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The S&P/ASX 200 Index (ASX: XJO) giant was hit hard by the onset of the COVID-19 pandemic. But now Australia is getting closer to normality once more, are Cochlear Limited (ASX: COH) shares worth buying?

Tribecca Investment Partners portfolio manager Jun Bei Liu thinks so.

The fundie believes the company is set to be a market beater, outperforming its competition and ASX 200 peers over the long term.

As of Thursday’s close, the Cochlear share price is $229.14. That’s 0.26% higher than it was at the end of Wednesday’s session.

Let’s look at why this professional recommends Cochlear shares.

Are Cochlear shares worth buying?

Like many ASX shares, Cochlear’s stock was hit hard by COVID-19.

Cochlear ultimately withdrew its guidance for financial year 2020 as the pandemic impacted its business. It later launched an $800 million capital raise to cover the resulting drop in income.

Come the end of financial year 2020, the company recorded an 11% drop in revenue on a constant currency basis, mainly due to restrictions on surgeries.

But looking beyond the pandemic, is Cochlear a buy?

Cochlear is a global leader in implantable hearing devices, and that’s exactly why Liu believes it’s one to buy now and hold for the future.

It currently holds more than 60% of the hearing device market, according to Liu. Additionally, she expects that market to grow as the global population ages.  

Liu told LiveWire another reason she thinks Cochlear shares are a buy is because the company works in an under-penetrated market – only 60,000 people receive implantable hearing devices each year.

That leaves the company with a strong growth pathway for the next 10 years.

Additionally, there are few technological advances that could see its products deemed obsolete. In fact, Cochlear is mostly only at risk of itself. Livewire quoted Liu as saying:

Cochlear is the most advanced with a fully implantable device which is likely to be the next major development in the space.

Finally, Liu likes Cochlear for its management team. She believes they are capable and focused on driving the company’s value higher over time.

However, its current value is a slight downside. Liu reportedly said:

As a high-quality business with defensive structural growth characteristics, the stock is trading at a meaningful premium to the rest of the ASX companies. Taking a longer-term view, however, Cochlear is absolutely a bottom drawer stock that will deliver growth year in and year out.

The post With restrictions easing, is the Cochlear (ASX:COH) share price a buy? appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares with major competitive advantages
• Macquarie warns the next ASX market downturn could come as soon as February
• Is the Cochlear (ASX:COH) share price heading back under $200?

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. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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 MyDeal.Com Au Ltd (ASX: MYD) share price has been gradually recovering since May. A continuation in revenue growth has put the online retail marketplace in a good light. While the company is operating in a space filled with formidable foes, some investors are taking a liking to the smaller competitor.

Sydney-based private investment company EGP Capital is one such investor that is bullish on the MyDeal share price. The reasoning behind EGP Capital’s positive outlook for the company was shared in the fund’s October report.

Let’s jump into the details.

What makes the MyDeal share price worth looking at?

The team behind EGP Capital’s Concentrated Value fund are big backers of numerous ASX-listed retail-focused businesses. For example, Cettire Ltd (ASX: CTT), Redbubble Ltd (ASX: RBL), and MyDeal all make an appearance in the fund’s top 10 holdings.

According to the fund’s October report, rather than backing the larger online retailers, EGP is keener on the prospects ahead for MyDeal — with a market capitalisation of ~$225 million.

Chief investment officer (CIO) Tony Hansen detailed several reasons why the fast-growing retailer play is attractive. The first reason is the incentive structure in place for the MyDeal CEO and founder, Sean Senvirtne. Nearly half of the company’s shares are owned by Senvirtne.

However, the primary reason for EGP Capital’s interest in the MyDeal share price is the marketplace element. This involves connecting buyers with sellers through the company’s online platform, taking a fee from the transaction in the process.

Hansen notes that the cash flow generated by this business segment alone allows the business to grow without the need for external capital.

How does it compare to another online retailer?

Because of its capital-light nature, the fund prefers to compare MyDeal to Temple & Webster Group Ltd (ASX: TPW). In comparing the two, Hansen and the team believe that the smaller online retailer could be worth ~$1.40 if it were valued similarly to Temple and Webster.

