It’s just a number. And if we didn’t have 10 fingers the latest Apple Inc. (NASDAQ: AAPL) share price move wouldn’t be making global financial headlines this morning.

But we do have 10 fingers. And hence we long ago adopted the base 10 counting system. If you’ve ever watched young children doing their maths — or recall your own early days of addition and subtraction — that system makes imminent sense.

How does that tie into Apple’s share price?

Yesterday, overnight Aussie time, Apple’s share price nudged up another 0.13%. That was enough to see the company’s market cap hit the magical US$2 trillion figure. A nice round base 10 figure we can all wrap our heads around to mark a new milestone. At least in US dollars. In Aussie dollars Apple is now valued at A$2.8 trillion.

To give you a better idea of Apple’s explosive share price gains, its shares are up 120% since 20 August 2019. And despite plunging more than 30% during the COVID-19 market rout in February and March, Apple’s share price has gained 54% year-to-date. And the shares are up a jaw-dropping 106% since its 23 March low.

Apple is now the most valuable listed company in world. Its annual revenue outstrips that of nations like Portugal. And its market cap is equivalent to the entire output (as measured by GDP) of Australia over the course of some 18 months.

So, following this stellar year, are Apple shares still a good buy?

After handily beating their revenue forecasts in their third quarter report (released on 30 July), I expect that, long-term, Apple shares are ones you may want to hold in your portfolio.

Which will be the first trillion-dollar ASX company?

The share prices of ASX-listed companies have a long way to run before hitting $1 trillion market caps. (We’ll revert to Aussie dollars here.)

BHP Group Ltd (ASX: BHP) currently holds the reins as Australia’s biggest public company, with a market cap of $197 billion. With the exception of the big pandemic selloff, BHP’s share price has been in a solid upward trend since early 2016, up 154% since 22 January 2016. Over the past 12 months, the BHP share price is up 7%.

Rio Tinto Limited (ASX: RIO) comes in at number 2, with a market cap of $164 billion. Over the past 12 months, the Rio Tinto share price is up 18%.

But it’s the current number 3 player that may be the first to crack the $1 trillion ceiling.

CSL Limited (ASX: CSL) has been steadily marching up the ranks, even as the big four banks have been losing ground. CSL’s share price is up 29% since 20 August 2019, giving it a market cap of $142 billion.

CSL’s share price slipped in late morning trading today. But that comes after a 6.4% gain yesterday, helping propel the S&P/ASX 200 Index (ASX: XJO) to a 0.7% gain and a 5-month high.

After the stellar COVID-19 rebound, can ASX share prices keep rising?

The vast majority of Australian shares have enjoyed remarkable gains since the pandemic panic selling flipped into bargain hunting. You need look no further than the 37% gains of All Ordinaries Index (ASX: XAO) to see what I mean.

The question on many investors minds now is, how much further does the rally have to run? Or worse, has the share market overshot and are we looking at another leg down?

Now I’m not much at reading tea leaves. And I don’t have a working crystal ball. So, let’s instead polish off our copper ball and see what that may tell us.

Why copper?

You may have heard the term ‘Dr Copper’. That’s because the copper price trends can very often give you a good indication of the health of the global economy. Copper is a vital metal in new construction, used in wiring. It’s also a key element in electric vehicles.

And the price of copper is now up 16% over the past 12 months. And it’s up 44% since 23 March (there’s that date again!).

That certainly sounds like a healthy prognosis from Dr Copper on the growth prospects for the world economy. Which should spell good news for many ASX shares. Particularly, of course, the well-placed copper miners.

On the smaller end of the scale you’ve got companies like Aeris Resources Ltd (ASX: AIS), with a market cap of $88 million. Year-to-date, the Aeris share price is up 50%.

One of the larger companies producing copper is South Australia based OZ Minerals Limited (ASX: OZL), with a market cap of $4.7 billion. Oz Mineral’s share price is up 38% so far in 2020.

OZ Minerals managing director Andrew Cole points out the huge demand from China as the nation continues on its massive building and infrastructure projects, as quoted by the Australian Financial Review:

With China’s continued build out of their copper smelter capacity, they are hungry for copper supply. China doesn’t have many copper natural resources to exploit so they have to buy it in, so unlike wine where they produce some locally, unlike coal where they have vast amounts of brown coal in country, I am less concerned about China potentially impacting the copper side of the industry.

Not even Dr Copper always gets its forecasts right. But it’s certainly indicating the world is gearing up for a period of extended growth. And that should prove good news for the best placed ASX shares in every sector.

