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The Perenti Global Ltd (ASX: PRN) share price had a terrible run in May, falling by a massive 38.5%. Shares in Perenti began the month trading for $1.09. However, by the end of the month, they were swapping hands for 67 cents.

Let’s take a look at the month that was for the diversified mining company’s share price.

An unfortunate time for the Perenti share price

The Perenti share price fell 9% between the end of April and when the company released news for the first time in May.

Revenue and earnings downgrade

In its first release of the month, Perenti downgraded its revenue and earnings guidance for the 2021 and 2022 financial years. Though, Perenti didn’t specify how much the company’s earnings are expected to fall.

The company blamed the downgrade on 3 happenings.

First, travel restrictions due to COVID-19 and an on-site shutdown caused by an outbreak of the virus have lowered Perenti’s production rate.

Perenti has also had to increase its worker’s wages amidst a labour shortage.

Finally, it stated the strengthening of the Aussie dollar will cause a $1.4 million annual hit to Perenti’s earnings before interest and tax.

The downgrade caused the Perenti share price to close 29.5% lower than it did in the previous session.

Underground incident

On May 21, Perenti updated the market with the awful news that an employee of its joint venture had gone missing during a fall-of-ground in one of the Obuasi Gold Mine’s mining stopes.

The fall of ground occurred on 18 May. All work at the mine was halted for a search and rescue operation.

AngloGold Ashanti CDI (ASX: AGG), the owner of the mine, stated rescue teams were working around the clock in difficult geotechnical conditions to find the employee.

The worker was employed by the Underground Mining Alliance (UMA). UMA is a joint venture between Perenti’s subsidiary, African Underground Mining Services, and Rocksure, a Ghanaian contracting company.

On May 27, Perenti shared the news that the worker still hadn’t been found. Work at the mine was still halted while the search continued.

AngloGold stated it was supporting the family of the worker, and Perenti said it was helping AngloGold to do so.

Perenti Global share price snapshot

The poor month’s performance has added to the Perenti Global share price’s troubling 2021 on the ASX.  

Currently, the Perenti Global share price has fallen by 52% since the start of the year. It’s also fallen by 51% over the last 12 months.

The company has a market capitalisation of around $471 million, with approximately 704 million shares outstanding.

More reading

• These were the worst performing ASX 200 shares in May
• The Perenti (ASX:PRN) share price is dropping 4% today. Here’s why
• ASX 200 Weekly Wrap: After record high, ASX dips on inflation fears
• These were the worst performing ASX 200 shares last week
• The Perenti (ASX:PRN) share price is collapsing 29%. Here’s why

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Vocus Group Ltd (ASX: VOC) will pay $2.5 million in penalties after its Dodo and iPrimus retail brands made misleading claims about its NBN broadband speeds.

The Federal Court handed down the fines after an Australian Competition and Consumer Commission (ACCC) investigation.

The consumer watchdog announced Wednesday that both internet service providers admitted their ‘typical evening speed’ claims made between March 2018 and April 2019 were misleading.

“The ACCC brought this case because we were concerned that the methodology which the Vocus Group used as the basis for its speed claims cherry-picked only the fastest speeds its network could deliver, and ignored the slower speeds many of its customers experienced,” said ACCC chair Rod Sims.

“These misleading speed claims meant consumers could not accurately compare different offerings and make an informed choice about their broadband provider.”

Vocus shares were flat Wednesday morning, remaining at $5.46.

The Motley Fool has contacted Vocus for comment.

Dodo and iPrimus used ‘flawed’ methodology to measure NBN speeds

Sims said accurate information on broadband speeds were critical for NBN customers to choose the best retailer for their needs.

“Despite clear ACCC guidance on making broadband speed claims, Vocus Group used a flawed methodology which was inconsistent with that guidance, and misled consumers about the speeds of its plans.”

The ACCC noted Dodo and iPrimus co-operated with its enquiries and admitted its liabilities in court.

In calculating the $1.5 million penalty for Dodo and $1 million for iPrimus, Justice Bernard Murphy said he took into account Vocus’ internal choices.

“[Dodo and iPrimus] chose not to adopt the methodology proposed as industry best practice by the ACCC and instead developed and applied the Vocus Methodology, which as it eventuated had a number of deficiencies.”

Vocus is Australia’s fourth largest telecommunications provider, with a 5.2% market share of NBN services. Its broadband brands service a combined 430,000 retail customers.

Vocus is currently awaiting shareholder approval to be sold off to a consortium led by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super.