Hansen came to this conclusion by comparing the companies enterprise value over gross margin (EV/GM). For Temple and Webster, this equates to ~7 times. Meanwhile, MyDeal’s EV/GM comes out to around 3 times.

Finally, EGP Capital suggests that if MyDeal can demonstrate revenue growth and profitability over several quarters, then it might attract a more premium valuation. For investors, this would translate to a higher MyDeal share price.

MyDeal shares are down 32% since the beginning of the year. Coming off of a booming time for online retailers during COVID-19, the company has failed to maintain the momentum.

The post This fund manager thinks the MyDeal (ASX:MYD) share price is appealing appeared first on The Motley Fool Australia.

More reading

• 3 exciting small cap ASX shares for your watchlist

Motley Fool contributor Mitchell Lawler owns shares of Kogan.com Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Cettire Limited and 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 AMP Ltd (ASX: AMP) share price has failed to outperform the market this year, continuing its gradual decline. Despite delivering a largely sound third-quarter trading update last month, the financial services company is struggling with positive investor sentiment.

At the closing bell on Thursday, AMP shares finished down 5% at $1.05. This means its shares have lost nearly 10% in the past week.

What’s happened to AMP recently?

Investors have been dragging down the AMP share price despite a robust third-quarter update from the company on 21 October.

AMP reported that its capital assets under management (AUM) fell to $180.3 billion, a drop of 4.04% compared to the first half. The impact was primarily caused by net cash outflows which came to $12 billion for the quarter. In context, net cash outflows totalled $2.4 billion in Q3 FY20.

In AMP’s New Zealand wealth management portfolio, AUM increased to $12.9 billion, up $300 million quarter-on-quarter. The sound result was driven by investment market gains which offset net cash outflows of $39 million.

The demerger program is scheduled for competition by the middle of FY22. This will see the transition of MAG from AMP Capital to AMP Australia, creating a superannuation and investment platform business.

AMP advised it will provide a further update on its progress regarding the demerger at an Investor Day on 30 November. In addition, the company will also lay out what’s ahead for the remaining financial year as well as FY22.

How does the AMP share price compare to the financial sector?

Over the last 12 months, the AMP share price has moved 40% lower and is down by 33% year to date. The company’s shares hit a multi-decade low of 88.5 cents in September 2021, before moving in circles.

In contrast, the S&P/ASX 200 Financials Index (ASX: XFJ) has gained 14% from this time last year and is up almost 19% year to date. The sector also registered a 52-week high of 6,956.4 points in late October.

Undoubtedly, AMP shares are lagging behind the Financial Index which has continued to accelerate since March 2020.

Based on today’s price, AMP commands a market capitalisation of roughly $3.59 billion, with approximately 3.27 billion shares on issue.

The post How is the AMP (ASX:AMP) share price performing against the financial sector in 2021? appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts on Monday
• ASX 200 (ASX:XJO) midday update: Lithium miners jump, Flight Centre tumbles
• AMP (ASX:AMP) share price lifts as company retains control of office fund
• Is there still hope for the AMP (ASX:AMP) share price?
• AMP (ASX:AMP) share price higher after $40 million APRA enforcement

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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As a major big four ASX bank share (or big 5 these days), the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has always been one of the most watched metrics on the S&P/ASX 200 Index (ASX: XJO). As a top 10 ASX 200 share, ANZ shares have a fairly large influence over the entire ASX 200.

So let’s take a journey through ANZ’s share price history. It’s quite telling to look at a blue chip share like ANZ through this lens, as we can really see how much it lives up to this reputation as a strong, stable and relatively safe investment.

So here’s how the ANZ share price looks over the past 10 years:

So as you can see, it’s far from ‘up and to the right’ for ANZ shares. At the last ANZ share price of $27.27, investors would have bought those same shares for that same price way back in February 2013. Or back in October 2006 for that matter. That’s 15 years of doing a whole lot of not much.

ANZ share price: stuck in the mud?

Of course, there was ANZ’s meaty and (mostly) fully franked dividends that would have helped ease the pain. But it’s safe to say that ANZ has not been a market-beating investment for most long-term shareholders over the past 15 years.

