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Sure, Fortescue Metals Group Ltd (ASX: FMG) and BHP Group Ltd (ASX: BHP) are leveraging sky-high iron ore prices and making a lot of money. But Champion Iron Ltd (ASX: CIA) just delivered an extraordinary jump in profits after announcing its FY21 results.

The market was quick to pick up on its success, with the Champion Iron share price jumping 7.4% to an intraday high of $7.06. Its shares have since pulled back, currently trading 4.26% higher at $6.86.

Champion Iron is an iron ore exploration and development company with a number of projects in Canada’s Québec region.

Champion Iron share price jumps on profit surge

Champion Iron announced its operational and financial results for the fourth quarter and fiscal year ended March 31, 2021.

The company delivered revenues of CA$1,281.8 million (A$1,366.8 million) in FY21, representing a 63% increase on FY20 figures. This translated into record FY21 net profits of CA$464 million (A$495 million), a 419% increase on the prior corresponding period.

During this period, Champion Iron produced 8,001,200 wmt of high-grade 66.4 Fe concentrate, compared to the 7,903,700 wmt for the same period in 2020.

The announcement highlighted a number of growth accomplishments in FY21 including the approval and decision to complete its Phase II expansion project. This move will double the production of its flagship Bloom Lake project to 15 Mtpa by mid-2022. In April 2021, the company also completed the acquisition of the Kami Project, a high-grade iron ore project located a few kilometres away from Bloom Lake.

Not only did Champion Iron deliver an outstanding financial and operational result, but the company has made a conscious effort to improve its environmental performance. The exceptional purity and quality of its iron ore significantly contributes to the reduction of greenhouse gas emissions in the steelmaking industry.

Why its been a volatile ride for iron ore miners

ASX iron ore miners have been all over the place as investors juggling sky-high iron ore prices of more than US$200/tonne against a steady stream of negative news from China.

China has made a number of announcements that could have significant ramifications for iron ore prices in the near term. This includes plans to increase its own domestic production, moves to strengthen its domestic management of commodities to fight against “unreasonable prices” and urging domestic players to safeguard price stability.

While the Champion Iron share price has managed to stand strong in recent weeks, other iron majors such as Fortescue and BHP have both slipped around 10% since mid-May.

More reading

• Why AMP, Champion Iron, EOS, & Vulcan shares are storming higher
• The ASX dividend party’s here: how to get yours
• Up then down, what’s with the Fortescue (ASX:FMG) share price?
• ASX miners on edge as investors ask how low can the iron ore price go?
• Broker forecasts massive dividends from Fortescue (ASX:FMG) shares

The post The Champion Iron (ASX:CIA) share price lifts on 419% profit news appeared first on The Motley Fool Australia.

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The Electro Optic Systems Holdings Ltd (ASX: EOS) share price is climbing today. The gains come after the company announced a partnership agreement with Diehl Defence.

In early afternoon trading, the communications, defence, and space company’s shares are fetching $4.06, up 3.31%.

Electro Optic Systems teams up with Diehl Defence

Investors are watching Electro Optic Systems shares following the release of the company’s latest update.

In its announcement, EOS advised it has signed a cooperation agreement with Diehl Defence.

Founded in 2004, Diehl Defence is a German arms manufacturer that primarily produces guided missiles and ammunition for armed forces.

The collaboration between the companies will see an initial focus “on the area of advanced stabilized and remotely operated weapon systems (RWS) for the European and NATO markets.”

According to Electro Optic Systems, its RWS technology is considered among the best in the world due to its accuracy, reliability and lightweight frame. The battle-proven system allows operators to access long-range and wide-area imagery of the battlespace. In addition, the RWS can also relay information to drones to lock onto targets for direct fire.

Under the cooperation agreement, an RWS production line will be established at Diehl’s facilities in Germany. From there, the technology will be transferred and integrated with Diehl products to cater for European defence forces’ requirements.

As well, both companies will work together on space and high-power electro-magnetics technologies. Electro Optic Systems hopes the partnership can lead to lucrative revenue opportunities with European and NATO defence forces.