More reading

• Costa (ASX:CGC) shares dropped 27% in May. Here’s why
• Why the Crown (ASX:CWN) share price grew at triple the rate of the ASX 200
• ASX 200 up 0.65%: BHP & Rio higher, energy shares jump
• Supreme Court rules Johnson & Johnson must pay $2.1 billion in baby powder lawsuit
• 2 quality SaaS ASX shares that could be considerations in June 2021

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The Costa Group Holdings Ltd (ASX: CGC) share price was not one of the better ASX performers over the month of May. Costa shares had a rough month, falling from the $4.66 level they started May at to finish up the month at $3.40 a share. That’s a fall of 27%. Ouch.

The worst came for Costa shareholders right at the end of the month. Until 26 May, Costa shares ‘only’ lost around 6% over the month. But on 27 May, things went from bad to worse for the agricultural company.

Costa shares lost more than 24% of their value on 27 May when the company released an update to its 2021 guidance during its annual general meeting.

Costa told investors that while the company was experiencing strong international demand for its products, it is currently facing some headwinds in the domestic markets. While berry and avocado production is strong, Costa told the markets that its mushrooms, citrus and tomato segments are all facing various short-term issues.

As a result, Costa CEO Sean Hallahan told investors the following:

Overall, first half performance is expected to be marginally ahead of the previous comparable period in CY20, with strong international operations offset by challenges in domestic produce conditions. This also once again highlights the importance of the diversity of our portfolio.

This is what seems to have spooked investors, and resulted in most of the Costa share price weakness over the month of May. The shares have slightly recovered in June so far, up 0.6% against where they ended May at. That includes a 2.4% bounce today, which puts Costa at $3.43 a share at the time of writing.

About the Costa share price

Costa has been a company that has experienced a lot of ups and downs over the past 5 years. Back in mid-2018, the company was riding high on a strong market, which resulted in Costa shares rising to over $8. But it’s been a volatile ride ever since. In late 2019, Costa was down to roughly $2.44 a share on the back of difficult growing conditions. The company recovered pretty strongly over the following 18 months, rising almost 100% between December 2019 and April 2021.

However, last months’ moves have dented that recovery and Costa is now 40% above those 2019 lows today.

At the current share price, Costa has a market capitalisation of $1.38 billion, a price-to-earnings (P/E) ratio of 22.6 and a trailing dividend yield of 2.62%.

More reading

• Top ASX shares to buy in June 2021
• These were the worst performing ASX 200 shares in May
• Why Bravura, Costa, Inghams, & Propel shares are pushing higher
• These ASX shares are the newest “buy” recommendations from leading brokers
• ASX 200 Weekly Wrap: ASX record highs tumble like… Costa shares

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During May, the Crown Resorts Ltd (ASX: CWN) share price grew 6.4%. Compared to the S&P/ASX 200 Index (ASX: XJO) rate of 1.9%, it’s a fairly impressive figure. At one point last month, Crown shares were trading for a 52-week high of $13.32.

While the sparkle may have come off the Crown at the beginning of the year, shareholders may now be feeling like they are the kings of the world.

Let’s take a look at some of the big stories that affected the Crown share price last month.

What affected the Crown share price in May?

Star merger proposal

The biggest story of the month was the proposed $12 billion merger by Star Entertainment Group Ltd (ASX: SGR). The news sent the Crown share price rocketing 7.3% over the course of that day.

Star offered shareholders in the rival gaming company 2.68 Star shares for every one share in Crown. Star says it believes its pro forma share price, once merged, would be around $5 per unit. This would value Crown shares at $14 each – a 15.5% premium at the time. Star also submitted an alternative proposal of $12.50 cash for each Crown share.

Star management said if the merger did materialise, it would result in “significant scale and diversification and unlock an estimated $2 billion in net value from synergies.” At the last update, the Crown board said it was considering the proposal and would evaluate it in due course.

Blackstone bid rejected

Blackstone Group Inc (NYSE: BX), the private equity firm that started the bidding war for Crown, had its offer for the company rejected in May. The Crown share price ended that day only 0.8% higher. That, however, came on the back of the previous trading day, where share value increased 2.3%.

Blackstone revised its bid twice in response to interest from other parties. The Crown board, however, was not impressed. It unanimously rejected Blackstone’s proposal, saying it “undervalued” Crown and was submitted after the company announced a record loss because of the COVID pandemic and before it enacted a plan to pay off a significant amount of debt.

Victorian royal commission heats up

In news that sent the Crown share price into the red, it was reported the Victorian royal commission into the Crown licence may come up with adverse findings, just as NSW did in February.