More reading

• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• Sonic share price surges to record high as its profit results defy sceptics
• Apple to hit US$3 trillion by 2023, analyst predicts
• Want to own the FAANG stocks? Here are 3 ways you can
• Why it may not be too late to chase ASX reporting season record breakers

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 Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Apple. 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 Pacific Smiles Group Ltd (ASX: PSQ) share price has surged 10% higher following the release of its FY20 results today.

The group operates dental centres in Queensland, Australian Capital Territory, New South Wales and Victoria. The market for dental services in Australia is approximately $10 billion to $11 billion per annum.

How did the company fare?

Pacific Smiles achieved strong growth before the impact of the coronavirus pandemic. However, in the second half of FY20, the dental service took a significant hit on its overall results for the year. 

In the first half of FY20, underlying earnings before interest, taxation and depreciation (EBITDA) was up 15% to $12.9 million. Ultimately, underlying EBITDA was $23.5 million, up just 2.9% on the prior corresponding period (pcp). 

Similarly, patient fees in the first half of FY20 soared 14.5% to $105.4 million but ended the year down 0.6% to $186.3 million compared to FY19. 

During FY20, Pacific Smiles opened 5 new dental centres, bringing its total to 94 dental centres.

The Jobkeeper scheme provided $8.4 million in gross benefits with a net impact of $5.7 million to EBITDA.

Depreciation and amortisation expenses increased $1.6 million due to the acceleration of new centre developments in prior years. 

Pacific Smiles did not declare a final dividend.

Outlook for Pacific Smiles share price

The long-term strategy is to grow dental centres from 94 centres to more than 250, dental chairs from 383 to more than 800 and boost market share from 2% to more than 5%. Pacific Smiles has committed to adding a further 9 sites in FY21 to its number of centres.

Patient fee growth in June of 12.4% and 13.5% in July compared to the pcp followed the lifting of government restrictions in May. Same centre patient fee growth tracking at approximately 10.6% year-to-date (YTD) at 31 August. This has been impacted by Victorian restrictions and would be 19.6% YTD with Victoria excluded.

In addition, Pacific Smiles expects a patient fees growth of 15% and underlying EBITDA of approximately 15% growth year-on-year assuming a number of factors. These include Jobkeeper benefits for Q1 FY21 offsetting coronavirus underperformance, continued level 3 restrictions in Melbourne in 1H FY21, H2 FY21 trading without significant interruption from the coronavirus pandemic and the opening of approximately 10 new dental centres.

Melbourne metro dental centres are operational under level 3 government-mandated restrictions but at reduced opening hours and only for emergency procedures. 

In response to the FY20 results, Pacific Smiles share price has surged almost 10% higher to $1.60. It has a market capitalisation of $247 million.

More reading

• Coca Cola share price on the rise, despite mixed earnings report
• Spirit Telecom share price soars 7% on capital raising and acquisition news
• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• After the stellar COVID-19 rebound, can ASX share prices keep rising?
• Iress share price dives 6% on half-year results

Motley Fool contributor Matthew Donald 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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The Iress Ltd (ASX: IRE) share price has taken a dive this morning, down more than 6% in early trade after the company released its half-year results.

How did Iress perform for the half-year?

Earlier today, Iress released its report for the 6 months to 30 June 2020.

The company’s report was highlighted by a 12% surge in group revenue of $270.7 million. Despite the headline figure, Iress reported a 14% drop in net profit after tax for the half-year of $26.3 million. Group segment profit was also down 3% from the prior corresponding period to $71.9 million.

The company’s management cited the drop in net profit after tax was due to the impact of operating losses in its acquired business. In addition, Iress noted that an increase in annual leave expenses impacted the company’s bottom line. According to Iress, excluding these outliers would give the company a 4% increase in net profit after tax for the half year.

Despite the subdued result, Iress elaborated on the company’s strong underlying fundamentals. According to the company’s report Iress has a strong cash conversion rate of 134% and high level of recurring revenue.

Iress also noted that the company will be paying an interim dividend of 16 cents per share. However, given the uncertain trading conditions, the company was not able to provide financial guidance for the full year.

 What is the outlook for Iress?

Iress is a technology company that provides software to the financial services industry, providing trading and market data and investment management information. The company’s software is used by more than 9,000 businesses and boasts 500,000 users in Asia Pacific, Europe, North America and Africa. 

