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Key points

• The Temple & Webster share price is rocketing 12% today
• The company’s revenues were almost 46% higher for the half ending 31 December 2021
• The retailer has not paid, declared, or indicated a dividend for the period

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The Temple & Webster Group Ltd (ASX: TPW) share price is rocketing today.

The gains come amid the Aussie homewares retailer releasing its earnings results for the half-year ending 31 December 2021.

The company’s revenue figure shows its business has more than tripled in a two year period.

At the time of writing, the Temple & Webster share price is up 12.17% at $9.03 after hitting a high of $9.37 earlier this morning.

So what exactly did the company achieve in the recent half? Let’s take a closer look…

Temple & Webster corporate results

At a glance, the retailer’s results for the half-year ending 31 December were as follows:

• Revenues (from ordinary activities) up almost 46% to $235 million
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) at 5.1% — higher than its full-year target of 2-4%
• No debt and a closing cash balance of $105 million
• Net profit (before tax) was down 26.8% to $10.6 million (against its prior corresponding period [PCP])
• Conversely, profits (from ordinary activities after tax attributable to owners) was down 40% to $7.2 million

The results come just a week after Goldman Sachs tipped the company might deliver disappointing half-yearly results, predicting “a lower return on marketing investment vs. market expectations over the near term”.

However, no dividends from the retailer were paid, recommended or declared during the current financial period.

Comment from management:

Temple & Webster CEO Mark Coulter said:

Temple & Webster remains one of the fastest growing retailers in the country, delivering record revenue of $235.4m for the half, up 46% on the year before and an incredible 218% on FY20. That means the business has more than tripled in 2 years.

Despite all the challenges that COVID continues to throw at the world, including significant disruptions to global supply chains and domestic logistics, Temple & Webster continues to outgrow the market, while keeping our customers very happy.

What else happened in the last half?

If we look deeper into Temple & Webster’s investor presentation for the half ending 31 December, we can see growth in its active customers, growth strategies, and a strong supply chain and inventory.

The retailer reported its brand awareness to be up 61% for the half, pushing its marketing strategy towards “the broader furniture and homewares market”. Its trade and commercial businesses also saw substantial growth of 49%.

Temple & Webster’s active customers hit 906,000, a 34% increase for the first half of FY22. Further, revenue per active customer increased by 10%, marking its sixth consecutive quarter of growth.

The retailer said this revenue and conversion has been assisted through investment in AI-generated tools, such as 3D imagery to “complete the look” of product recommendations.

In the future, the company aims to have “the largest 3D catalogue of furniture and homewares” in the country.

Looking at the products themselves, the company reported strong inventory valued at $20 million to drive into the next half, with products from a number of both private label and drop ship sources. (Drop shipping is fulfilling orders where the company doesn’t store the stock itself.)

“Diversity in our supply chain has allowed us to scale sustainably during COVID periods,” the company said.

Further, Temple & Webster is confident that its strong cash position will allow it to focus on “new growth horizons, such as Home Improvement”.

The company’s investor presentation said:

We remain confident our strategy is resonating with the next generation of shopper and that we are well placed to continue to take share in the markets we are operating in.

We will continue to reinvest operating leverage where it makes sense to do so, building strategic moats around the core business while investing into our new growth horizons.

Temple & Webster share price snapshot

Since 31 December, the Temple & Webster share price had dropped by 25% and by 35% in the last 6 months.

The company saw its share price hit a 52-week low of $7.72 in late January falling from its 12-month high of $14.71 in September.

The retailer has a market capitalisation of around $1 billion at the time of writing and a price-to-earnings ratio (P/E) of 77.07.

The post Cha-ching! Temple & Webster (ASX:TPW) share price soars 12% on record half revenues appeared first on The Motley Fool Australia.

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Motley Fool contributor Alice de Bruin has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vulcan Energy Resources Ltd (ASX: VUL) share price is charging ahead today. This follows the company’s latest update on its quest to be listed on the Frankfurt Stock Exchange (FSE).

At the time of writing, the clean lithium developer’s shares are swapping hands for $9.82, up 7.79%.