During opening statements at the hearings, counsel assisting, Meg O’Sullivan, said alleged money laundering through the company may be worse than first thought. O’Sullivan also said Crown may have misled the NSW Bergin inquiry by underplaying a “review of the company’s bank accounts.”

Crown shares fell 0.54% between then and the end of the month. While that does not seem like a lot, one should remember the ASX 200 increased over the same period.

More reading

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• The latest ASX shares that top brokers have upgraded to “buy”

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.65% to 7,189.2 points.

Here’s what is happening on the market today:

Mining giants rise again

It has been another positive day for mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO). All three miners are on the charge again today and helping to drive the ASX 200 index higher. These gains have been driven by another rise in the iron ore price. According to Metal Bulletin, the spot iron ore price has broken through the US$200 level and is up 4.9% to US$208.67 a tonne.

Codan offloads Minetec business

The Codan Limited (ASX: CDA) share price is trading lower today after announcing the sale of its Minetech business. According to the release, the electronic products company is selling the business to Caterpillar Australia for $14 million. Minetec provides unique high-precision tracking, productivity and safety solutions for underground hard-rock mines. This technology allows miners to visualise the whole mine in order to optimise productivity and enhance safety. The company’s Board concluded that Codan was not the best owner and therefore the decision was made to sell the business to Caterpillar.

Energy shares push higher

It has been a very positive day for the energy sector. Leading energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are all pushing higher today after oil prices hit two-year highs overnight. Traders were bidding oil prices higher after OPEC and its allies reconfirmed plans to increase production gradually. The oil cartel also spoke positively about demand.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Santos share price with a gain of 4.5%. This follows a rise in oil prices overnight. The worst performer has been the Ansell Limited (ASX: ANN) share price with a 3% decline. This is despite there being no news out of the safety products company.

More reading

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• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 drops, Nine rises and Centuria Industrial REIT falls
• Why are Lynas Rare Earths (ASX:LYC) shares dropping today?
• What you need to know about the RBA’s rate decision today

The post ASX 200 up 0.65%: BHP & Rio higher, energy shares jump appeared first on The Motley Fool Australia.

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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.

The Supreme Court has effectively upheld a ruling that Johnson & Johnson (NYSE: JNJ) must pay a significant award to a group of women in a high-profile lawsuit. The court chose not to consider the company’s objections to the ruling, leaving Johnson & Johnson obligated to pay $2.1 billion.

The lawsuit concerned the company’s baby powder, which the plaintiffs alleged was contaminated with carcinogenic asbestos. A jury in St. Louis found in favor of the petitioners, who were ultimately awarded that $2.1 billion as a group. The amount is the sixth-largest award in the history of the American legal system.

While this is a stinging legal defeat for Johnson & Johnson, the company has planned for its financial impact. In February, it announced it was setting aside a “litigation expense” of $3.9 billion to fund the compensatory damages.

The company must contend with a raft of other cases related to its baby powder; it said in that February announcement that it faces thousands more lawsuits from onetime users of the product. In an article on the Supreme Court decision published Tuesday, Bloomberg said the number of those cases exceeds 26,000.

In a statement quoted by the news agency, Johnson & Johnson spokeswoman Kim Montagnino wrote about the Supreme Court’s move that “The decision by the court to not review the case leaves unresolved significant legal questions that state and federal courts will continue to face.”

She added, “The Supreme Court has many times said its decision to deny hearing a case expresses no view on the merits [of a case].”

On Tuesday, Johnson & Johnson stock fell by 2.2%, while the S&P 500 index essentially traded sideways.

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

More reading

• 2 quality SaaS ASX shares that could be considerations in June 2021
• Tesla (NASDAQ:TSLA) share price slips on AMD high-end gaming news
• The Wisr (ASX:WZR) share price is plummeting 18% today. Here’s why
• Why the Pushpay (ASX:PPH) share price underperformed in May
• Why Redbubble (ASX:RBL) is a bargain buy now: analyst

The post Supreme Court rules Johnson & Johnson must pay $2.1 billion in baby powder lawsuit appeared first on The Motley Fool Australia.

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

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There could be some really good software as a service (SaaS) ASX shares to think about in June 2021.

Companies that operate in a SaaS model have the potential for generating recurring revenue from its clients, at relatively high profit margins. Here are two ideas:

Class Ltd (ASX: CL1)

Class is rated as a buy by the broker Ord Minnett with a price target of $2.40. That suggests a potential upside of more than 40% over the next 12 months for the cloud SMSF accounting provider.

The broker was attracted to the promising outlook for Class’ newer offerings. The business is expected to achieve stronger profit margins in the medium-term, which is attractive when combined with the very low customer churn.