Management commentary

Electro Optic Systems CEO Dr Ben Greene welcomed the partnership, saying:

This Cooperation Agreement with Diehl aligns companies that not only have complimentary and non-competing cutting-edge technologies, but organisational cultures and values that are strongly aligned. EOS is excited by the prospect of being able to offer and support our land and space technologies in conjunction with great German engineering know-how for the European and NATO markets.

Diehl Foundation board member and CEO of Diehl Defence Helmut Rauch added:

At Diehl we have a tradition of more than a hundred years of moving into new, demanding fields of technology on a proven foundation. Strategic partnerships are very important to our owner-managed company. The great technologies of EOS and the extraordinarily well-fitting corporate culture of EOS offer us excellent opportunities to develop a strategic business area.

About the Electro Optic Systems share price

It has been a difficult year for Electro Optic Systems shareholders, with the company’s share price tumbling by around 30%. EOS shares reached a 52-week high of $7.30 last year before positive investor sentiment wore off.

Electro Optic Systems has a market capitalisation of roughly $618 million, ranking 375th on the ASX.

More reading

• Why AMP, Champion Iron, EOS, & Vulcan shares are storming higher
• These are the 10 most shorted shares on the ASX
• Why Afterpay, CSR, Electro Optic Systems, & Estia Health are storming higher
• Why the Electro Optic Systems (ASX:EOS) share price is jumping 15% today
• Why the Electro Optic (ASX: EOS) share price is plunging 5%

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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Goodman Group (ASX: GMG)

According to a note out of Goldman Sachs, its analysts have retained their sell rating but lifted their price target slightly to $13.31. Goldman bearish view is due to its belief that the integrated property company’s shares are vastly overvalued compared to peers. It notes that Goodman’s Funds Management operations are valued at 32x estimated FY 2022 segment EBITDA. This compares to an average 20x estimated FY 2022 EBITDA for other US-listed Alternative Asset Managers covered by the broker. The Goodman share price is fetching $19.26 this afternoon.

Scentre Group (ASX: SCG)

A note out of Macquarie reveals that its analysts have retained their underperform rating and $2.62 price target on this shopping centre-focused property company. According to the note, the broker points to Scentre’s Bondi Junction mall in Sydney as proof that the leasing environment has disconnected from the strength in retail sales. It believes this disconnect will lead to vacant stores and negative leasing spreads, which will place pressure on underlying cash flows. The Scentre share price is trading at $2.68 today.

Zip Co Ltd (ASX: Z1P)

Analysts at UBS have retained their sell rating and cut their price target on this buy now pay later (BNPL) provider’s shares to $5.60. UBS feels increasing competition could be a problem and weigh on Zip’s margins. Particularly in the United States, where its QuadPay business enjoys higher than normal margins. In addition, the broker feels that the market underestimates the amount of capital required to support its growth, especially if competition increases. The Zip share price is trading at $7.16 on Thursday.

More reading

• Is the Goodman (ASX:GMG) share price overvalued?
• Where next for Afterpay (ASX:APT) and Zip (ASX:Z1P) shares?
• A2 Milk and EML were among the most traded ASX shares last week
• Leading brokers name 3 ASX shares to sell today
• Why the Zip (ASX:Z1P) share price is volatile today

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There are a few very interesting ASX growth shares that could be intriguing to look at right now.

Some businesses are generating a lot of revenue growth which may help shareholder returns over time:

Volpara Health Technologies Ltd (ASX: VHT)

Volpara is an ASX-listed healthcare technology company. It just reported its FY21 half-year result. The business has an integrated breast health platform that assists in the delivery of personalised patient care.

Its market share of women in the US who have at least one Volpara product used on their screening continues to increase. In FY19 it was below 10% and it has now reached 32%, partly thanks to acquisitions.

Volpara’s gross profit margin continues to increase. In FY18 the gross margin was below 80% and in FY21 it has increased to 91%.

The group average revenue per user (ARPU) has continued to increase. In the HY20 result the ARPU was below US$1 and in FY21 it increased to US$1.40.