Vulcan Energy advances on dual listing application

In today’s statement, Vulcan Energy provided an update on its application to have its shares listed on the FSE.

The company advised it has filed an application for admission to listing on the regulated market of the FSE.

As such, Vulcan Energy expects to be formally listed on the German exchange on 14 February.

The dual listing of Vulcan Energy’s entire share capital will be carried out without an accompanying capital raise. Vulcan management reviewed options to ensure the business and trading liquidity was supported. It determined that a capital raise was not needed.

As a result, there will be no public offer or private placement of Vulcan shares.

Vulcan Energy will become the first ASX-listed company on the FSE. This not only increases the international profile of the company to European investors but also provides an investment opportunity.

Vulcan Energy is aiming to become the world’s first lithium and energy renewables producer with net zero greenhouse gas emissions. It’s Zero Carbon Lithium Project is seeking to produce a lithium-hydroxide chemical product for the European electric vehicle (EV) battery market.

Vulcan Energy share price snapshot

Over the past 12 months, Vulcan Energy shares have edged higher, posting a gain of about 16%. Since 4 January, the Vulcan Energy share price has fallen by 9.5% despite investor sentiment heating up in its industry.

Based on today’s share price, Vulcan Energy commands a market capitalisation of about $1.19 billion. It has approximately 131.61 million shares on issue.

The post Vulcan Energy (ASX:VUL) shares could be set for a dual listing. Here’s what you should know appeared first on The Motley Fool Australia.

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• Here’s why the Vulcan Energy (ASX:VUL) share price is powering ahead today
• Why Vulcan (ASX:VUL) could be a lithium share with 120% upside

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The IDP Education Ltd (ASX: IEL) share price is falling on Wednesday morning following the release of its half year results.

At the time of writing, the language testing and student placement company’s shares are down 3% to $30.62.

IDP Education share price falls despite record revenue

• Revenue up 47% to a record of $397 million
• IELTS volumes grew 79%
• Earnings before interest and tax (EBIT) rose 61% to $77.9 million
• Adjusted EBIT up 64% to $80.7 million
• Adjusted net profit after tax jumps 70% to $52.9 million

What happened during the first half?

For the six months ended 31 December, IDP Education was well and truly back on form after significant disruption during the height of the pandemic. It reported a 47% increase in revenue to a record of $397 million.

This was driven by the acquisition of the British Council’s Indian IELTS operations and strong demand for its language testing services, which led to the key English Language Testing business reporting a 62% increase in revenue to $256.7 million.

Also performing positively were its Student Placement business, which reported a 33% lift in revenue to $106.2 million, and its Digital Marketing and Events business, which delivered a 15% increase in revenue to $23.8 million.

In respect to Student Placement revenue, this growth was driven entirely by its Multi-Destination operations, which offset weaker revenues in its Australian operations. Positively, though, management notes there have been early signs of a rebound in interest in Australia, which has coincided with the relaxation of border restrictions and an extension of post-study work rights.

One slight disappointment, which could be holding back the IDP Education share price today, was that the company’s costs grew a touch quicker than its revenue. Direct costs were up 59% to $177.7 million and overhead costs rose 36% to $122 million. This led to the company’s EBITDA rising 43% to $96.6 million.

Finally, on the bottom line, IDP Education reported an adjusted net profit after tax of $52.9 million, which was up 70% over the prior corresponding period.

Overall, this result has fallen a little short of what analysts at Morgans were expecting, which could explain some of the weakness in the IDP Education share price. Morgans was expecting “a strong ‘post’-Covid earnings rebound: revenue +55% on pcp and NPATA ~+90% to A$57.5m.”

Management commentary

IDP’s Chief Executive Officer and Managing Director, Andrew Barkla, was very pleased with the half. He notes that IDP’s strength of business model, impactful innovation, and an attractive policy landscape had delivered a strong rebound in its results.

Mr Barkla said: “Our growth has accelerated, with strong volume increases in IELTS and Northern Hemisphere study destinations, which is evidence of the momentum we have built over the past six months. Crucially, our ongoing program of innovation reinforces IDP’s industry leadership position. Our unique combination of digital and physical solutions is underpinning our competitive advantage in a growing industry with supportive regulatory and policy settings.”

