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The American Pacific Borates Ltd (ASX: ABR) share price has plunged 9.6% after the company announced updates for its potential US listing and borate operations.

What’s driving the ABR share price today 

The ABR share price took a 25% plunge on Monday after the company announced that it would defer Phase 1A for its Fort Cady Borate Mine. Instead, the company intends to shift its focus to a larger borate operation and production of borate specialties combined with sales of boric acid.

Today’s announcements reiterate the decision to defer Phase 1A into an all Phase 1 construction. The larger initial operation is expected to have stronger financial metrics and be more attractive for US market involvement. 

ABR highlights borate as an essential material for green energy generation, permanent magnets for electric vehicles and wind turbines, energy storage applications and micronutrients to increase yield to reduce deforestation. Looking ahead, it intends to establish further partnerships focusing on borates for use in global decarbonisation initiatives. 

It appears as though borate follows a rare-earths like narrative, where there is a global supply chain dependency on Turkey. The company believes its new supply will play a role in de-risk and drive supply chain diversification. 

ABR eyes US listing 

The update reaffirms the company’s commitment to a strong and successful listing in the US by 2022. ABR believes the broad decarbonisation application of borate will draw attention from environment, social and governance (ESG) focused investors. 

ABR is currently in discussions to advance potential US-based CEOs and CFOs with a view to making appointments in the short term. The company has also initiated engagement with US investment banks focused on equity, debt and driving its US listing. 

Looking ahead 

ABR retains a healthy $59.2 million cash in the bank effective 31 March 2021. The company believes that its cash position by 30 June 2021 will be meaningful. 

With construction deferred, ABR is making an effort to upsize its existing project resource, progress new mine plan options and value-add borate applications. 

The ABR share price is 9.68% lower at the time of writing to $1.54. This weakness is reflected in the 0.50% slump in the S&P/ASX 200 Index (ASX: XJO). 

More reading

• Why a2 Milk, American Pacific Borate, Appen, & Incitec Pivot are tumbling lower
• The ABR (ASX:ABR) share price edges higher in early morning trade
• American Pacific (ASX:ABR) share price sinks 5% as CEO exits

Motley Fool contributor Kerry Sun 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 5G Networks Ltd (ASX: 5GN) share price has started the day strongly, while most of the ASX is in negative territory. This comes after the company announced the launch of its partner sales channel.

At the time of writing, the telecommunication carrier’s shares are trading at $1.005 apiece, up 2.55%.

Expanded offering

Investors are snapping up 5G Network shares after digesting the company’s latest positive update.

According to this morning’s release, 5G Networks has launched 5GN Wholesale to its Melbourne customers. Both Brisbane and Sydney launches are expected to follow suit in the next few weeks.

The enhanced offering from 5G Networks is set to improve service capability to all managed service providers (MSP) across Australia. As such, customers will have access to the following:

• High-speed data connectivity to international locations in Japan, Singapore, New Zealand, and North America;
• Connectivity services of up to 100 gigabytes;
• IP transit with DDOS capability of over 600 gigabytes; and
• Cloud and bare metal services to create a personal cloud environment.

The latest offering is projected to generate around $10 million in revenue per annum.

Recently, 5G Networks completed a number of development and investment initiatives. These included the acquisition of Intergrid Group, and the integration of ColoAu to accelerate growth of 5G Networks’ digital infrastructure capabilities.

In addition, the company’s wholesale ordering portal, 5GN Wholesale, offers customers speed and flexibility in service delivery.

5G Networks managing director Joe Demase said:

5GN is very excited to be strengthening our partner sales channel with the launch of 5GN Wholesale, we believe the combination of our fibre network and data centre connectivity will allow our wholesale partners significant flexibility and an alternative to the traditional providers

We have been actively investing in our infrastructure footprint and now clearly demonstrate the capability to meet Australia’s accelerating demand for cloud and data centre connectivity.

About the 5G Networks share price

Despite today’s gains, it’s been a rocky start for the 5G Networks share price in 2021. Year-to-date performance has seen the company’s shares largely follow a continuous decline, down almost 30%.