The ASX growth share showed improvement across a number of important metrics.

Subscription revenue soared 99% to NZ$18.1 million and it’s expecting FY22 revenue of between NZ$25 million to NZ$26 million.

Volara CEO and chief scientist Dr Ralph Highnam spoke of the progress and focus of the business to build for the future:

FY21 was an excellent year for Volpara. We successfully conducted our second acquisition, of Boston-based breast cancer risk company CRA Health LLC, but we’ve also done a huge amount of work behind the scenes to make the company more scalable: digital marketing through to smarter use of our cloud services through to easier-to-deploy software systems into clinics. It’s great to see that work start to come through in the numbers as we see gross margin moving upwards and the net loss coming down, even as we continue to grow at a strong pace.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

This is exchange-traded fund (ETF) is an ASX growth share that only invests in businesses that have strong competitive advantages that are trading at attractive prices.

The portfolio regularly changes. At the moment the positions that each account for more than 2.5% of the portfolio are: Wells Fargo, Cheniere Energy, Alphabet, Northrop Grumman, Philip Morris, General Dynamics, Berkshire Hathaway, Raytheon Technologies, Yum! Brands and Altria Group.

A business only makes it into the portfolio if the analysts at Morningstar believe the business is trading at an attractive price compared to Morningstar’s estimate of fair value. It’s an active stock selection process, but the annual management fee is 0.49%.

Whilst all of the shares in the portfolio are listed in the US, many of them have global underlying earnings. There is diversification across sectors with 20.4% allocated to health care, 17% to IT, 15.2% to industrials, 12.9% to financials, 11% to consumer staples, 7.2% to communication services, 6.2% to consumer discretionary and so on.

The returns have beaten the S&P 500 over the last five years. The VanEck Vectors Morningstar Wide Moat ETF has produced an average return per annum of 18.6% over the last five years compared to the S&P 500’s average return of 16.5%.

More reading

• Volpara (ASX:VHT) share price pushes higher on FY 2021 results
• 3 growing small cap ASX shares to watch
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• Got cash to invest? Here are 2 ASX shares to buy

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The Gentrack Group Ltd (ASX: GTK) share price is rocketing higher in morning trade, up 14%.

Below we look at the half year results (through 31 March) for the company, which provides software solutions for utilities and airports across the globe.

What results did Gentrack report?

Gentrack’s share price is surging higher after reporting a 0.7% lift in revenue compared to the first half of the 2020 financial year. Revenue for H1 FY21 came in at $51.0 million.

The company said revenues from its utilities segment rose 6% over the corresponding half year while revenue from its airport segment fell by $22.1 million, impacted by continuing pandemic travel restrictions. Annual recurring revenues increased 5.8%, which Gentrack said reflects “the critical role of our product in our customers’ operations”.

Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) gained 63.2% over the previous corresponding period, to $7 million.

Statutory net profit before taxes (NPAT) showed a loss of $1.1 million.

That means investors won’t see a dividend payment this half. Gentrack said, “In light of the NPAT loss, the Board has decided not to pay an interim dividend and will review the position at the year end.”

The company also noted that, “We continue to have headwinds from prior year customer attrition and supplier failures in the UK. We have however, moved the business back to growth despite this revenue drag.”

Following $5.6 million of net cash generation during the half, Gentrack’s net cash was $22.4 million as of 31 March. That’s up 33.5% from H1 FY20. Gentrack said its year-end cash position “provides scope for additional investment in technology”.

Upgraded guidance

The Gentrack share price also looks to be getting some tailwinds for the companies new guidance.

Looking ahead, Gentrack upgraded its guidance for the full 2021 financial year. In February it estimated full year EBITDA would come in around $5 million with revenues of $100.5 million, in line with FY20.

The updated guidance forecasts that revenue will be “slightly ahead” of its $100.5 million estimate. While EBITDA for FY21 is now expected in the range of $10 million “on the basis that research and development (R&D) costs are expensed”.

Gentrack share price snapshot

Over the past 12 months, Gentrack’s shares have gained 28%. That edges out the 25% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, the Gentrack share price is up 19%, currently trading at $1.75 per share.