And while no guidance was provided for the second half, the CEO is positive on the company’s long term outlook.

He concluded: “We have invested for long-term growth and are seeing the benefits of this through increased demand for our services. Our unique digital platforms and trusted human connections will ensure our people, customers and institutions benefit from even stronger support.”

The post IDP Education (ASX:IEL) share price falls after record result falls short of expectations appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Idp Education Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Bapcor Ltd (ASX: BAP) share price is in the red after the company released its earnings for the first half of financial year 2022 (FY22).

At the time of writing, the Bapcor share price is $6.78, 3.97% lower than its previous close.

Bapcor share price slips despite tracking in line with guidance

• $900.1 million of revenue – 1.9% more than in the first half of FY21
• Proforma earnings before interest, tax, depreciation, and amortisation (EBITDA) of $137.2 million, a 5.8% drop from the previous first half
• $60.7 million of net profit after tax – down 14.7%
• Earnings per share (EPS) came to 17.97 cents, 13.7% lower than in the prior comparable period
• Fully franked 10 cent interim dividend – a 11.1% increase on its previous interim dividend

Bapcor struggled against COVID-19 lockdowns and restrictions over the first half of FY22.

The company also noted its EBITDA was impacted by the transition to its Victoria distribution centre and support provided to staff. Its revenue picked up during the second quarter of FY22, in line with easing restrictions.

According to Bapcor, its first-half performance is in line with its full-year guidance. That is, to deliver earnings to the level of FY21. The company says it was expecting a soft performance in the first half.

While its revenue, EBITDA, and profits all dropped compared to the first half of FY21, when compared to the first half of FY20 they recorded increases of 28%, 28%, and 27%, respectively.

Bapcor’s trade segment, comprising Burson Auto Parts and Precision Automotive Equipment, brought record revenue over the half. Its revenue was up 3.1%, while its same store sales grew 1.1%.

Bapcor New Zealand also saw its revenue boosted 0.5% and its EBITDA increase 0.5% on those of the first half of FY21. Though, New Zealand same store sales were down 1.6%.

Bapcor’s specialist wholesale segment recorded strong growth, with revenue up 7.4% and EBITDA increasing 4.3%. The segment added six new sites during the period.

Bapcor’s retail leg – encompassing Autobarn, Autopro, and Midas – delivered $197 million of revenue. That’s 5.4% less than in the prior comparable period, while its EBITDA dropped 15.7%.

However, the company noted the first half of FY21 was “an exceptional period that included the benefit of government stimulus.” Compared to the first half of FY20, Bapcor’s retail segment revenue and EBITDA were up 36.7% and 33.6% respectively.

What else happened in the first half?

Bapcor made some significant leadership changes during the first half of financial year 2022.

Its former CEO and managing director Darryl Abotomey announced his intent to retire in November after 10 years at the company’s helm.

In the wake of Abotomey’s decision, the company appointed former chief financial officer, Noel Meehan, as acting CEO in December. Meehan was officially given the CEO role yesterday.

Bapcor also refinanced its $270 million three-year debt facility in December.

The company ended the half with $203 million of net debt, compared to $164 million at 30 June 2021.

What did management say?

Meehan commented on Bapcor’s earnings for the first half of FY22:

Our 5-year strategy to drive sustainable long-term value for our stakeholders remains unchanged. We continue to make solid progress on executing our strategic targets, with a focus during the half on network growth, realising operational efficiencies, expanding our own brand product range, and growing in Asia…

During the half, we expanded our geographic footprint, opening 8 retail stores, 4 Burson stores, and 6 specialist wholesale sites resulting in Bapcor now having a presence in over 1,100 locations throughout Australia, New Zealand and Thailand.

We also developed our group logistics capabilities in the half, including transitioning our 3 largest warehouses in Victoria – Nunawading (retail), Preston (trade), and Derrimu (wholesale) which represent 80% of volumes – to our new consolidated distribution centre at Tullamarine.

What’s next?

Those interested in the Bapcor share price will likely want to know what to expect in the company’s full year results.