Of course, we’ve seen highs and lows far over and under that price over this period too. ANZ’s last all-time high was hit back in April 2015. Believe it or not, that’s when ANZ shares got close to $37 each. As it stands today (6½ years later), ANZ remains around 25% off of those highs. Just over the past 5 years alone, the ANZ share price remains down by 4.18%.

But then again, ANZ is also today a good 80% or so above the lows that we saw during the COVID crash last year. That was when ANZ got to under $15 a share. So it hasn’t been all bad news for shareholders. In more recent times, the picture has been a lot brighter too. ANZ is up 18.4% year to date in 2021 alone, and is also up 17.3% over the past 12 months.
Sometimes, perspective is everything!

At the current ANZ share price of $27.27, this ASX banking share has a market capitalisation of $76.88 billion, with a dividend yield of 5.21%.

The post ANZ (ASX:ANZ) share price history: What caused the biggest ups and downs? appeared first on The Motley Fool Australia.

More reading

• Own ANZ (ASX:ANZ) shares? Here’s how the bank just got booted out of the big four
• Macquarie (ASX:MQG) is now a big four bank
• Is the CBA (ASX:CBA) share price premium relative to other big banks justified?
• 2 ASX dividend shares with attractive yields to buy
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Sebastian Bowen 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 Fortescue Metals Group Limited (ASX: FMG) share price has been one to watch in 2021 so far.

It first got chins a-wagging when Fortescue hit a new all-time high of $26.58 a share back in July. That represented a gain of close to 40% just between late March and that date. This was of course fuelled by record-high iron ore prices, which climaxed at more than US$220 a tonne mid-year.

But in more recent months, the story has turned fairly nasty. Iron ore was not destined to remain at those highs for long. As of today, it is sitting at just over US4100 a tonne after falling close to US$90 recently. This naturally sent the Fortescue share price plummeting. It fell from over $26 a share in July to a new 52-week low of $13.90 by late October

It’s worth noting the Fortescue share price has recovered somewhat since then. It’s today sitting at $17.88, nearly 30% above its new low. Perhaps the hullabaloo surrounding Fortescue Future Industries has helped in this matter.

But at this current share price, Fortescue shares now offer a seemingly impossible dividend yield of 20.02%. Get ready for this — grossed-up with Fortescue’s full franking, that dividend yield is worth an insane 28.6%.

Can that be true? Are Fortescue shares really offering a yield of that stupendous magnitude right now?

Does Fortescue really have a 28% dividend on the table?

Well, not quite. A trailing dividend yield indicates the yield that investors would have received at the current Fortescue share price over the last 12 months. It doesn’t mean this will stay the same for the next 12 months.

So yes, Fortescue’s last two (fully franked) dividend payments came in at $2.11 per share and $1.47 per share respectively. That totals $3.58 a share in total and comes to a yield of 20.02% on the current Fortescue share price. But remember, these dividends were funded by the record-high iron ore prices we’ve just discussed. The market knows that with iron ore now less than half of the price it was just a few months ago, these dividends are not likely to be repeated next year. 

It might not be as bad as you might think though. As my Fool colleague Tristan covered earlier this week, brokers at Macquarie Group Ltd (ASX: MQG) are predicting Fortescue will still be able to pay out $1.97 in dividends per share for FY 2022, and $1.42 per share in FY 2023. That would still equate to sizeable raw yields of 11.02% and 7.94% respectively on the current Fortescue share price.

There will be more than a few shareholders who would be hoping that indeed turns out to be the case.

At the current Fortescue share price of $17.88, this miner has a market capitalisation of $55.42 billion.

The post Is the Fortescue (ASX:FMG) dividend really worth 28% in November? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Here are the 3 heaviest traded ASX 200 shares this Tuesday so far
• What’s causing the Fortescue (ASX:FMG) share price to leap 9% today?
• 2 high-yielding ASX 200 dividend shares
• Leading brokers name 3 ASX shares to sell today

Motley Fool contributor Sebastian Bowen 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 Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Endeavour Group Ltd (ASX: EDV) share price has risen by around 10% over the last four months. But is the company about to lose some of its fizz?

