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Is it possible that the BHP Group Ltd (ASX: BHP) share price could reach $56 by the end of the year?

The brokers at Macquarie Group Ltd (ASX: MQG) have had their say on where they think that BHP shares are going.

A price target says where a broker believes a share price will be in 12 months from now. So, not necessarily where the shares may be in a couple of months by the end of 2021.

What is the price target for the BHP share price?

Macquarie currently has a price target of $56 on BHP. That suggests that BHP shares could rise by around 44% over the next 12 months, if they broker is right.

Whilst the iron price has been volatile, and has dropped, it is the high commodity prices of BHP’s other resources that are helping make up for the decline of iron.

In-particular, it is the strong coal price that is one of the factors in the broker’s mind about BHP.

Looking at the estimates for the next couple of years, Macquarie thinks BHP could pay a grossed-up dividend yield of 14.6% in FY22 and 10.6% in FY23.

The profit estimates put the BHP share price at 8x FY22’s projected earnings and 11x FY23’s estimated earnings.

In FY21, the business made most of its underlying earnings before interest and tax (EBIT) from iron ore. Of the total US$30.3 billion of underlying EBIT, iron ore contributed US$24.3 billion of it and copper contributed US$6.8 billion.

Major strategy moves

The company has made strategic moves that could affect the BHP share price over the next 12 months. For example, it’s planning to merge its petroleum business with Woodside Petroleum Limited (ASX: WPL).

The proposed merger would create a global top 10 energy company by production, with a global top 10 position in the LNG industry, and would be the largest energy company listed on the ASX.

BHP said that with the combination of two high-quality asset portfolios, the combined business will have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition. There are estimated synergies of more than US$400 million from optimising corporate processes and systems, leveraging combined capabilities and improving capital efficiency on future growth projects and exploration.

Another asset that could impact the BHP share price for a long time to come is the Jansen Stage 1 potash project, which BHP has approved to spend US$5.7 billion on capital expenditure in Canada.

BHP says that potash is a future facing commodity and Jansen is aligned with BHP’s strategy of growing its exposure to future facing commodities in “world class” assets that are large, low cost and expandable.

Management say that potash provides BHP with increased leverage to key global mega-trends including rising population, changing diets, decarbonisation and improving environmental stewardship.

The post Can the BHP share price hit $56 by the end of 2021? appeared first on The Motley Fool Australia.

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• Legal risk just increased for the Westpac (ASX:WBC) share price
• BHP (ASX:BHP) share price climbs as miner hones in on ESG future
• Own BHP (ASX:BHP) shares? Here’s the miner’s latest push to reduce emissions
• 5 things to watch on the ASX 200 on Thursday
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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 owns shares of and 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 Afterpay Ltd (ASX: APT) share price ended up having a pretty decent day of trading on Friday. This buy now, pay later (BNPL) share ended the trading day up a healthy 1.74% to $122.78 a share. That compared pretty well to the broader S&P/ASX 200 Index (ASX: XJO), which also ended the day higher but at a far more muted gain of 0.69%.

But zooming out a little, and the picture doesn’t quite look as bright for Afterpay. Over the past 3 weeks or so, this company has lost a little over 7% of its value. Afterpay shares were trading at a price of $132.11 back on Friday 23 September, but taking its last share price on Friday, we see a drop of 7.06% over those 3 weeks.

So what’s going on with Afterpay lately?

Why is the Afterpay share price down 7% in 3 weeks?

Well, the first thing to note is that it’s not just Afterpay shares that have been under pressure over the past 3 weeks. the entire ASX tech sector has taken a beating. The S&P/ASX All Technology Index (ASX: XTX) is also down around 3.1% over the same period. With many other ASX growth shares suffering similar fates. We can probably blame general market volatility, as well as a rise in the US 10-year Treasury bond yield, as underlying factors contributing to these woes in the ASX tech space.

But there’s another factor that could be playing into Afterpay shares’ woes too. As most investors would know by now, Afterpay’s days on the ASX are probably numbered. The company announced back in August that it is soon to be acquired by the US payments giant Square Inc (NYSE: SQ). Square offered up an all-scrip deal. This will see Afterpay shareholders receive 0.375 shares of Square for every Afterpay share owned.