The company says the start of the second half has brought challenges as the COVID-19 Omicron variant spreads in Australia. Despite a resulting drop in demand, revenue for January 2022 was in line with that of January 2021.

Over the second half FY22, Bapcor is expecting stronger performance than the prior comparable period, subject to no more COVID-19 impacts.

Additionally, Burson Trade is expected to expand its network over the current half.

Bapcor share price snapshot

The Bapcor share price has performed in line with the broader market in 2022 so far.

It has slipped 3.28% since the start of this year. For comparison, the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) have both slumped around 3% as well.

However, the Bapcor share price is still 16.54% lower than it was this time last year.

The post Down but not out: Bapcor (ASX:BAP) share price slumps on sluggish first half appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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During last month’s bloodbath, both the US and ASX shares touched the negative 10% threshold that qualifies the dip as a “correction”.

While both have bounced back in February to recover some of those losses, most experts agree there is plenty of volatility to still come in 2022.

So does this mean we will end the year worse than where we started?

Investment advisory house Wilsons this week tried to answer this dilemma with the release of its Corrections vs Bear Markets report. 

The Wilsons report acknowledged the current anxiety in markets.

“The hawkish shift in [US Federal Reserve] policy rhetoric is making investors nervous, particularly when it is occurring against a backdrop of a 40-year high in the US headline inflation rate,” the paper read.

“Investors are understandably concerned that the recent ‘short-sharp’ correction could morph into something deeper and longer.”

The Wilsons team then examined the evidence to try to work out whether the current dip would turn into a full-on crash or a bear market.

Why the signs don’t point to a bear market

The report judged that a correction is still “the most likely scenario” and that at the end of the turbulence we would still end up with an upward-moving market.

“The 12-month outlook remains positive.”

While that might be some relief for ASX shares, the paper far from guaranteed that the bumpy ride was over.

“It is, of course, very difficult to say if the recent lows are indeed the lows for this correction phase,” the Wilsons team stated.

“To the extent that the recent correction was both short and mild, even by the standards of bull market corrections, it is quite possible that we could have a lower low ahead of us.”

The report pointed to several signs that led to its conclusion.

The first is that bear markets generally accompany recessions in the US.

“US recessions almost always coincided with a ‘significant tightening’ of Fed policy,” the paper noted.

“[But] a tight policy backdrop is not currently in place. Policy is beginning to tighten but remains very easy.”

Looking ahead in a year’s time, monetary policy would still “likely to be on the easy side of neutral”, according to Wilsons.

“We will continue to watch for signs that challenge this thesis, but for now, we continue to see 12-month equity market prospects as decent.”

The great news for local shares is that Wilsons reckons prices are not yet ridiculous.

“Valuations outside the US actually look quite cheap in our view. We are overweight Australia and the rest of [the] world vs the US,” the report read.

“So, while parts of the US market are experiencing an overdue valuation unwind, we do not believe equities have a genuinely broad-based valuation problem.”

The post Will this dip in ASX shares turn into a CRASH? appeared first on The Motley Fool Australia.

More reading

• Down but not out: Bapcor (ASX:BAP) share price slumps on sluggish first half
• $3.6 billion crypto heist thwarted, sending this obscure cryptocurrency skyrocketing
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• Tritium (NASDAQ:DCFC) share price rockets 39% on what Biden describes as ‘great news for the planet’
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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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

What happened

In 2019, cryptocurrency exchange Bitfinex was hacked and almost 120,000 Bitcoins (CRYPTO: BTC) were stolen. Most of those have just been recovered, according to today’s press release from the US Department of Justice. Valued at roughly $3.6 billion, these Bitcoins represent the largest seizure of funds in history.

And, shockingly, it’s not Bitcoin that’s surging today but rather Unus Sed Leo (CRYPTO: LEO). As of 3:30 p.m. ET, Leo crypto tokens were up a whopping 46% over the past 24 hours. And there’s a good explanation why.

So what

Leo is a utility token created for the Bitfinex exchange. When Bitfinex was hacked, it did what it could to financially help those who were negatively impacted — an expensive decision. By issuing up to one billion Leo tokens, the company was able to raise money to help with its suddenly stretched financial situation.