If readers haven’t heard of Endeavour before, it’s a business that was divested out of Woolworths Group Ltd (ASX: WOW).

The company owns several brands of alcohol and drinks businesses including Dan Murphy’s, BWS, Jimmy Brings, Cellarmasters, Langton’s, Pinnacle Drinks and Shorty’s Liquor.

Endeavour Group also has a hotels business, it’s the largest on-premise venue operator and currently manages a portfolio of more than 330 distinct licensed venues in capital cities and urban and regional centres.

Analysts aren’t bullish about the Endeavour share price

Whilst the business has been gaining in recent times, some analysts think the company has run too far.

Credit Suisse currently has a sell/underperform rating on the business with a price target of $6.19 – that’s more than 10% lower than where it is now.

The broker thinks that Endeavour is going to see growth of alcohol sales and a recovery for hotel revenue.

Credit Suisse thinks that Endeavour Group’s expenses will continue to be higher than normal.

Another broker – Morgans – thinks Endeavour is a hold with a price target of $6.95. Morgans also referenced the FY22 first quarter numbers to come to its opinion about the business which also includes expectations of a stronger performance from its hotel business and lockdowns seemingly much less likely to happen.

FY22 first quarter update

Let’s look at the first quarter numbers that the brokers are referring to. For the 14 weeks from 28 June 2021 to 3 October 2021, total sales fell by 1.2% to $2.94 billion.

There was a mixed performance between its two divisions. The retail sales were flat, falling by just 0.2% to $2.65 billion. But the hotels division, suffering from lockdowns in major markets, saw sales drop by 9.9% to $282 million. Nationally, around 40% of hotels were closed across the quarter and various trading restrictions were in place across the country.

Sales declines can obviously impact an investor’s thoughts about the Endeavour share price.

Of particular note, the online sales of the retail segment saw growth of 34.4% year on year. This saw the online penetration increased from 8.6% in FY21 to 11.5% in FY22. Endeavour acknowledged that a portion of this growth is due to the shift to at-home consumption because of venue closures. But the online penetration also grew outside of NSW and Victoria.

With the hotels business, Endeavour is thinking about the longer-term by investing in building and improving its hotels business. In the quarter, it acquired the Terrey Hills Tavern in NSW and The Manly Hotel in Queensland. It also carried out a renewal of the Sunnybank Hotel and has continued to implement digital ordering and payment technology across its hotels.

At the end of the quarter, its portfolio consisted of 336 hotels and five managed clubs.

The company said with its quarterly update:

Looking beyond the immediate challenges, the group is well positioned for growth, with a diversified portfolio of quality hotels, strong retail brands and digital assets, supported by a focused and resilient team.

Endeavour share price valuation

Using Credit Suisse’s estimate for FY22, Endeavour shares are valued at 28x FY22’s estimated earnings and 24x FY23’s estimated earnings.

The post Is the party over for the Endeavour (ASX:EDV) share price? appeared first on The Motley Fool Australia.

More reading

• The Woolworths (ASX:WOW) share price is up 20% so far in 2021. Here’s why
• Alcohol and intelligence: 2 ASX shares on the way up

Motley Fool contributor Tristan Harrison 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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Today, the S&P/ASX 200 Index (ASX: XJO) pulled ahead in late trade to finish above its previous close. At the end of the session, the benchmark index finished 0.11% higher at 7,407.3 points.

The Aussie market fended off a negative performance today with the help of a stellar performance from tech shares. It appears investors had an appetite for tech companies, while banks and consumer staples fell to the wayside. To the benefit of the index, a number of miners decided to rally as iron ore reclaimed the US$100 per tonne threshold.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Novonix Ltd (ASX: NVX) was the biggest gainer today. Shares in the battery technology company jumped 11.68% higher. While the company had no new announcements today, it did reveal the opening of its new facility in Chattanooga, Tennessee yesterday. Find out more about Novonix here.