This inherently ties the value of the Afterpay share price to that of Square shares. That’s because the ratio of Square shares that Afterpay investors will receive is fixed.

And lo and behold, the Square share price has also been struggling in recent weeks. Since 24 September, Square is down by roughly 5.75% (as of Thursday’s US market close). This would have also fed into investor sentiment for Afterpay shares over this time.

At Afterpay’s last closing share price of $122.78, this BNPL company has a market capitalisation of $35.03 billion.

The post Why has the Afterpay (ASX:APT) share price lost 7% in 3 weeks? appeared first on The Motley Fool Australia.

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• Own Afterpay (ASX:APT) shares? This little-known company is aiming to disrupt the BNPL sector
• These ASX tech shares are lighting up the ASX 200 today
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Motley Fool contributor Sebastian Bowen owns shares of Square. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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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Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.

Here’s why brokers think investors ought to buy them next week:

HUB24 Ltd (ASX: HUB)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and lifted their price target on this investment platform provider’s shares to $36.50. The broker was pleased with HUB24’s performance during the first quarter, noting that it delivered fund inflows well ahead of its forecasts. It also suspects that this level of inflows could be sustainable given there doesn’t appear to have been any large one-offs during the period. The HUB24 share price ended the week at $33.06.

Newcrest Mining Ltd (ASX: NCM)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating but trimmed their price target on this gold miner’s shares slightly to $30.50. Goldman continues to see a lot of value in the company’s shares. This is due to its growth pipeline, its belief that the company’s earnings will hold up despite production declines, and its attractive valuation compared to peers. The Newcrest share price was fetching $24.67 at Friday’s close.

Redbubble Ltd (ASX: RBL)

Analysts at Morgans have retained their add rating and increased their price target on this ecommerce company’s shares ever so slightly to $4.84. According to the note, Redbubble’s first quarter update fell short of its expectations. However, the broker notes that Redbubble was cycling very strong sales in the prior corresponding period. In light of this, it feels investors should focus more on the long term, which it remains very positive on. Though, it concedes that it would like to see evidence of an ability to improve customer loyalty before becoming even more positive. The Redbubble share price ended the week at $3.98.

The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.

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• Top broker tips Redbubble (ASX:RBL) share price to jump 22%
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• Why ARB, Flight Centre, HUB24, and Qantas shares are rising today
• The final Hub24 (ASX:HUB) dividend is being paid today. Here’s what you should know
• 5 things to watch on the ASX 200 on Friday

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 Hub24 Ltd. The Motley Fool Australia has recommended Hub24 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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If you’re currently building an income portfolio, then you might want to look at the shares listed below.

Here’s why these ASX dividend shares could be worth considering right now:

National Australia Bank Ltd (ASX: NAB)

Investors that don’t already have exposure to the banking sector might want to consider NAB. It could be a top dividend share due to its improved performance and cost management initiatives.

In respect to the former, during the third quarter NAB revealed an unaudited statutory net profit of $1.65 billion and unaudited cash earnings of $1.70 billion. This was broadly in line with the quarterly average it achieved during the first half of FY 2021 but ahead of expectations.

Positively, this solid form is expected to have continued in the fourth quarter and then be sustained into FY 2022.

It is for this reason that Goldman Sachs has a conviction buy rating and $30.62 price target on the bank’s shares. The broker is also forecasting a fully franked $1.40 per share dividend in FY 2022. Based on the current NAB share price of $28.65, this will mean a yield of 4.9%.

Suncorp Group Ltd (ASX: SUN)

Another ASX dividend share to consider is Suncorp. It is one of Australia’s leading insurance and banking companies.

As with NAB, it returned to form in FY 2021. Suncorp reported a 42.1% increase in cash earnings to $1,064 million, allowing the company to reward shareholders with a special dividend and a $250 million on-market share buyback.

The team at Credit Suisse are positive on the company’s outlook. As a result, last week the broker retained its outperform rating and $13.91 price target on its shares.

The broker is also forecasting a fully franked dividend of 73 cents per share in FY 2022. Based on the current Suncorp share price of $12.49, this will mean a 5.8% yield.

