemic. And although it suspects that the first half of FY 2021 will be challenging, it appears optimistic that its outlook is very positive on the other side of the pandemic. Especially given its growing installed base and its large addressable market. I agree with Morgans and believe the recent weakness in the ResMed share price is a buying opportunity.

More reading

• Which 3 ASX tech shares are investing in long-term growth?
• ASX 200 down 0.45%: REA Group impresses, IAG profit slump, ResMed downgraded
• Why Australian Ethical, Northern Star, ResMed, & TPG Telecom are dropping lower
• The next ASX stocks to beat expectations during this reporting season
• ASX 200 rises 0.7%, ResMed result disappoints

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 recommends Elmo Software. The Motley Fool Australia has recommended Elmo Software and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Cromwell Property Group (ASX: CMW) share price is climbing today after ARA Asset Management Limited (ARA) added a sweetener to its hostile takeover bid. The Cromwell share price is currently trading 3.4% higher to 91 cents.

News of the takeover bid by Singapore-based ARA Management became public on June 23 when the Cromwell board strongly advised against the move.

Which companies are involved?

Cromwell is a diversified real estate investor and manager with operations on three continents and a global investor base. Cromwell has a market capitalisation of $2.3 billion. As of 31 December 2019 the company had a direct property investment portfolio valued at $3.2 billion and total assets under management of $11.9 billion across Australia, New Zealand and Europe.

ARA Asset Management is an Asia Pacific real assets fund manager with a global reach. As at 31 December 2019, the ARA Group managed SGD$88 billion in gross assets across 28 different countries. The ARA Group is headquartered in Singapore and boasts that its investors include some of the world’s largest pension funds, sovereign wealth funds, financial institutions, endowments and family offices.

How the takeover offer unfolded

Cromwell shares rallied on June 24 following news that ARA intended to acquire 29% of all Cromwell stapled securities in which it did not already hold an interest.  If successful, this would take ARA’s stake in Cromwell to 52.6%. Cromwell management was – and still is – strongly against any takeover.

On July 21, Cromwell responded strongly to ARA’s proportional bid telling investors to “ignore ARA’s opportunistic proportional takeover offer and misleading statements”. The company also said that ARA’s bidders statement contained “material omissions and failed to disclose their true intentions”.

However, it did conclude that ARA should not seize control without paying a premium. The latest offer has increased the amount ARA would pay.

ARA’s latest offer

Today, the Cromwell share price is on the rise after ARA  upped its offer for Cromwell shares by 4.4 per cent. This comes as it seeks to win over everyday retail security holders and lift its stake through market purchases in Cromwell.

It remains to be seen if Cromwell shareholders will accept the higher offer.  ARA has stated that in the absence of a competing proposal emerging, it will not increase its offer further.

The higher offer means the Singapore-based company has raised its bid by just $32 million, despite the overall bid being worth around half a billion dollars.

More reading

• Why I would buy and hold CSL shares today
• Tech shares drive rally as new research indicates BNPL share prices lofty
• Sezzle share price leaps 10% on oversubscribed share purchase plan
• Brokers name 3 ASX shares to buy right now
• Worley share price jumps on contract win and is my key pick in the sector

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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