Its 3-year goal has been to grow new revenue and total addressable market, its scale and improve its operating capability at speed.

In FY22 and beyond it’s looking to grow its addressable market into adjacencies where complex administration rules exist and can be automated by technology. It’s also looking for data aggregation and analytics opportunities, as well as offshore opportunities.

The SaaS ASX share is looking to “drive efficiency and price opportunities for margin improvement in FY22 and beyond”.

Management believe that ongoing market share growth will come from the multiproduct strategy execution.

Class is expecting to grow its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) margin over time.

TechnologyOne Ltd (ASX: TNE)

TechnologyOne is a large ASX tech share that helps global clients by providing enterprise resource planning (ERP) software.

It’s currently rated as a buy by Morgans, which has a price target of $10 on the business, which suggests a potential upside of over 10% over the next 12 months.

The broker is attracted to the recurring revenue of the business and the growth of that SaaS income.

TechnologyOne recently revealed its FY21 half-year result, which showed a 48% increase in net profit after tax to $28.2 million. This was driven by a 7% increase in revenue from its SaaS and continuing business to $140.6 million, combined with a 5% drop in expenses. The SaaS annual recurring revenue (ARR) jumped 41% to $155.8 million.

TechnologyOne is expecting low double digit profit growth in FY21.

Over the longer-term, the SaaS ASX share is expecting continuing strong growth, driven by its global SaaS ERP solution as it wins more business from existing customers, added new customers and expanded globally.

Looking at the next few years, it’s expecting its SaaS and continuing business to grow by approximately 15% per annum once it has wound down its legacy licence fee business. Management also see the total ARR increasing to more than $500 million by FY26.

The economies of scale from its global SaaS ERP solution could see its profit before tax margin expanding to 35%.

More reading

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• ASX 200 rises, TechnologyOne up, Airtasker jumps
• ASX 200 up 0.6%: TechnologyOne results, BHP & Rio Tinto rise

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The Tesla Inc (NASDAQ: TSLA) share price fell slightly last night after news of its latest upgrade. Your next gaming party might be hosted from the seat of an electric vehicle. It sounds a little crazy, but Tesla and semiconductor maker Advanced Micro Devices Inc (NASDAQ: AMD) want to make high-end gaming possible on the road (when safely parked hopefully).

Speaking at the information technology expo Computex, AMD CEO Lisa Su revealed how it’s making it all possible.

What’s under the hood?

Yesterday, Lisa Su revealed that the new Tesla Model S and X will be powered by some serious AMD grunt. Tesla’s infotainment system will be driven by an AMD Ryzen processor and AMD RDNA 2 graphics processing unit.

Reportedly, this will offer up to 10 teraflops of processing power. In simple terms, enough computational juice to play AAA titles.

Explaining the details during the keynote, Su said:

So, we actually have an embedded AMD Ryzen APU powering the infotainment system in both cars. As well as a discrete RDNA 2-based GPU that kicks in when running AAA games – providing up to 10 teraflops of compute power.

This is awesome! https://t.co/7z3RsbTnRb pic.twitter.com/yjODi6OqW3

— The World Of Tesla (@WorldofTesla1) June 1, 2021

https://platform.twitter.com/widgets.js

Given the recent cryptocurrency hysteria, some are wondering whether the graphics processor will make mining a possibility with a Tesla. At this stage, nothing has been stated to suggest it is possible.

Tesla share price on the news

The future potential of playing high-end gaming titles in a Tesla didn’t seem to rally much enthusiasm overnight. The Tesla share price dipped 0.2% lower to US$623.90 and slipped further in after-hours trade.

Market participants might be happier spectating for now after Ford Motor (NYSE: F) unveiled its battery-electric pickup truck. The Ford F-150 lightning forms part of the automaker’s $30 billion electric vehicles (EVs) plan for the next 4 years. However, no signs of a fully-fledged gaming system in the F-150 were shown.

While the Ford share price has made a resurgence over the last year, its market capitalisation remains to rival Tesla. The legacy automaker has rallied to a US$58 billion valuation. Meanwhile, Tesla’s valuation is more than ten times greater, at US$628 billion.

More reading

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• ASX investors were buying this US share over Tesla last week
• Don’t play the game you can’t win…
• Cryptocurrencies like Bitcoin have dropped 50%. What’s going on?
• An ASX guide to Cathie Wood and ARK Invest ETFs

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Wisr Ltd (ASX: WZR) shares have returned from Monday’s trading halt, only to be met by a frosty reception from investors. At the time of writing, the Wisr share price is down by a massive 17.97% to 26.25 cents.

