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Lufthansa Nears Rescue, Making Germany Its Top Shareholder
(Bloomberg) — Deutsche Lufthansa AG is close to a multibillion euro bailout deal that would see the state become its biggest shareholder after the coronavirus punctured a decades-long boom in air travel.The shares gained as much as 8.3% Thursday after Europe’s largest carrier confirmed it’s in advanced talks with Germany’s WSF Economic Stabilization Fund for as much as 9 billion euros ($9.9 billion) in aid. The package would include a 3 billion-euro loan, a so-called silent participation and a 20% direct stake through the sale of new shares, Lufthansa said.The government would also receive a convertible bond equivalent to 5% plus one share. Under German law, the 25% plus one share total stake would enable the state to block motions at annual general meetings, giving it a veto over hostile takeover attempts.“A decision can be expected shortly,” German Chancellor Angela Merkel said late Wednesday in Berlin, adding that “intensive talks” were ongoing with the company and the European Commission, which would need to approve a deal.If agreed, the compromise deal would bring the curtain down on weeks of tense negotiations between the company and state officials. At issue was the question of how involved the state should be in the affairs of a company that’s long been a symbol of German industrial might and its identity as exporter to the world. Like other airlines across the globe, Lufthansa has been battered by a near-halt to air travel that’s ruined the finances of previously healthy carriers and forced them to seek state bailouts.Under the plan, Germany would also receive two seats on Lufthansa’s supervisory board. The company didn’t say whether these would be political or independent figures, a matter under discussion in negotiations.The seats should be occupied by experts who won’t influence business decisions, said Carsten Linnemann, a legislator in Merkel’s CDU-led conservative caucus group. “The goal is an early exit of the state, so that Lufthansa will be able to stand on its own feet again.”Lufthansa advanced 5.6% to 8.36 euros as of 1:43 p.m. Thursday in Frankfurt. The stock has lost about half its value this year.EU DecisionAn accord could be completed rapidly once the European Commission grants its approval.The commission declined to comment Thursday on specific cases. It said in an email that it’s aware of the difficulties in the aviation sector and European Union state-aid rules “enable member states to support companies affected by the outbreak.”It would also set the scene for a dramatic extraordinary general meeting at which shareholders would vote on whether to accept a package that would dilute their own stakes.Lufthansa would issue the shares to the government for the nominal price of 2.56 euros, a steep discount that would allow the state to profit from any upside to the price. The parties are also discussing a capital-cut option that would see Lufthansa issue shares below that price, the statement said.Lufthansa units in Switzerland, Austria and Belgium, stand to receive some 2 billion euros in additional funds from those countries. The Swiss deal totaling 1.28 billion francs ($1.3 billion) is in place, while the Austrian and Belgian ageements are likely to follow Germany’s.Grand CompromiseFinal details of the German deal are still being worked out, according to a government spokeswoman.The contours of a deal come after the airline warned in a letter that cash reserves continued to shrink while it negotiates the rescue package. Lufthansa’s board said it hoped the government would find the “political will” for a deal that would keep the carrier competitive against international airlines.The German government and Lufthansa have been locked in intense negotiations for weeks over the rescue plan. While the Economy Ministry and Finance Ministry internally agreed on taking a stake of 25% plus one share, the company had opposed the move, people familiar with the matter said earlier.Lufthansa executives had raised concerns that the terms on offer would hamstring it against international competitors who’ve received less stringent bailout conditions, a point the management board repeated in the letter to employees.Christian Democrats had also voiced concern that the running of Lufthansa risks becoming politicized. The party is trying to prevent Ulrich Nussbaum, the deputy to Economy Minister Peter Altmaier, from taking one of the board seats. They feel Nussbaum betrayed his boss by forcing his own agenda in the talks.“The two seats in the supervisory board must now be occupied by experts, who will aim for the economic recovery of Lufthansa and who won’t follow a political agenda,” CDU legislator Linnemann said.Lufthansa is burning through 800 million euros each month after the coronavirus grounded most of its fleet. Chief Executive Officer Carsten Spohr said on May 5 that the company had about 4 billion euros in cash remaining.(Updates with legislator, European Commission comment from seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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3 ETFs perfect for an ASX growth investor
Exchange-traded funds (ETFs) are not normally the domain of the growth investor. Index funds like the Vanguard Australian Shares Index ETF (ASX: VAS) are very popular investments in this space. But they are usually favoured by passive investors who are not trying to beat the market long-term.