More reading

• Why AMP, Champion Iron, EOS, & Vulcan shares are storming higher
• The Element 25 (ASX:E25) share price is in focus today. Here’s why
• ASX 200 flat: Costa crashes & Fisher & Paykel Healthcare tumbles
• Why the Douugh (ASX:DOU) share price is soaring 16% today
• Stock markets stay strong; can Ford and Tesla both win?

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a subdued day. At the time of writing, the benchmark index is flat at 7,094.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

AMP Ltd (ASX: AMP)

The AMP share price is up 3.5% to $1.10. This is despite the financial services company revealing that ASIC has commenced civil proceedings against it in the Federal Court. This is in relation to alleged breaches concerning the deduction of life insurance premiums and advice service fees from the superannuation accounts of deceased customers.

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price has risen 4% to $6.84 following the release of its full year results. The iron ore miner reported full year revenue of C$1,281.8 million and EBITDA of C$819.5 million. This was up 63% and 136%, respectively, over the prior corresponding period. A strong rise in the iron ore price played a key role in its bumper profit growth.

Electro Optic Systems Hldg Ltd (ASX: EOS)

The Electro Optic Systems share price is up 4% to $4.09. This morning the communications, defence, and space company announced a cooperation agreement with Diehl Defence. This agreement will facilitate greater commercial collaboration between the two companies. They will initially focus on the area of advanced stabilised and remotely operated weapon systems (RWS) for the European and NATO markets.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 3% to $7.36. Investors have been buying the lithium explorer’s shares after it provided an update on its pilot lithium extraction plant. According to the release, Vulcan’s pilot plant team has achieved target specification for direct lithium extraction (DLE) feed into its pilot plant. This ultimately led to the team achieving a target recovery of greater than 90% for lithium chloride from Upper Rhine Valley brine.

More reading

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• Why is the AMP (ASX:AMP) share price falling again today?
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Shares in Element 25 Ltd (ASX: E25) are steady in midday trading, with the company releasing more news regarding transport arrangements for its manganese products. At the time of writing, the Element 25 share price is sitting at $2.40, the same as at yesterday’s close.

The manganese producer has signed a letter of intent with haulage company AK Evans Group Australia. It takes the company a step closer to sending the first shipment of its Butcherbird manganese concentrate product to the company’s offtake partners.

The letter of intent comes after Element 25 announced on Tuesday it had signed an agreement with the Pilbara Port Authority, allowing shipment of its product from Port Hedland.

Following Tuesday’s news, Element 25 yesterday announced it had sold its first parcel of Butcherbird’s manganese product to OM Holdings Limited (ASX: OMH). It’s also ramped up operations at its Butcherbird site to 24-hour processing.

Despite it having little impact on the Element 25 share price so far today, let’s take a closer look at the company’s news.

Transport solution

Element 25 expects its latest letter of intent will lead to an agreement that will see AK Evans routinely trucking manganese concentrate from the company’s Butcherbird site to Port Hedland’s port.

According to Element 25, the letter of intent covers initial transport arrangements. The two companies will aim to introduce new quad road trains to truck Butcherbird’s manganese products by the end of this year.

AK Evans will haul the products approximately 580 kilometres along the Great Northern Highway to Port Hedland. Element 25 said access to a sealed highway is a rare benefit the mine has over other Pilbara-based operations.

AK Evans was founded in Port Hedland and has locations across Western Australia. It has a partnership with Indigenous owned earthmoving and services company, Kurtarra Pty Limited, and an established sponsorship agreement with Beyond Blue.

Element 25 stated it will now be focusing on the next stages of the Butcherbird project’s development. These include an expansion of the company’s concentrate business and the conversion of concentrate material into high purity manganese sulphate monohydrate (HPMSM).

According to Element 25, HPMSM can be used in electric vehicle batteries and is likely to be in high demand in coming years.