The next biggest gaining ASX share today was Nickel Mines Ltd (ASX: NIC). The nickel mining company rallied 6.46% to $1.40 despite there being no announcements from the company today. Uncover the latest Nickel Mines details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Novonix Ltd (ASX: NVX)	$10.71	11.68%
Nickel Mines Ltd (ASX: NIC)	$1.40	6.46%
Yancoal Australia Ltd (ASX: YAL)	$2.81	5.24%
Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)	$32.29	4.57%
Technology One Ltd (ASX: TNE)	$11.99	4.53%
Mineral Resources Ltd (ASX: MIN)	$45.77	4.47%
Afterpay Ltd (ASX: APT)	$111.55	4.01%
Liontown Resources Ltd (ASX: LTR)	$1.87	3.60%
Pro Medicus Ltd (ASX: PME)	$61.84	3.24%
Domino’s Pizza Enterprises Ltd (ASX: DMP)	$125.61	3.12%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts this Thursday
• Here’s why the Nickel Mines (ASX:NIC) share price is soaring 15% so far this week
• Why is the Novonix (ASX:NVX) share price surging 11% to an all-time high today?
• ASX 200 (ASX:XJO) midday update: EML rockets, NAB given ACCC green light
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Sunstone Metals Ltd (ASX: STM) share price finished deeply in the red today, down 15.45% to 9.3 cents.

Below we look at the latest drilling update from the ASX resource explorer, which appears not to have sufficiently roused investor spirits following earlier positive reports that saw the Sunstone Metals share price rocketing last week.

What drilling results were reported?

The Sunstone Metals share price fell hard today despite the company reporting positive assays from its El Palmar deposit in Ecuador. The company said the assays confirm the deposit is a significant gold-copper porphyry discovery.

The results from the latest drill hole included:

• 1 metres at 0.75grams of gold per tonne and 0.20% copper from 32 metres
• Within 259.6 metres at 0.41g/t gold and 0.14% copper from 10.4 metres

Assays are pending on 3 other completed drill holes with a fourth currently underway. Sunstone said all the drill holes to date are mineralised from shallow depths.

Commenting on the results, Sunstone’s managing director Malcolm Norris said:

This is a big system and has huge potential. It is early days, but importantly every hole has been mineralised… We are seeing some evidence that the first seven holes are defining the upper parts of a large porphyry system with multiple mineralising intrusions emplaced into wallrocks. Given this, we are increasingly excited about the deep targets and the potential for the mineralisation to have a vertical extent of more than 1 kilometre.

Norris also said the company will commence drilling its second hole at the high-grade Alba gold target on the Bramaderos project, also in Ecuador, this weekend. He added the company is well-funded to explore both projects, with approximately $19 million in cash and equities.

Speaking of the Bramaderos project, it was drill results from this site that look to have triggered a massive spike in the Sunstone share price last week.

Sunstone Metals share price retreats after surging 100% in days

Last Thursday, 18 November, the Sunstone Metals share price closed the day up by more than 50%.

As the Motley Fool reported on the day, “The company advised that it has obtained ‘exceptional’ assays from the first drill hole at its Alba target located at the Bramaderos site”.

Shares finished flat last Friday and gained another 10% on Monday.

Some profit-taking looks to have taken place on Tuesday, with the Sunstone Metals share price finishing down 13%, only to bounce back yesterday, finishing up 10%.

This leads us to speculate that today’s 14% fall could have been driven by another round of profit-taking.

To see why, here’s how Sunstone Metals shares have been moving.

Sunstone Metals share price snapshot

Over the past 12 months, the Sunstone Metals share price is up an eye-popping 840%. And that’s factoring in today’s retrace. For some comparison, the All Ordinaries Index (ASX: XAO) has gained 12% over the past full year.

The past week has seen some continuing remarkable moves. From last Tuesday, 16 November through to the end of trading on Monday, the Sunstone Minerals share price almost doubled.

While shares are down 21% now since Monday, bear in mind the Sunstone is still trading 57% higher than it was this time last month.

The post Why did the Sunstone Metals (ASX:STM) share price slump 15% today? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Sunstone Metals (ASX:STM) share price is rocketing 36% today

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 Latrobe Magnesium Limited (ASX: LMG) share price is suffering on the ASX today despite the release of a seemingly positive update.