When it created Leo, the company established a system of repurchasing tokens monthly until they were all gone. But in the official white paper — kind of an equivalent to a prospectus for IPO stocks — it states that whenever stolen Bitcoin was recovered, it would use at least 95% of those funds to repurchase Leo tokens and burn them. Because of the Department of Justice’s announcement today, the value of Leo tokens is skyrocketing in anticipation of this event.

Now what

There are a couple of caveats here. First, there are still legal proceedings and it’s unclear when exactly Bitfinex will receive the recovered Bitcoins. Second, the white paper says that tokens will be burned within 18 months of recovery. So it may take some time for the company to actually repurchase and burn Leo tokens.

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

The post $3.6 billion crypto heist thwarted, sending this obscure cryptocurrency skyrocketing appeared first on The Motley Fool Australia.

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Jon Quast owns Bitcoin. The Motley Fool owns and recommends Bitcoin. The Motley Fool has a disclosure policy.

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

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The Mineral Resources Ltd (ASX: MIN) share price is down more than 3% in early trading as the resources player released its half-yearly results prior to the open on Wednesday.

At the time of writing, the Mineral Resources share price is trading 3.06% lower at $56.11. It marks a significant recovery after the company’s shares hit a low of $50.36 earlier this morning.

Let’s take a closer look at the company’s financial results for the half-year ended 31 December 2021.

Mineral Resources net loss after tax down 108%

The company outlined several progress points relevant to investors, including:

• Revenue of $1.4 billion, down 12% on the previous year
• Underlying earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) of $156 million, down 80% year on year (YoY)
• Underlying net loss after tax was $36 million, down 108% YoY
• Statutory net profit after tax (NPAT) was also down 96% from the year prior, at $20 million
• A return on invested capital (ROIC) of 23.9% “even in difficult conditions”
• Increased Mining Services production volumes by 18% on the previous year
• No interim dividend declared

What else happened this half for Mineral Resources?

The company’s financials were earmarked by a 80% decrease in EBITDA to $156 million and a corresponding net loss after tax of $36 million – down a further 108% from the previous year.

This meant the company’s statutory NPAT – income that includes ‘exceptional items’ – came in at $36 million, a whopping $500 million, or 96% decrease, on the prior corresponding period, as reported by the company.

This amount includes a “net post-tax fair value gain of $75million on listed investments mainly arising on the divestment…in Pilbara Minerals Ltd (ASX: PLS)” as well as a “net post-tax $19 million unrealised foreign exchange loss on the Group’s USD denominated notes and cash holdings”.

Aside from that, Mineral Resources exported 9.9 million wet metric tonnes (wmt) of iron ore and 207,000 dry metric tonnes (dmt) of spodumene for the period.

This enabled the company to deliver a ROIC of 24%, in what were otherwise “difficult conditions”, according to the company. That figure is also up a few basis points from 23.4%.

Operating cash flow also ran a loss this half and was down 123% on the same time last year, whereas capital expenditures increased 15% to $403 million this half.

In other metrics, Mineral Resources maintained a “low 12-month rolling Lost Time Injury Frequency Rate (LTIFR) of 0.10 and [reduced its] Total Reportable Injury Frequency Rate (TRIFR) to 2.25”.

Finally, given Mineral Resources’ “capital investment programme”, the net loss after tax in 1H22, and “volatile conditions in the iron ore market”, the Board has refrained from declaring an interim dividend.

Management commentary

Speaking on the announcement, Mineral Resources managing director Chris Ellison said:

This has been a challenging half, as we continued to navigate the uncertainty of a COVID-19 world and maintained our focus on protecting the jobs of all our people. I am proud of the efforts of the more than 4,800 men and women in our business for their united and disciplined approach, which so far has enabled us to keep COVID-19 out of our operations. It hasn’t been easy and the challenges during 1H22 were amplified by the collapse in iron ore prices. This has delivered our worst first half financial result in three years. These results do not reflect the substantial progress in our iron ore, lithium and gas businesses during the last six months which will create significant value for decades to come and which underpins our long-term growth for our Mining Services division.

What’s next for Mineral Resources?