This comes after the non-bank lender announced it has completed an institutional placement.

Wisr’s capital raising efforts

One catalyst for the huge falls in the Wisr share price today may be investor fears over an impending share dilution.

According to this morning’s release, Wisr has successfully raised $50 million (before costs) through an institutional placement. The company received overwhelming support from new and existing institutional, sophisticated and professional investors.

The offer will see 200 million new ordinary shares, at a price of 25 cents each, allocated to participating investors. This represents an 18.2% discount on the issued capital prior to when the company announced the placement.

Wisr will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to an additional 15% of its total shares to be issued without shareholder approval. The company will use an extension to the listing rule (listing rule 7.1A) to issue the remaining shares.

Investors will see the new shares added to their portfolio account next Monday 7 June.

Wisr CEO Anthony Nantes commented:

We are very pleased with the incredible demand we have received; the placement results acknowledge the track record of execution we have delivered, and significant support for the Wisr business model and forward outlook.

We are delivering a clear competitive advantage through Wisr’s unique position in the consumer finance market and investors are confident in our strategy to redefine what a consumer lending company can be.

The proceeds of this capital raising will allow Wisr to build a company of significant size, scale and impact in the Australian market. We are very excited for what’s ahead in FY22 and beyond.

Further to the placement, Wisr will launch a share purchase plan (SPP) for eligible shareholders. The SPP is based on the same terms as the placement, with the company hoping to raise an additional $5 million.

The SPP offer closes on 21 June, with the new shares to be allotted on 29 June 2021.

About the Wisr share price

Despite today’s falls, Wisr shares have still accelerated by around 60% over the past 12 months. They are also up by more than 35% year to date. The Wisr share price surged late last month, reaching a 52-week high of 34 cents.

Based on valuation grounds, Wisr commands a market capitalisation of around $290 million, with close to 1.1 billion shares outstanding.

More reading

• ASX 200 drops, Nine rises and Centuria Industrial REIT falls
• Wisr (ASX:WZR) share price in focus amid $50 million capital raising
• The Wisr (ASX:WZR) share price is in a trading halt today. Here’s why
• This ASX share’s rocketed 113% but is still good value: fundie
• Here’s why the Wisr (ASX:WZR) share price is up 5% today

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The Pushpay Holdings Ltd (ASX: PPH) share price was out of form in May.

During the month, the donation and engagement platform provider’s shares lost 7% of their value.

What happened to the Pushpay share price in May?

The Pushpay share price came under pressure last month after weakness in the tech sector offset the release of a strong full year result.

For example, while Pushpay’s decline was disappointing compared to the 1.9% gain by the S&P/ASX 200 Index (ASX: XJO), it was in line with the 7% decline by the S&P/ASX All Technology Index (ASX: XTX) in May.

The weakness in the tech sector appears to have been driven by a rotation to value shares and concerns over rising bond yields and their impact on valuations.

The Pushpay FY 2021 result

Pushpay was on form again in FY 2021, delivering operating revenue of US$179.1 million. This was a 40% or US$51.6 million increase on the prior corresponding period.

And thanks to operating leverage, things were even better for its operating earnings (EBITDAF), which increased 133% to US$58.9 million. This was in line with its guidance for FY 2021, which was upgraded three times during the financial year.

FY 2022 onwards

Looking ahead, while management is expecting the company’s growth to moderate in FY 2022, it is still forecasting a growth rate many companies would be envious of.

Excluding costs relating to its expansion into the Catholic church market, Pushpay expects to achieve operating earnings of between US$66 million and US$71 million. This represents year on year growth of 12% to 20.5%.

Speaking about its expansion, management commented: “In the long-term, Pushpay is targeting to increase the appeal of our products to new customers and increase the revenue per Customer through continued innovation, and merger and acquisitions. The Catholic initiative is our first step in investing to grow our Customer base outside of our existing core Customer base, and we have set the goal of acquiring more than 25% of the Catholic church management system and donor management system market over the next five years.”

It also revealed that it will consider mergers and acquisitions to support its growth.

“The Catholic church is closely associated with many education providers and non-profit organisations, which presents further opportunities within the US and other international jurisdictions. Mergers and acquisitions provide opportunities to expand our Customer base and to deliver new products that can be sold into our existing Customer base more rapidly than could be achieved organically,” it concluded.

Shareholders will no doubt be hoping that it is onwards and upwards for the Pushpay share price in June.

The post Why the Pushpay (ASX:PPH) share price underperformed in May appeared first on The Motley Fool Australia.

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