But there are ETFs out there that are more growth-orientated. These have proven themselves to deliver market-beating performances (as well as market-beating ticker codes!). Here are 3:
3 growth ETFs to hold for the long term
Betashares Global Cybersecurity ETF (ASX: HACK)
Aside from this fund’s brilliant ticker code, I also think it’s worth a look at from a growth perspective. As its name suggests, HACK invests in companies around the world that operate in the cyber security sector. This is an industry that has been growing enormously over the past decade, both in size and importance. I also think there’s plenty of room for future growth as our reliance on the internet continues to accelerate.
HACK has returned an average of 16.7% per annum since listing in 2016. I believe these returns, along with the future-proof nature of the cyber security industry, mean this ETF would be perfect for growth investors.
ETFS Morningstar Global Technology ETF (ASX: TECH)
This ETF is set up to track a basket of tech stocks the fund believes have market-leading positions as well as sustainable competitive advantages. By its nature, TECH invests in growth companies and has returned a pleasing 24.37% per annum since its inception in 2017. Some of its current holdings include Microsoft, Fortinet, Splunk and Intel.
As such, TECH is a perfect choice for any tech-focused growth investor. It might also suit those investors looking to increase their global exposure to the technology sector as a whole.
BetaShares Asia Technology Tigers ETF (ASX: ASIA)
This ETF (another from BetaShares) tracks tech stocks that hail from Asian markets such as China, Taiwan and Korea. Shares from these countries don’t often find their way into Australian investment portfolios. Yet, in my opinion, they present some of the best growth opportunities for the 21st century.
ASIA’s primary focus is on tech companies and you’ll find some familiar names in its holdings. There’s Afterpay Ltd’s (ASX: APT) new business partner Tencent Holdings, as well as Alibaba, JD.com and Baidu (sometimes called the Google of China). ASIA has returned an average of 14.6% per annum since its inception in 2018.
Foolish takeaway
For a diversity play, as well as exposure to significant growth opportunities, I believe these 3 ETFs are top picks for ASX growth investors today!
For some more shares you might want to watch in 2020, make sure you don’t miss the free report below!
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But you will have to hurry because the cheap share prices on offer today might not last for long.
More reading
- Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
- Is Afterpay an ASX blue chip of tomorrow?
- Why Aristocrat Leisure, Afterpay, Corporate Travel, and Sydney Airport are pushing higher
- Why Afterpay and these ASX shares just hit multi-year highs
- ASX 200 drops 0.4%, Chinese threat to Australian iron
Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ETFS Morningstar Global Technology ETF. The Motley Fool Australia owns shares of and has recommended BetaShares Asia Technology Tigers ETF. The Motley Fool Australia owns shares of AFTERPAY T FPO and BETA CYBER ETF UNITS. 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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Hong Kong stocks set for worst day since 2015 as Beijing pushes security law
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A 180-year old cloth brand with a Bond and Bachchan connection shuts shop in India
A pile of problems.
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ASX 200 drops 1% on Friday
The S&P/ASX 200 Index (ASX: XJO) dropped 1% on Friday as ASX 200 investors worry about what China is going to do next with Australia.
ASX investors had to contend with the fact that China wasn’t willing to issue a GDP target this year according to the Australian Financial Review.
Here are some of the ASX 200 highlights from today:
Wesfarmers Ltd (ASX: WES) cuts down Target
Retail business Wesfarmers has announced a large restructuring of Target to try to boost overall profitability.
Between 10 to 40 large Targets will be converted to Kmarts, subject to landlord support. “Approximately” 52 Target Country stores will change to small format Kmart stores. Around 10 to 25 large Target stores and the remaining 50 Target Country stores will be closed. The Target store support office will be significantly reduced.
Kmart Group will take a non-cash impairment of between $430 million to $480 million. The industrial and safety division will also take a non-cash impairment of approximately $300 million.
The share price of the ASX 200 business was almost flat, finishing down 0.05%.
ASX 200 miners drop
ASX 200 investors sent the share prices of Australian resource shares on worries that China may hinder their shipments into China because of the Australian push for a coronavirus inquiry.
The BHP Group Ltd (ASX: BHP) share price fell 0.6%.