In its half-year report, Iress highlighted the resilience of its business model, which is predominantly based on recurring subscription revenue. The company also noted that it is participating in significant tenders to superannuation funds. If successful, Iress expects these will positively impact revenue in 2021 and beyond. The company noted a strong pipeline of sales opportunities and is focused on building on its strengths. 

Iress also noted that the company is well capitalised to take advantage of future opportunities. The company completed a $170 million capital raise earlier this year in order to fund its proposed acquisition of OneVue Holdings Ltd (ASX: OVH), whilst also providing additional flexibility to its balance sheet.  

Foolish takeaway

At the time of writing, the Iress share price is trading 6.59% lower for the day at around $10.49. Shares in the company have bounced slightly after hitting an intra-day low of $10.47. The Iress share price has struggled in 2020 and is currently trading more than 19% lower for the year.

More reading

• Why CSL, Iress, Santos, & Webjet shares are dropping lower

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has recommended IRESS 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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At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 1% to 6,104.3 points.

Here’s what is happening on the market today:

Afterpay share price hits record high.

The Afterpay Ltd (ASX: APT) share price has hit a record high of $82.00 today. Investors have been buying the payments company’s shares following a surprise upgrade to its earnings guidance for FY 2020. Due to a better than expected Net Transaction Loss (NTL) as a percentage of underlying sales, Afterpay expects its EBITDA to be $44 million. This compares very favourably to its previous EBITDA guidance of $20 million to $25 million.

Qantas takes $4 billion revenue hit from COVID-19.

The Qantas Airways Limited (ASX: QAN) share price is trading lower today following the release of its full year results. Qantas revealed that the COVID-19 pandemic has impacted its revenue by $4 billion during the second half. This ultimately led to the airline operator posting a statutory loss before tax of $2.7 billion. Management advised that the majority of this loss is non-cash and includes aircraft write downs.

Webjet sinks lower after major loss.

The Webjet Limited (ASX: WEB) share price is sinking notably lower today after the release of its full year results. For the 12 months ended 30 June 2020, the online travel agent posted a 27% decline in revenue to $266.1 million and a statutory net loss after tax of $143.6 million. This statutory result includes one-off items totalling $117.7 million. These include $40 million debtor write-offs, $14.6 million associated with the closure of Webjet Exclusives, and a $20 million impairment of intangibles from the closure of Online Republic Cruise.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Thursday is the IDP Education Ltd (ASX: IEL) share price by some distance. Its shares are up 27% today after the release of a surprisingly strong full year result. Going the other way, the worst performer has been the Webjet share price with a 11% decline. This follows the release of its aforementioned full year results.

More reading

• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• Sonic share price surges to record high as its profit results defy sceptics
• Why Afterpay, Codan, IDP Education, & Sonic shares are charging higher
• Qantas reveals routes that are busier now than before Covid-19
• Afterpay share price rockets to record high after guidance upgrade

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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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 Sonic Healthcare Limited (ASX: SHL) share price is outperforming this morning after its results allayed a key concern of its critics.

Shares in the medical diagnostic services group jumped 2.3% to a record high of $35.50 when the S&P/ASX 200 Index (Index:^AXJO) slumped 1% at the time of writing.

Even healthcare sector heavyweights were swept up in today’s sell-off. The CSL Limited (ASX: CSL) share price tumbled 3.2% to $302.10 while Ramsay Health Care Limited Fully Paid Ord. Shrs (ASX: RHC) share price and Healius Ltd (ASX: HLS) share price shed around 1% each.

Improved profit and sales performance

Sonic is outperforming after posting stronger sales and earnings. Group revenue increased 11% to $6.86 billion while underlying net profit improved by 7% to $552 million in FY20.

Another standout was the 26% jump in operating cash flow to just over $1 billion, thanks in large part to prepayment of US Medicare testing fees.

Further, management held its final dividend steady at $0.51 a share, although when combined with the small increase in its interim dividend, the total payment for FY20 inched up 1.2% to $0.85.

Share price jumps as key worry laid to rest

You might think medical stocks can’t put a foot wrong during the COVID-19 mayhem, but that couldn’t be further from the truth.

Sceptics believed the drop in Sonic’s core business will collapse as people avoided seeing their doctor for regular check-ups and other ailments.

Routine screening and diagnostics are the bigger profit drivers for the group as it collects fatter margins than coronavirus testing. So, the fear was that any surge in COVID-19 tests wouldn’t be enough to save Sonic’s bottom line.