The post Analysts rate these 2 ASX dividend shares as buys appeared first on The Motley Fool Australia.

More reading

• Legal risk just increased for the Westpac (ASX:WBC) share price
• Why Goldman thinks the NAB (ASX:NAB) share price is undervalued
• 3 buy-rated ASX dividend shares for income investors
• Why this fund manager is bullish on the Suncorp (ASX:SUN) share price
• Own NAB (ASX:NAB) shares? What to expect from its FY21 results

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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Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.

Three sell ratings that investors might want to hear about are summarised below. Here’s why top brokers think investors ought to sell these shares next week:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Macquarie, its analysts have retained their underperform rating and $5.40 price target on this infant formula company’s shares. Macquarie notes that smaller infant formula rival Bubs Australia Ltd (ASX: BUB) delivered strong sales growth in China during the first quarter. While this could be a good sign for A2 Milk, the broker isn’t in a rush to change its rating. It appears to be waiting for the company’s investor update at the end of the month. The A2 Milk share price ended the week at $6.72.

Commonwealth Bank of Australia (ASX: CBA)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $90.00 price target on this banking giant’s shares. Morgan Stanley has concerns that APRA’s decision to increase bank loan serviceability expectations could lead to lower housing loan approvals. And given how CBA’s total loan book has significant exposure to the housing market, it fears this could hit the bank’s revenue and earnings. The CBA share price was fetching $102.28 at Friday’s close.

Regis Resources Limited (ASX: RRL)

Analysts at Goldman Sachs have retained their sell rating and cut their price target on this gold miner’s shares to $2.30. Goldman continues to believe that Regis’ shares are expensive compared to peers. It notes that the company is trading at 0.85x net asset value versus the sector average of 0.75x. In light of this, it sees a lot more value for money elsewhere in the sector. The Regis share price ended the week in line with this price target at $2.30.

The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares last week
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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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. 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 Telstra Corporation Ltd (ASX: TLS) dividend is traditionally one of the most popular options on the Australian share market for income investors.

This has made the countless dividend cuts over the last decade very disappointing for the telco giant’s shareholders.

The good news, though, is that the outlook for the Telstra dividend has improved greatly this year.

What’s the outlook for the Telstra dividend?

According to a recent note out of Goldman Sachs, its analysts believe the Telstra dividend has reached its bottom at 16 cents per share. This is due to its improving performance, the new T25 strategy, and its strong free cash flow.

Based on the current Telstra share price of $3.85, this will mean an attractive fully franked yield of just under 4.2%.

But it gets better. Pleasingly, after years of cuts, Goldman believes it won’t be long until the Telstra dividend starts to grow again.

It is forecasting 16 cents per share dividends for FY 2022 and FY 2023, before an increase to 18 cents per share in FY 2024. After which, the broker has pencilled in a 19 cents per share dividend in FY 2025. It also suggested there’s upside potential in FY 2024.

The good news is that this won’t even come at the expense of growth. Goldman notes that management still intends to invest its free cash flow in growth opportunities.

It commented: “Telstra also revised its dividend policy back towards 100% of EPS, as it prioritizes growing franked dividends over time, while using the c.$600mn p.a. (c.5¢ps) of additional FCF to invest for growth or return to shareholders. On-market buybacks & un-franked dividends were highlighted, but we expect buybacks to be prioritized given the focus on growing franked dividends.”

Is the Telstra share price good value?

As well as offering generous dividends, the Telstra share price could offer decent upside for investors.

Goldman has a buy rating and price target of $4.40 on its shares. This implies potential upside of 14% over the next 12 months or 18.5% including the Telstra dividend.

Food for thought for income investors.

The post Should you buy Telstra (ASX:TLS) shares in October for the dividend yield? appeared first on The Motley Fool Australia.

More reading

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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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation 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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If you’re wanting to invest in the small side of the Australian share market, then the two small caps listed below could be worth a closer look.

Here’s why these small caps are rated highly by analysts:

Infomedia Limited (ASX: IFM)

The first small cap share to look at is Infomedia. It is a leading global provider of software as a service solutions to the parts and service sector of the automotive industry.

After a solid result in difficult trading conditions in FY 2021, Infomedia’s growth is expected to go up a level this year.