The company updated the market on the ongoing build of its Latrobe Valley Demonstration Plant this morning.

Unfortunately, the market is bidding the Latrobe Magnesium share price down following the company’s announcement. Right now, its shares are swapping hands for 9.3 cents, 7% lower than their previous closing price.

Let’s take a closer look at the news the up-and-coming magnesium producer provided the market today.

Latrobe Magnesium share price slumps

The Latrobe Magnesium share price is struggling today despite the company posting news of significant progress made on early stage works at its demonstration plant.

The plant is expected to use Latrobe Magnesium’s patented process to extract and sell magnesium metal and cementitious material from industrial fly ash, a waste product from the Yallourn coal-fired power station.

The company plans to sell the refined magnesium to customers based in the United States and Japan.

At this point in time, more than 72 suppliers have registered their interest in the Latrobe Valley Demonstration Plant project.

In today’s update, the company announced work to repair fencing around the plant’s site has finished.

The preliminary architectural drawings for the administration building refurbishment have also been finalised.

The company is now working to submit an application for a building permit. Additionally, it will be awarding a contract for the site’s clean-up works to a local contractor shortly.

A contract for the electrical restoration work has already been issued. Mincore will be working alongside local contractors over the coming weeks to restore power to the site.

Finally, engineering is kicking off.

Process engineering is focusing on finalising the flowsheet, heat, and mass balance and commencing piping and instrumentation diagrams.

Structural engineering is commencing steelwork for the briquette trolley support structure and bunker designs for char and silica products.

Meanwhile, mechanical engineering is undertaking plant layout planning and optimisation has begun.

Right now, the Latrobe Magnesium share price is 365% higher than it was at the start of 2021. It has also gained 86% over the last 30 days.

The post Here’s why the Latrobe Magnesium (ASX:LMG) share price is sinking 7% today appeared first on The Motley Fool Australia.

More reading

• Why is the Latrobe Magnesium (ASX:LMG) share price down again today?
• Why the Latrobe Magnesium (ASX:LMG) share price bolted 38% today
• Why the Latrobe Magnesium (ASX:LMG) share price rocketed 23% on Tuesday
• Why are ASX magnesium miners getting so much love this week?
• ASX magnesium shares are going gangbusters. What’s happening?

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 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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It certainly was a rollercoaster of a day for the Kogan.com Ltd (ASX: KGN) share price on Thursday.

The ecommerce company’s shares rose 3.5% to $9.19 shortly after the release of its annual general meeting update. However, once everything was absorbed, it didn’t take long for the Kogan share price to give back those gains and more.

The company’s shares ultimately ended the day 4% lower at $8.51.

What happened to the Kogan share price on Thursday?

There appear to have been a few catalysts for the volatility in the Kogan share price on Thursday.

One was its trading update. Although Kogan spoke about further revenue growth during the first four months of FY 2022, this hasn’t translated into profit growth.

Kogan revealed that its adjusted EBITDA (including Mighty Ape) was down 61% year to date to $12.4 million. Excluding Mighty Ape, adjusted EBITDA was down 70.3% to $9.5 million over the prior corresponding period.

Given that Kogan reported adjusted EBITDA (including Mighty Ape) of $10.8 million for the first quarter, this means it only added $1.6 million of EBITDA in October. That compares to a first quarter average of $3.6 million per month. And this is despite the company advising that it had resolved previous inventory pressures during the first quarter, reducing warehousing costs.

Shareholders vote against the renumeration report

Another factor that could be weighing on the Kogan share price is news that shareholders have dealt the company a second strike after voting against the adoption of its renumeration report.

Under the second strike rule, if shareholders vote down a company’s executive remuneration package two years in a row, the board may be voted out of office. A total of 42.19% votes were cast against the report, similar to last year’s annual general meeting.

However, fortunately for the Kogan Board, shareholders decided against spilling the board, with 97.56% of votes cast against it. But clearly a warning shot has been fired in the direction of the Kogan board.

The Kogan share price is down 56% since the start of 2021.

The post Kogan (ASX:KGN) share price falls amid remuneration second strike 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 shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com 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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