According to the company, it remains on target to meet its FY22 volume guidance. This constitutes a 15-20% increase for mining services, alongside spodumene export guidance of 450-475 ktpa.

Finally, the company reaffirmed “the revised full-year iron ore export guidance of 18.5-19.5 mtpa” in its announcement today.

Mineral Resources share price snapshot

In the last 12 months, before today’s results were announced, the Mineral Resources share price had climbed 56%, rallying another 3% this year to date.

Those growth figures are being pulled back today, given this morning’s earnings announcement.

At the time of writing, Mineral Resources has a market capitalisation of around $10 billion.

The post Mineral Resources (ASX:MIN) share price slides as lower iron ore prices bite appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Tritium DCFC Ltd (NASDAQ: DCFC) share price has exploded today on the back of news that has sparked interest from the highest office in the United States.

Tritium is an Australian electric vehicle (EV) fast-charging company now listed on the NASDAQ.

The company’s share price rocketed 39.47% on the NASDAQ today to finish the session at US$9.54. In after-hours trading, it has soared a further 11.01% to US$10.59 at the time of writing.

Let’s take a look at what has buoyed the Tritium share price today.

Tritium CEO meets with US President Joe Biden

Today, the Tritium CEO Jane Hunter met with President Joe Biden for an important announcement.

Tritium will establish a new DC fast charger manufacturing facility for EVs in Tennessee, US. This will include up to 6 production lines. The facility will employ more than 500 people in the next 5 years.

The facility will also produce more than 10,000 fast charger units per year. This could expand to up to 30,000 at peak capacity.

In remarks at the White House, US President Joe Biden said:

The new manufacturing facility Tritium is — that it’s announced today is more than just great news for Tennessee.

This is great news for workers across the country, for an economy, and, frankly, for the planet. When we wrote the — and passed the Bipartisan Infrastructure Law, we included $7.5 billion for electric vehicle chargers, like the one Jane brought along today. 

And later this week, we’re going to announce a state-by-state allocation for $5 billion of the funding for these chargers. So states can start making plans to build out what will become a national network of electric vehicle chargers.

Tritium’s new facility is going to produce up to 30,000 of these chargers every year.

Amazing month for Aussie company

The meeting with the President follows an incredible month for Tritium. On Australia Day, Hunter rang the closing bell at the NASDAQ MarketSite in New York’s Times Square. Tritium was listed on the NASDAQ on 14 January.

Tritium said its US expansion is part of a global trend to provide fast EV charging solutions to the “masses”.

In a media release put out by Tritium, CEO Jane Hunter said:

Tritium’s investment in a U.S.-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry.

We are thrilled to work with the U.S. Federal government and the State of Tennessee on this initiative. With the help of the hard-working residents of Tennessee, we expect to double or even triple our charger production capacity to further our product distribution throughout the United States.

Tritium share price snapshot

The Tritium share price has climbed 3.47% since the company was listed on the NASDAQ on 14 January. For perspective, the benchmark Nasdaq Composite Index (NASDAQ: IXIC) has lost 4.7% since this date.

Tritium has a market capitalisation of about US$926 million based on the current share price.

The post Tritium (NASDAQ:DCFC) share price rockets 39% on what Biden describes as ‘great news for the planet’ appeared first on The Motley Fool Australia.

More reading

• Why did the Tritium (NASDAQ:DCFC) share price just leap 7%?
• Here’s how Tritium (NASDAQ:DCFC) has been performing since listing in the US

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Commonwealth Bank of Australia (ASX: CBA) share price is storming higher on Wednesday morning.

At the time of writing, the banking giant’s shares are up 5% to $99.28.

Why is the CBA share price storming higher?

Investors have been bidding the CBA share price higher today after it delivered a half year profit well-ahead of the market’s expectations.

For the six months ended 31 December, Australia’s largest bank reported a cash net profit after tax of $4,746 million, which is an increase of 23% over the prior corresponding period.

As a comparison, the market was expecting cash earnings of approximately $4,500 million and the team at Goldman Sachs was forecasting cash earnings of $4,295 million. The latter means CBA outperformed the broker’s estimates by over 10%.