However, Sonic proved the disbelievers wrong. While demand for its core services were hit hard at the onset of the pandemic, it’s rebounded strongly. Its performance in several of its key markets, including those in Europe are holding up relatively well.

Margin pressure vs. revenue surge

The tipping of the scale towards COVID testing explains why there was some pressure on group margins. This is evidenced by the slower rate of growth for its bottom line.

But that’s a small point. Sonic showed that it can have its cake and eat it thanks to cost cutting, while its Aurora acquisition at the start of 2019 also supplemented the growth.

Can the good times last for the SHL share price?

What’s more, the growth momentum is carrying through into FY21. Management said that revenue in July and August is “substantially higher” than historical rates.

This is more to do with COVID testing than its base business, although the latter did experience a 5% revenue increase in July for most countries over the same month last year. Only the US and UK are down, but there are signs of a turnaround.  

However, it might be too early to think that the current financial year will be a blockbuster earnings event for Sonic. Investors can’t necessarily bank on the big upsurge in revenue to last for all of FY21 given that no when can predict how and when the pandemic will end.

More reading

• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• After the stellar COVID-19 rebound, can ASX share prices keep rising?
• ASX 200 down 1%: Qantas results, Afterpay hits record high, Webjet crashes lower
• Why Afterpay, Codan, IDP Education, & Sonic shares are charging higher
• Why it may not be too late to chase ASX reporting season record breakers

Brendon Lau has no position in any of the stocks mentioned. Connect with me on Twitter @brenlau.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Ramsay Health Care Limited and Sonic Healthcare 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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The IPH Ltd (ASX: IPH) share price is this morning falling lower following the release of the company’s full year reports. At the time of writing, the IPH share price has tumbled 5.46% to $7.97.

How did IPH perform in FY 2020?

The IPH share price has fallen lower despite the company releasing relatively strong financial results for the FY 2020. IPH delivered strong revenue of $370.1 million, up a huge 43% despite the challenging market conditions. Revenue was largely driven by Asian IP which grew 6%. In contrast Australia and New Zealand revenue declined 5% although this was largely due to the FY19 Xenith results being written off.

In further good news for the company, it reported statutory NPAT of $54.8 million representing in a 3% increase on the prior corresponding period.

The IPH results demonstrate the ongoing resilience of the business despite the challenging market conditions caused by COVID-19 in the second half of the year. The business remains well placed with continued strong cash generation, a robust balance sheet with enhanced financial flexibility and no refinancing commitments until 2022.

As a prudent measure, IPH drew $20 million from existing facilities in March 2020 and, as a result, had cash on hand of $82.9 million at year end of which $12.7 million was subsequently repaid in August 2020.

Foreign currency also plays a large part in the company’s earnings thanks to its diversified earning portfolio. IPH seeks to reduce this risk through hedging against specific FX risks since a 1-cent movement in the AUD/USD exchange rate can have a $1.9 million effect on revenue. However this current policy is under review.

Dividend

For FY2020, IPH declared a final dividend of 15 cents per share, fully franked, bringing the full year dividend to 28.5 cents per share. This was up 14% on the prior year.

The full year dividend is in line with the board’s dividend policy to pay 80-90% of cash NPAT as dividends.

What’s next for the IPH share price?

For FY21, IPH aims to continue leveraging its expanded focus on Asia, especially in China, in order to develop a network effect for the company. It also aims to continue margin expansion and increase operational efficiencies across the group.

IPH does note, however, that there will be continued disruptions from COVID-19 and thus it will continue to adopt a prudent approach to managing the business in what is a challenging environment. In response, the company will focus on developing its digital platform for increased usability.

Unfortunately for IPH shareholders, the weakening of the US dollar is also likely to affect reported revenues moving forward.

The IPH share price has recovered 26.9% from its March low but is 3.2% down in year-to-date trading. The IPH share price has fallen 15.7% over the past 12 months.

More reading

• Coca Cola share price on the rise, despite mixed earnings report
• Spirit Telecom share price soars 7% on capital raising and acquisition news
• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• After the stellar COVID-19 rebound, can ASX share prices keep rising?
• Pacific Smiles share price jumps 10% on FY20 results

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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The Growthpoint Properties Australia Ltd (ASX: GOZ) share price has risen by 1.4% in trading so far today, following the release of its full year financial results.

Growthpoint is a real estate investment trust (REIT) which owns and actively manages a portfolio of industrial and office properties across Australia.