Commentary from management

Element 25 managing director Justin Brown commented on the agreement, saying:

We are excited to be partnering with AK Evans with a view to having new dedicated road trains to transport our manganese to Port Hedland. We are also excited to know we can work with our commercial partners in delivering solutions to fulfil our vision of delivering zero carbon manganese for the EV Battery revolution.

Element 25 share price snapshot

Element 25 shares are having a fantastic year so far on the ASX.

Currently, the Element 25 share price is up by around 59% year to date. It’s also up by an impressive 500% from this time last year.

The company has a market capitalisation of around $357 million, with approximately 148 million shares outstanding.

More reading

• Why the Element 25 (ASX:E25) share price will be in the spotlight today
• Why the Element 25 (ASX:E25) share price is rising today

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is having a subdued day. The benchmark index is currently flat at 7,092.5 points.

Here’s what is happening on the market today:

Costa crashes

The Costa Group Holdings Ltd (ASX: CGC) share price is crashing lower today following the release of its annual general meeting update. At the meeting, the horticulture company provided investors with an update on its expectations for the first half of FY 2021. Due to weakness in its domestic operations and currency headwinds, Costa’s first half performance is expected to be marginally ahead of the previous comparable period in 2020. This was well short of expectations.

Mixed reaction to Ramsay’s $1.8 billion acquisition

The Ramsay Health Care Limited (ASX: RHC) share price is trading lower on Thursday after announcing plans to acquire Spire Healthcare for approximately 1 billion pounds (A$1,822 million). Spire is an independent hospital group in the United Kingdom with a focus on the private patient market. It is also a leading provider of high-acuity care. Management believes the acquisition will be transformational for Ramsay’s UK business. Credit Suisse responded by retaining its neutral rating and $70.00 price target.

Fisher & Paykel Healthcare results

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is sinking following the release of its full year results. The medical device company reported a 56% increase in operating revenue to NZ$1.97 billion and an 82% jump in net profit after tax to NZ$524 million. While this was significantly ahead of the guidance given with its half year results, management’s uncertain FY 2022 outlook appears to have spooked investors.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the EML Payments Ltd (ASX: EML) share price with a 4.5% gain. This is despite there being no news out of the payments company. The worst performer has been the Fisher & Paykel Healthcare share price with a 20% decline following its AGM update.

More reading

• Costa (ASX:CGC) share price crashes 23% on AGM update
• Fisher & Paykel Healthcare (ASX:FPH) share price on watch after reporting huge profit growth
• 5 things to watch on the ASX 200 on Thursday
• ASX miners on edge as investors ask how low can the iron ore price go?
• Ramsay Health Care (ASX:RHC) share price on watch after announcing major UK acquisition

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The Douugh Ltd (ASX: DOU) share price has taken off this morning after the fintech company announced a partnership agreement.

At the time of writing, Douugh shares are exchanging hands for 11 cents, up 15.79%.

What’s driving the Douugh share price higher?

Investors are keen to get hold of Douugh shares as the company expands its reach into the United States.

In a statement to the ASX, Douugh advised it has teamed up with NASDAQ-listed Fiserv Inc (NASDAQ: FISV) for access to its MoneyPass platform.

This will allow Douugh customers to withdraw cash from more than 37,000 ATMs across the US without being charged a transaction fee.

Founded in 1984, Fiserv is a leading global provider of financial technology and services. The company enables money movement for thousands of financial institutions and millions of people and businesses.

Fiserv has 1.4 billion accounts on file, with 100 million digital banking users. More than 12,000 financial transactions per second are made using Fiserv’s services.

Douugh said in today’s release that MoneyPass was recognised as one of the largest surcharge-free networks in the US.

According to a Mercator Advisory group survey released in 2018, 77% of consumers in the US said they would avoid ATM fees where possible.

Under the agreement, Douugh will pay a tiered transaction fee for its customers to use MoneyPass ATMs. The cost of the usage will be offset by the subscription fee Douugh customers pay.

The partnership will run for an initial period of 5 years, starting immediately.

What did management say?

Douugh founder and CEO Andy Taylor welcomed the collaboration, saying:

We are delighted to be partnering with Fiserv to offer this service to Douugh customers. We are constantly looking at ways to improve the overall value of the Douugh banking service and customer experience, as we seek to convince customers to make Douugh their primary checking account.