Its analysts note that the outperformance was driven largely by its non-interest income, which rose 4.1% over the prior corresponding period. This reflects improved volume related lending and deposit fee income, the non-recurrence of prior period aircraft impairments, and higher net profits from minority interests.

Goldman commented: “CBA’s 1H22 cash earnings (company basis) from continued operations of A$4,746 mn were 10.5% ahead of our expectations, and up 22.7% on pcp. The beat was driven by outperformance on non-interest income (albeit components of this appear somewhat one-off in nature), expenses and BDDs, and expenses, partially offset by lower NIMs. Net net, this drove a +5.5% beat at the PPOP [pre-provisioning operating profit] line.”

Goldman Sachs, like many brokers, has been tipping CBA’s shares as a sell and to sink notably lower. But today’s outperformance could force many brokers into amending their price targets and even their recommendations.

CBA to return more capital to shareholders

Also giving the CBA share price a boost today was news that it will follow up its $6 billion off-market buyback with a new $2 billion on-market buyback.

Management advised that it is undertaking this buyback due to its strong capital position. This strength has put the bank in a position to support customers and manage ongoing uncertainties, while continuing to return surplus capital to shareholders.

This buyback is expected to reduce CBA’s CET1 capital ratio by approximately 42 basis points to 11.4%, which is still well-ahead of APRA’s unquestionably strong benchmark of 10.5%. It will also remain well-placed to accommodate changes under APRA’s new capital framework effective in 2023.

As well as the buyback, CBA will be returning capital to shareholders via its fully franked interim dividend. The CBA board has increased its interim dividend by 17% to $1.75 per share. This will be paid to eligible shareholders on 30 March.

Following today’s gain, the CBA share price is now up almost 14% over the last 12 months.

The post Analysts forced to eat humble pie as CBA (ASX:CBA) share price soars 5% appeared first on The Motley Fool Australia.

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• CBA (ASX:CBA) share price on watch after smashing first half estimates
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• Leading brokers name 3 ASX shares to sell today
• CBA (ASX:CBA) share price is ‘very expensive’: expert

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Australian Foundation Investment Co. Ltd (ASX: AFI) share price is treading lower on Wednesday morning. This comes despite the Melbourne-based listed investment company (LIC) not releasing any market-sensitive news today.

At the time of writing, AFIC shares are down 1.17% to $8.43 apiece. In comparison, the S&P/ASX 200 Index (ASX: XJO) is also down 0.1% to 7,183 points.

Why are AFIC shares falling today? 

With the company’s half-year results released late last month, investors are eyeing AFIC shares as they go ex-dividend today.

Typically, one day before the record date, the ex-dividend date, is when investors must have purchased shares. If the investor does not buy AFIC shares before this date, the dividend will go to the seller.

Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company’s shares after securing the dividend.

What does this mean for AFIC shareholders?

For those eligible for AFIC interim dividend, shareholders will receive a payment of 10 cents per share on 25 February. The dividend is fully franked which means investors will collect tax credits from this.

The interim dividend remains unchanged when compared against the prior corresponding period (H1 FY21).

Furthermore, the final dividend for the 2021 financial year was 14 cents per share, also fully franked.

A Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) is available at a 5% discount. This will be based on the volume weighted average price of the company’s shares traded on the ASX and Chi-X over the five trading days from today.

The last date for the receipt of an election notice for participation in the DRP & DSSP is on 11 February.

AFIC share price summary

Since the beginning of 2022, AFIC shares have gained 15% on the back of positive investor sentiment. The S&P/ASX 200 Financials Index (ASX: XFJ) is up around 10% over the same timeframe.

Based on today’s price, AFIC commands a market capitalisation of roughly $10.46 billion and has approximately 1.23 billion shares outstanding.

The post Why is the AFIC (ASX:AFI) share price sliding lower today? appeared first on The Motley Fool Australia.

More reading

• Will a growing dividend help the AFIC (ASX:AFI) share price?
• AFIC (ASX:AFI) share price falls despite 74% rise in profits
• How is AFIC (ASX:AFI)’s international share portfolio going?
• Why are AFIC (ASX:AFI) shares so popular among young investors?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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