Rio Tinto Limited (ASX: RIO) saw its share price fall 2%.
The Fortescue Metals Group Limited (ASX: FMG) share price declined by just 0.2%.
Afterpay Ltd (ASX: APT) continues its march higher
The share price of the ASX 200 buy now, pay later business saw its share price rose by another 1.2% today after reporting strong growth of its US subsidiary.
The ASX 200 payments business has managed to add over 1 million customers in the US during the coronavirus period.
Afterpay has been one of the strongest performers since the market crash a couple of months ago.
One “All In” ASX Buy Alert, that could be one of our greatest discoveries
Investing expert Scott Phillips has just named what he believes is the #1 Top “Buy Alert” after stumbling upon a little-owned opportunity he believes could be one of the greatest discoveries of his 25 years as a professional investor.
This under-the-radar ASX recommendation is virtually unknown among individual investors, and no wonder.
What it offers is an utterly unique strategy to position yourself to potentially profit alongside some of the world’s biggest and most powerful tech companies.
Potential returns of 1X, 2X and even 3X are all in play. Best of all, you could hold onto this little-known equity for DECADES to come.
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More reading
- Myer share price bounces after announcing its doors will be reopening across the nation
- The latest ASX small caps broker picks to buy today
- 3 super strong ASX 200 blue chip shares to buy right now
- Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
- Is Afterpay an ASX blue chip of tomorrow?
Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers 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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Myer share price bounces after announcing its doors will be reopening across the nation
The Myer Holdings Ltd (ASX: MYR) share price was one of the standout performers on the ASX today, closing 7.41% higher after being up by as much as 15.56% in early afternoon trade.
The department store operator released a COVID-19 trading update at midday today, flagging the reopening of all stores by the end of next week.
What did Myer announce?
Taking into account government measures across the different states and territories of Australia, Myer has reopened 24 stores over recent weeks on a staged and trial basis.
Given the easing of restrictions across the nation, Myer now has its sights set on a full-scale reopening. It will reopen all of its remaining stores from next Wednesday 27 May, aside from Karrinyup in Western Australia, which is expected to reopen on 30 May after the completion of refurbishment works. Additionally, click-and-collect services will be available at all stores.
Stores will operate with enhanced safety and cleaning measures, including increased frequency of cleaning, hand sanitiser stations, social distancing, and contactless payments.
The department store operator closed all stores nationwide in late March, temporarily standing down around 10,000 staff in the process. On 24 April, Myer revealed that its online business had “performed strongly” since the closure of brick-and-mortar stores. The company echoed a similar sentiment today, noting the online platform has “continued to perform strongly” over recent weeks.
Again borrowing from its April announcement, Myer assured investors it is “continuing to take all necessary measures to minimise costs, including engaging in ongoing discussions with suppliers and landlords.”
While the reopening of stores is certainly welcome news for shareholders, an announcement from Wesfarmers Ltd (ASX: WES) might have acted as a further driver in today’s share price rise.
This morning, the ASX conglomerate shared details of a major shakeup in its discretionary retail division. Addressing the unsustainable financial performance of Target, Wesfarmers flagged its intention to close up to 75 Target and Target Country stores.
Given Target stores rival Myer in many locations, this news could have also been lifting the Myer share price higher today.
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One is a diversified conglomerate trading 40% off it’s all-time high, all while offering a fully franked dividend yield of over 3%…
Another is a former stock market darling that is one of Australia’s most popular and iconic businesses. Trading at a <strong>significant discount</strong> to its 52-week high, not only does this stock offer massive upside potential, but it also trades on an attractive fully franked dividend yield of almost 4%.
Plus, this free report highlights 3 more cheap bets that could position you to profit in 2020 and beyond.
Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares.
But you will have to hurry because the cheap share prices on offer today might not last for long.
More reading
- ASX 200 drops 1% on Friday
- ASX 200 down 0.2%: Wesfarmers overhauls Target, Sydney Airport has no plans to raise equity
- Wesfarmers share price lower after announcing major Target overhaul
- 3 high yield ASX dividend shares you can buy right now
- Is the Wesfarmers share price in the buy zone?
Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers 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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Nvidia Sinks Despite Stellar Earnings; Top Analyst Says Buy On Any Weakness
Nvidia (NVDA) has posted stellar earning results for the fiscal first quarter, although shares moved marginally lower in Thursday’s after-hours trading due to weaker-than-expected guidance. Income doubled from the same period last year, with Q1 Non-GAAP EPS of $1.80 beating the Street by $0.12, and GAAP EPS of $1.47 also topping expectations by $0.10.Revenue of $3.08B represented a 39% year-over-year gain, while also easily beating estimates by $80M. Most notably, gaming rose 27% to $1.34B and Data Center shot up 80% to hit $1.14B.At the same time Nvidia announced that it completed its $7 billion acquisition of Mellanox Technologies on April 27.“NVIDIA had an excellent quarter. The acquisition of Mellanox expands our cloud and data center opportunity. We raised the bar for AI computing with the launch and shipment of our Ampere GPU. And our digital GTC conference attracted a record number of developers” commented NVIDIA founder and CEO Jensen Huang.“Our Data Center business achieved a record and its first $1 billion quarter. NVIDIA is well positioned to advance the most powerful technology forces of our time – cloud computing and AI,” he said.Looking forward, Nvidia gave guidance for the fiscal second quarter of $3.65B in revenue (+- 2%) with GAAP gross margins at 58.6% and non-GAAP gross margins at 66% (+- 50 bp). Mellanox is expected to contribute a low-teens percentage of combined second quarter revenue.Due to market uncertainties, Nvidia also announced that it is evaluating the timing of resuming share repurchases and will remain nimble based on market conditions. The company is currently authorized to repurchase up to $7.24 billion in shares through December 2022.However, NVDA reassured investors that it remains committed to paying its quarterly dividend. In the first quarter of fiscal 2021, NVIDIA paid dividends of $98 million.“Nvidia reported solid quarterly results with DC coming in a bit higher than we expected and gaming a tad below our revised estimates heading into Apr-qtr. Notably, while the quarter was strong we think guidance was a tad light when adjusted for Mellanox” commented RBC Capital analyst Mitch Steves following the print.While the quarter was solid, the analyst believes guidance adjusted for Mellanox was a bit lower than expected, with most investors looking for $410-430M for Mellanox next quarter.Ultimately however he writes “we think the results were solid given elevated expectations and would be buyers on pullbacks in price going forward (shares appear to be set to open slightly lower).” Steves has a buy rating on the stock and $385 price target (10% upside potential).Overall NVDA scores a firmly bullish Strong Buy Street outlook, with 19 recent buy ratings vs 3 hold ratings and 1 sell rating. Meanwhile the average analyst price target of $331 indicates downside potential of 6%, with shares rallying an impressive 49% year-to-date. (See Nvidia stock analysis on TipRanks).Related News: Micron Has More Than Enough Tailwinds to Offset Huawei Sanctions, Says Top Analyst Baidu May Use Nasdaq Delisting To Boost Value – Report Apple To Reopen More Than 25 U.S. Stores More recent articles from Smarter Analyst: * Netflix Will Now Automatically Cancel Inactive Accounts * Increased Focus on Health Will Benefit Herbalife, Says Analyst * Starbucks Regains Almost Two-Thirds Of U.S. Same-Store Sales As Stores Reopen * Amazon Launches Food Delivery Services In India – Report
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Why I would buy these quality ASX dividend shares today
If you’re looking to beat low interest rates with dividend shares, then I think the three listed below would be top options.
Here’s why I think they would be good options for income investors right now:
Coles Group Ltd (ASX: COL)
The first dividend share I would buy is this supermarket giant. I think Coles is a top option due to its defensive qualities and positive long term growth outlook. Combined with its cost cutting plans, I believe Coles is well-placed to grow its earnings and dividends at a solid rate over the next decade. Another positive is its favourable dividend policy of returning upwards of 90% of its earnings to shareholders. Based on this, I expect its shares to provide investors with a fully franked dividend yield of 4.1% in FY 2021.
Rural Funds Group (ASX: RFF)
Another dividend share to consider buying is Rural Funds. It is a property company that owns a diversified portfolio of high quality Australian agricultural assets that are leased to experienced agricultural operators. It generates its revenue from long-term leases across five sectors: almond orchards, cattle assets, vineyards, cotton assets, and macadamia orchards. Due to its lengthy tenancy agreements, Rural Funds has good visibility with its earnings. This means it has been able to provide guidance for the next couple of years. It plans to pay distributions of 10.85 cents per share in FY 2020 and then 11.28 cents per share in FY 2021. This equates to yields of 5.85% and 6.1%, respectively.