Fiserv senior vice president of networks, card services, Carol Specogna, added:

ATMs remain a critical customer touch-point and the customer demand for surcharge-free access to their cash is strong and growing. Douugh is providing its account holders with the ability to conduct surcharge-free transactions wherever they travel, while saving them money at the ATM.

The Douugh share price has accelerated by more than 600% since listing on the ASX boards in October last year.

More reading

• Douugh (ASX:DOU) share price rises after first full quarter in the US
• The Credit Clear (ASX:CCR) share price lower on third quarter update

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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 stock market was generally strong on Wednesday, with a decided preference for more aggressive small companies over their larger counterparts. That was plainly obvious in how the Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P 500 (SNPINDEX: ^GSPC) settled for small moves, while small-cap benchmarks were up nearly 2% on the day. The Nasdaq Composite (NASDAQINDEX: ^IXIC) saw the largest benefit from the trends favoring smaller stocks.

Index	Percentage Change	Point Change
Dow	+0.03%	+10
S&P 500	+0.19%	+8
Nasdaq Composite	+0.59%	+81

Data source: Yahoo! Finance.

The electric vehicle (EV) industry is turning out to be a battleground between well-established automakers with long histories of innovation and newer entrants with an eye toward disrupting the auto industry. Interestingly, shares of both Ford Motor (NYSE: F) and Tesla (NASDAQ: TSLA) were higher on Wednesday. Despite the two companies being apparent rivals in the EV space, some investors are starting to think that there might be a place for both auto giants in the shift away from vehicles that burn fossil fuels. Below, we’ll look more closely at both Ford and Tesla.

Ford has a plan for EVs

Shares of Ford Motor vaulted higher by nearly 9% on Wednesday. The Michigan-based giant revealed more of its strategy to take advantage of the electric vehicle shift, and investors generally liked what they saw from Ford.

The new Ford+ strategy will involve a massive financial commitment from the automaker. Ford expects to spend more than $30 billion on EV-related development and technology within the next four years, which is $8 billion more than it had previously committed to investing. The automaker has set an ambitious goal of having 40% of its global-vehicle volume consist of all-electric vehicles by 2030, driven by electrifying key brands like the F-150 Lightning and the Mustang Mach-E.

Yet Ford+ goes beyond EV. Ford will also establish its Ford Pro commercial vehicle services and distribution business, with an emphasis on corporate and government customers. Fleets will incorporate both electric and internal combustion vehicles but bundled with key services of greatest value to commercial users.

In addition, Ford anticipates providing a far greater array of connected services, including over-the-air system updates, digital tools and technology developed both in-house and from third-party providers, and advances in driver-assistance technology. Ford even called out Tesla by name in its press release, hoping to serve a wider audience than its rival within the next several years.

Tesla gets a rebound

Some investors might have feared that what’s good for Ford would be bad for Tesla, but that wasn’t the case. Tesla shares picked up more than 2% on Wednesday.

The move higher came even as Tesla made a move that would actually detract from its driver-assist functionality. The automaker said that it would no longer provide radar equipment as part of its Autopilot system for Model 3 and Model Y vehicles built for the North American market. Instead, these vehicles will rely solely on camera vision and neural net processing.

Tesla’s approach is interesting, given the rest of the industry’s increasing reliance on radar and lidar systems. Nevertheless, CEO Elon Musk has long been skeptical of the need to go beyond visual information, hoping that the Tesla Vision platform will be able to scale up quickly.

Plenty of room for everyone

Although the narrative for many in the auto industry has been one of Tesla displacing legacy automakers like Ford and eventually rendering them obsolete, the reality is more likely to reflect the various advantages and consumer preferences of each brand. There’s more than enough room in this growth market for both Ford and Tesla to thrive, and it’ll be interesting to watch how they and others jockey for position in this innovative, fast-growing market.

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

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• Why Tesla stock jumped on Monday

The post Stock markets stay strong; can Ford and Tesla both win? 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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