Management has provided revenue guidance of $117 million to $123 million. The mid-point of this guidance range implies revenue growth of 23% year on year.

The team at Bell Potter are very positive on Infomedia. In fact, the company is one of its top picks in the tech sector right now. It has a buy rating and $2.00 price target on its shares.

Volpara Health Technologies Ltd (ASX: VHT)

Another small cap ASX share to look at is Volpara Health Technologies. It is a healthcare technology company with a focus on the early detection of breast cancer.

It achieves this by improving the quality of screening using artificial intelligence. Volpara’s technology, which was developed at Oxford University, has been designed to provide objective data on breast tissue density, which is a key risk marker for breast cancer.

It has been growing at a strong rate in recent years and appears well-placed to continue this trend in the future. This is thanks to the quality of its technology, recent acquisitions, and favourable industry trends.

The team at Morgans are very positive on Volpara. Last week the broker retained its add rating and $1.87 price target on the company’s shares. It believes the company’s revenue guidance of NZ$25 million in FY 2022 is conservative.

The post 2 small cap ASX shares with a lot of potential 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 Infomedia and VOLPARA FPO NZ. The Motley Fool Australia owns shares of and has recommended VOLPARA FPO NZ. The Motley Fool Australia has recommended Infomedia. 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 US borders are going to open to travel, which could put the share prices of the ASX travel shares in focus.

According to reporting by international media, such as the BBC, the US is planning to reopen its borders for fully vaccinated travellers from 33 countries on 8 November 2021. That means it’s less than a month away.

Vaccinated people who want to travel just need to have a negative test in the 72 hours before travelling.

Which countries will the US open up to?

The list includes the UK, Brazil, China, India, Iran, Ireland, South Africa and Schengen countries. The Schengen countries are 26 European countries that allow unrestricted travel between them, these are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.

In other words, the US is going to be opening up to most of the global population and most of the global economy.

These travellers will not need to go into quarantine after entering the country according to the reporting.

The US is also going up open up its land borders with Canada and Mexico for fully vaccinated foreign nationals. However, unvaccinated travellers will continue to be barred from entering through the land borders.

How will this affect ASX travel shares?

There are several businesses which may be affected by this change.

For example, Webjet Limited (ASX: WEB), Flight Centre Travel Group Ltd (ASX: FLT) and Corporate Travel Management Ltd (ASX: CTD) all have exposure as global travel businesses.

With the release of Corporate Travel Management’s FY21 result, it said that it experienced a rapid return to positive underlying earnings before interest, tax, depreciation and amortisation (EBITDA) in the fourth quarter of FY21, led by its increasing exposure to a recovery momentum in North America and Europe.

After its Travel & Transport acquisition, the company is now estimated to be the world’s fourth largest global travel management company.

Corporate Travel Management commented:

The lucrative Transatlantic and intra-European segments are opening or expected to re-open in the first half of FY22 and should materially continue to group revenue and profitability in both regions.

WebBeds also has exposure to the northern hemisphere with its WebBeds business. Management suggested profitability for this business in each of the FY22 months so far. It has seen “strong demand” as travel restrictions ease in North America and Europe, suggesting “significant upside” as more international markets reopen.

The ASX travel share said:

We see a world of opportunity for Webjet. All our businesses have significant potential to grow market share by expanding into new market segments and benefiting from consumers shifting to buy travel online. Transformation initiatives are underway and we are on track to reducing costs by at least 20% once the company gets back to scale. As a result, as conditions normalise, we believe our Webjet businesses will have higher market share, lower costs and greater profitability.

While the exact timing is uncertain as our growth opportunities are driven by the opening of borders, we know demand for travel will return and we are absolutely ready to capture it.

The post ASX travel shares on watch as US border reopens appeared first on The Motley Fool Australia.

More reading

• Flight Centre (ASX:FLT) share price jumps as boss applauds NSW quarantine stance
• Why ARB, Flight Centre, HUB24, and Qantas shares are rising today
• Here’s why the Webjet (ASX:WEB) share price is lifting 4% on Friday
• Why did the Flight Centre (ASX:FLT) share price have such a great FY22 first quarter?
• Top broker sees 15% upside in the Webjet (ASX:WEB) share price

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 owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel 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 Qantas Airways Limited (ASX: QAN) share price has been a strong performer in 2021.