Vanguard Australian Shares High Yield ETF (ASX: VHY)
A final option for income investors to consider buying is the Vanguard Australian Shares High Yield ETF. I think this exchange traded fund is a top option for investors that don’t have enough funds to diversify their portfolio effectively. This is because it provides investors with exposure to many of the highest yielding blue chip shares on the ASX through a single investment. At present I estimate that its units provide a forward dividend yield of ~4.5%.
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More reading
- 3 super strong ASX 200 blue chip shares to buy right now
- Wesfarmers share price lower after announcing major Target overhaul
- ASX retail stocks facing new billion-dollar earnings scare during COVID-19 recovery
- 3 ASX retail shares to own for the next 20 years
- Is the Wesfarmers share price in the buy zone?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED. The Motley Fool Australia owns shares of COLESGROUP DEF SET. 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 latest ASX small caps broker picks to buy today
ASX small cap stocks are outrunning their larger counterparts since the bear market bottom on March 23.
The S&P/ASX Small Ordinaries (Index:^AXSO) bounced by nearly 40% since while the S&P/ASX 200 Index (Index:^AXJO) recovered by 22%.
There’s a real chance that smaller stocks can continue to outperform if we get firmer signs of the economic recovery from the COVID-19 pandemic.
That’s a big “if” but for the eternal optimists in us, there are still buying opportunities at the small end of the market even after the big run.
Here are two ASX small caps that brokers are urging investors to buy.
Dirt cheap
One that’s deeply undervalued is mining and construction engineering group NRW Holdings Limited (ASX: NWH), according to UBS.
The broker reiterated its “buy” recommendation on the stock after management’s latest trading update and guidance.
The group reported revenue of $1.6 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of $177 million for the 10 months to April.
“Annualised EBITDA and EBIT are 8% and 11% below UBSe, respectively,” said UBS.
“However, we expect this would not include claims recovery from higher COVID-19 related operating costs and we estimate profitability has historically been higher in Q4 vs Q3; both suggestive of upside risks.”
The broker’s 12-month price target on NRW is $4 a share.
Buy call retained
Another small cap that issued a trading update is Service Stream Limited (ASX:SSM). The infrastructure services group is forecasting FY20 EBITDA of around $108 million.
That’s below consensus estimates of $116 million and Macquarie Group Ltd’s (ASX: MQG) forecasts of $113.9 million.
The coronavirus fallout is impacting on group performance. The earnings miss is due to higher costs due to safety expenses, clients pausing work and the commencement of minor projects.
“With NBN activations remaining strong through 2H20, we suspect the weakness from delays are mixed and related to some reluctance on decision making from client to pursue projects and to interrupt connections in both utility and telecommunications whilst Australia works from home,” said Macquarie.
That’s good news in the sense that the headwind is transitionary. The broker also pointed out that Service Stream isn’t a beneficiary of the JobKeeper program unlike others. If the lift from the government program was excluded, Service Stream would be in a far superior position compared to peers.
Macquarie still expects Service Stream to be net cash positive by this financial year and reiterated its “outperform” recommendation on the stock with a price target of $2.88 a share.
One “All In” ASX Buy Alert, that could be one of our greatest discoveries
Investing expert Scott Phillips has just named what he believes is the #1 Top “Buy Alert” after stumbling upon a little-owned opportunity he believes could be one of the greatest discoveries of his 25 years as a professional investor.
This under-the-radar ASX recommendation is virtually unknown among individual investors, and no wonder.
What it offers is an utterly unique strategy to position yourself to potentially profit alongside some of the world’s biggest and most powerful tech companies.
Potential returns of 1X, 2X and even 3X are all in play. Best of all, you could hold onto this little-known equity for DECADES to come.
Simply click here to see how you can find out the name of this ‘all in’ buy alert… before the next stock market rally.
More reading
- 3 super strong ASX 200 blue chip shares to buy right now
- Why this ASX infrastructure company could help protect your portfolio in a downturn
- Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
- Is Afterpay an ASX blue chip of tomorrow?
- Brokers name 3 ASX 200 shares to buy right now
Motley Fool contributor Brendon Lau owns shares of Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Service Stream 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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