Profit down for the full year

Growthpoint’s statutory profit after tax dropped to $272.1 million, down from $375.3 million in the prior financial year. This was mainly due to a lower net gain in the first half of FY 2020. Growthpoint revealed funds from operation (FFO) per security of 25.6 cents per security (cps). This was a slight 2% increase on the prior corresponding period (pcp).

However, the property group’s FY 2020 distribution came in at 21.8 cps, a decline of 5.2%. The group reduced the distribution as a precautionary measure due to the uncertainty about the wider industry impact of the coronavirus pandemic.

Growthpoint noted that it had a strong balance and its gearing was currently well below target range. It has also no debt on its books maturing until FY 2022. The company entered into a new $100 million debt facility back in May. This means that the group currently has on its balance sheet undrawn debt lines of $360 million and $43 million of cash.

Strategic achievements during FY 2020

During FY 2020, Growthpoint was able to complete 2 major projects.  In February, the group reached completion on a new A grade office building, named Botanicca. During June, it completed the expansion of its distribution centre in Gepps Cross. Retail giant Woolworth has now started a 15-year lease extension on the property. Both projects were completed ahead of schedule and on budget.

Property portfolio re-evaluated

Growthpoint’s property portfolio was re-evaluated at the end of the financial year to total $4.2 billion. This was  5.0% higher than the valuation done 12 months prior. The group noted that the value of the portfolio did not significantly change during second half of the year.

Growthpoint managing director Timothy Collyer said the group’s earnings had not been materially impacted by the COVID-19 pandemic to date. In addition, Growthpoint delivered FFO of 25.6 cps in FY20, which was ahead of the group’s withdrawn guidance.  

“This reflects our disciplined approach to portfolio construction over a number of years. We have invested in modern, high-quality office and industrial properties. We have also carefully selected our tenants, favouring large companies and government,” Mr Collyer said.

What’s ahead for the Growthpoint share price

At this stage it’s unclear what the future holds for the Growthpoint share price in FY 2021. The group acknowledged that a high level of uncertainty remains for FY 2021 with regards to its ongoing operations. This is due to the continuing impact of the coronavirus pandemic. Consequently, the group has decided not to provide FFO guidance for FY 2021.

However, it has revealed FY 2021 distribution guidance of 20.0 cps for FY 2021. The company anticipates that this distribution will be to be paid in equal half-yearly instalments.

More reading

• Santos share price slumps as interim dividend slashed
• Why Afterpay, Codan, IDP Education, & Sonic shares are charging higher
• Origin share price falls 7% on annual result
• Qantas reveals routes that are busier now than before Covid-19
• Apple to hit US$3 trillion by 2023, analyst predicts

Motley Fool contributor Phil Harpur 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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The Santos Ltd (ASX: STO) share price slumped as much as 4.8% in early trading today as the company revealed the heavy toll whipsawing oil prices has taken on first half earnings.

Oil and gas producers have battled through an especially rough 6 months as the COVID-19 pandemic exploded. Lower demand for land and air transport sent West Texas Intermediate (WTI) crude plunging from US$61 per barrel at the start of January, to an unprecedented -US$40 per barrel in April as investors panicked and dumped oil options. Since then WTI has crawled its way back to US$42 per barrel in August, but the damage to Santos has been clear.

How did Santos perform in the first half of 2020?

Santos announced it generated sales revenue of US$1.7 billion in the first half of 2020, 16% lower than the same period last year.

It was an especially disappointing outcome for investors given record production of oil and gas to 38.5 million barrels of oil equivalent (mmboe), a 4% increase on the same time last year.

Significantly lower oil and LNG prices meant that the average realised oil price Santos received was down -34% to US$48 per barrel, while the average realised LNG price dropped 14% to US$8.57 per million British Thermal Units (mmBtu).

Disappointingly, after massively writing down the value of some of its oil and gas assets to the tune of over US$750 million, Santos reported a loss of US$289 million for the 6 months.

Will Santos still pay a dividend?

Yes, Santos will still pay a dividend, but it will be a big drop on the same time last year. Santos announced it will pay a fully franked interim dividend of US 2.1 cents per share, down 65% on the far more enticing US 6.0 cents per share dividend paid last year.

This is in keeping with the company’s ‘sustainable’ dividend policy, which targets a range of 10% to 30% payout of free cash flow.

If you’ve been watching Santos shares for its dividend, you’ll need to move quick! Shares go ex-dividend on 25 August 2020. This is the date when shares start selling without the value of its dividend payment.

What’s the outlook for Santos for the rest of 2020?