Since the start of the year, the airline operator’s shares are up 16%

This compares favourably to the S&P/ASX 200 Index (ASX: XJO), which has gained 10% over the same period.

Could the Qantas share price hit $6.50 by the end of the year?

According to a recent note out of one of Australia’s leading brokers, the Qantas share price could be about to take off.

The note out of Ord Minnett reveals that its analysts have retained their buy rating and lifted their price target on the company’s shares to $6.50.

Based on the current Qantas share price of $5.69, this implies potential upside of 14% for investors.

Unsurprisingly, the broker feels it is a little too soon to start thinking of dividends. Though, it does see potential for one in FY 2023 and has pencilled in a 28 cents per share dividend.

Overall, based on the above, Ord Minnett appears to believe it is possible for Qantas’ shares to be trading around the $6.50 level by the end of the year.

What did the broker say?

Ord Minnett is positive on the Qantas share price due to its belief that there is significant pent-up demand for domestic air travel.

The broker also expects rational pricing from domestic carriers as borders between states reopen following the easing of COVID-related restrictions. And with Virgin Australia downsizing, its analysts expect Qantas to win market share and sees opportunities for it to achieve a 70% share in the future.

Another reason the broker is positive is Qantas’ restructuring plans. It notes that this is tracking ahead of schedule, which helps support a positive earnings and margin outlook in the near term.

All in all, the Qantas share price may be beating the market this year, but this broker doesn’t believe it is too late to invest.

The post Could the Qantas (ASX:QAN) share price soar to $6.50 by the end of 2021? appeared first on The Motley Fool Australia.

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• Why ARB, Flight Centre, HUB24, and Qantas shares are rising today
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• NSW cash splash, business confidence up, Qantas (ASX:QAN) down on Bonza news. Scott Phillips on Nine’s Late News
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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. 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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Investors searching for growth shares, may want to look at the shares named below.

These shares have been tipped to grow strongly over the 2020s and are currently named as buys by a leading broker.

Here’s what you need to know about them:

Hipages Group Holdings Ltd (ASX: HPG)

The first ASX growth share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider that connects tradies with residential and commercial consumers. The Hipages platform not only helps tradies grow their businesses by providing job leads, but it also allows them to communicate with customers and run general admin duties.

Demand for the platform from both the tradie and consumer side has been strong, underpinning a solid full year result in FY 2021. Hipages reported a 22% jump in revenue to $55.8 million and a 27% increase in monthly recurring revenue (MRR) $5.2 million.

The team at Goldman Sachs are very positive on the company. The broker sees it as a great long term option due to its significant market opportunity. Its analysts estimate that Hipages currently captures around 5% of total industry advertising spend. However, it sees scope for this to increase to 40% to 60% in the future as the company builds out its ecosystem.

Goldman has a buy rating and $4.35 price target on the company’s shares.

Xero Limited (ASX: XRO)

Another ASX growth share that Goldman Sachs is a fan of is Xero. It is a cloud-based accounting solution provider to small and medium sized businesses.

As with Hipages, Xero was on form in FY 2021. It reported a 20% increase in subscribers to 2.74 million, a 38% jump in total subscriber lifetime value (LTV) to NZ$7.65 billion, and a 17% lift in annualised monthly recurring revenue (AMRR) to NZ$963.6 million.

The good news is that the company still has a significant market opportunity to grow into. Xero estimates that it has a total addressable market of 45 million subscribers globally, which means it has only captured a 6.1% share so far.

In addition, Goldman believes the company’s plan to monetise its growing user base via its app store could be a key driver of growth in the future.

Its analysts currently have a buy rating and $165.00 price target on its shares.

The post Leading broker names 2 fantastic ASX growth shares to buy now appeared first on The Motley Fool Australia.

More reading

• Could the Xero (ASX:XRO) share price reach $165 by the end of 2021?
• Why ASX 200 tech shares have outperformed today
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• These ASX tech shares are lighting up the ASX 200 today
• Why ASX 200 tech shares are struggling this week

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 Hipages Group Holdings Ltd. and Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended Hipages Group Holdings 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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