For the second half of the financial year Santos is turning up the heat on production. The company is estimating production of between 44.5 million and 49.5 million barrels of oil equivalent in the second half, which suggests a total of up to 88 mmboe. Year-on-year this would be production growth of up to 16.5%.

This is good news for investors as it sneaks in above the guidance Santos provided in their 2019 annual report of producing 79–87 mmboe in 2019.

Still, it will take a strong, sustained recovery in energy prices for Santos investors to have a result to really cheer about in the second half of the year.

At the time of writing, the Santos share price is down 3.57% to $5.67 per share.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Why I like the Santos share price over Woodside
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• How the Santos share price could gain from COVID-19 stimulus

Motley Fool contributor Regan Pearson has no position in any of the stocks mentioned.

You can follow him on Twitter @Regan_Invests.

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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. The benchmark index is currently down 0.85% to 6,115.1 points.

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

The Afterpay Ltd (ASX: APT) share price has surged 8% higher to $80.92. Investors have been buying the payments company’s shares after it upgraded its earnings before interest, tax, depreciation and amortisation (EBITDA) guidance for FY 2020. According to the release, due to better than expected net transaction losses, Afterpay is now forecasting EBITDA of approximately $44 million in FY 2020. This is a 76% to 120% increase on its previous EBITDA guidance of $20 million to $25 million.

The Codan Limited (ASX: CDA) share price has jumped 13% to $10.16. This follows the release of an impressive full year result by the electronic products company. Codan delivered record sales of $348 million thanks to strong metal detector demand. And on the bottom line, the company reported a record statutory net profit after tax of $64 million. This was an increase of 40% year on year.

The IDP Education Ltd (ASX: IEL) share price has jumped 31% to $19.42. Investors were scrambling to buy the student placement and language testing company’s shares after the release of a surprisingly strong full year result. Despite the pandemic, IDP Education reported a 2% decline in revenue to $587.1 million and a 29% increase in EBITDA to $148.6 million.

The Sonic Healthcare Limited (ASX: SHL) share price is up 2% to $35.30. This morning the healthcare company released its full year results. It delivered underlying revenue growth of 11.5% to $6.8 billion and underlying net profit growth of 6.5% to $552 million. This allowed Sonic to pay a final dividend of $0.51 per share, bringing its full year dividend to $0.85 per share. The latter is up 1.2% on the prior year.

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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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sonic Healthcare 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.

The post Why Afterpay, Codan, IDP Education, & Sonic shares are charging higher appeared first on Motley Fool Australia.

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Today, the Origin Energy Ltd (ASX: ORG) share price was down 6.62% after the company reported its annual result. At the time of writing, the Origin share price had fallen to $5.50 after closing yesterday’s session at $5.89.

What was in the announcement?

Origin Energy’s revenue was down 11% in the 2020 financial year to $13.16 billion.

According to Origin, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) were $3.14 billion which was $91 million less than the 2019 financial year. The company stated that this largely reflected lower gross profit from electricity following the introduction of retail price regulation.

The company’s profit for the 2020 financial year was $83 million, a drop of 93% compared to the company’s profit in the 2019 financial year. According to Origin, this reflected a $1.2 billion APLNG impairment and the effects of a loss making contract.

Underlying profit for the year was $1.02 billion, this was in line with underlying profit in the 2019 financial year. The company stated that underlying profit was stable compared to the prior year with lower corporate and liquid natural gas hedging costs. However, these cost reductions were partly offset by lower margins on electricity.

Origin had free cash flow of $1.64 billion in the 2020 financial year. It stated that cash flow was up 7% and included increased cash distributions from APLNG.

Adjusted net debt was $4.6 billion at 30 June 2020,  according to the company this was a $773 million decrease from June 2019. If a lease liability held by the company was included, net debt was $5.2 billion at 30 June 2020.

Origin announced a final dividend of 10 cents per share, unfranked. Its dividend reinvestment plan will remain in place with a nil discount.

When commenting on the outlook for the year ahead, the company discussed the coronavirus, stating; “The path to recovery for the economy and the markets in which we operate will depend on the effectiveness of the health and community responses to contain the virus, and the policy response to mitigate the economic impacts.”

About the Origin share price

Origin is an Australian energy company that produces and distributes liquid natural gas and electricity. It has been listed on the ASX since 2000.

The Origin Energy share price is up 46.67% since its 52-week low of $3.75, however, it is down 35% since the beginning of the year. The Origin share price is down 24.86% since this time last year.

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Motley Fool contributor Chris Chitty 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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