5G Networks presides a market capitalisation of roughly $113 million, with more than 114 million shares on issue.

More reading

• 5G Networks (ASX:5GN) share price jumps 7% on quarterly results

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends 5G NETWORK FPO. 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 National Australia Bank Ltd (ASX: NAB) share price has been a poor performer on Thursday.

In late morning trade, the banking giant’s shares are down over 2% to $25.95.

Why is the NAB share price trading lower today?

Although the S&P/ASX 200 Index (ASX: XJO) is under pressure today and tumbling lower again following a disappointing night of trade on Wall Street, that isn’t the reason for the weakness in the NAB share price.

The real reason for today’s weakness is that this morning the bank’s shares traded ex-dividend for its upcoming interim dividend.

When a share trades ex-dividend, it means that the rights to an impending dividend payment are no longer available to new buyers. In light of this, a share price will usually drop in line with the value of the dividend to reflect this.

The NAB dividend

Earlier this month, NAB released its half year results and reported cash earnings of $3,343 million for the six months ended 31 March. This was up 94.8% on the prior corresponding period. It was also a 35.1% increase if you exclude large notable items.

This return to form allowed the bank’s board to declare a fully franked interim dividend of 60 cents per share. This was double last year’s interim dividend and represents a 2.3% yield based on its current share price.

What’s next?

After going ex-dividend today, eligible shareholders can now look forward to receiving this dividend in their bank accounts in just over seven weeks on 2 July.

Interestingly, despite the market weakness today, the NAB share price would actually be trading a fraction higher if it were not going ex-dividend.

At the time of writing, the NAB share price is down 59 cents to $25.95, which compares to the 60 cents per share fully franked dividend it will soon be rewarding shareholders with.

More reading

• What do the CEOs of the Big Four banks think of the Federal Budget?
• Which ASX bank share is the cheapest after earnings?
• Does the NAB (ASX:NAB) share price offer a 7% dividend yield?
• 2 excellent ASX dividend shares to buy
• NAB (ASX:NAB) share price lower despite 86 400 acquisition update

Motley Fool contributor James Mickleboro 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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Australia’s top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Carsales.Com Ltd (ASX: CAR)

According to a note out of UBS, its analysts have retained their buy rating and $24.50 price target on this auto listings company’s shares. This follows news that the company is acquiring a 49% stake in US online marketplace Trader Interactive. The broker appears supportive of the acquisition. However, it intends to do more analysis before updating its financials and recommendation further. The Carsales share price was fetching $19.51 prior to its trading halt.

Estia Health Ltd (ASX: EHE)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this aged care operator’s shares to $3.15. The broker notes that the aged care sector is set to benefit from additional funding following the Federal Budget. In addition to this, it likes Estia Health ahead of its rivals due to its strong balance sheet and attractive valuation. Macquarie estimates that Estia Health’s shares are trading at ~17x FY 2022 earnings. The Estia Health share price is trading at $2.56 today.

REA Group Limited (ASX: REA)

Analysts at Morgan Stanley have retained their overweight rating and $175.00 price target on this property listings company’s shares. The broker has been looking at the Federal Budget and sees a few positives for REA Group. Outside this, the broker continues to believe REA Group is well-placed for earnings growth thanks to a rebound in Melbourne and Sydney listings and higher property churn. The latter is being driven by people rethinking where they want to live following the pandemic. The REA Group share price is fetching $149.82 this morning.

More reading

• ASX 200 drops again, Pushpay rises, CSR climbs
• ASX aged care shares boosted after 2021 Federal Budget
• Why Afterpay, CSR, Electro Optic Systems, & Estia Health are storming higher
• Carsales (ASX:CAR) share price halted to raise funds for major US acquisition
• Why a2 Milk, Afterpay, Nearmap, & REA Group shares are sinking

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended carsales.com Limited and REA 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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Tilt Renewables Ltd (ASX: TLT) shares are edging higher this morning following the release of the company’s annual full-year results. At the time of writing, the Tilt Renewable share price is trading 0.67% higher at $7.46. 

The standard financial year for Tilt’s home country, New Zealand, runs from 1 April to 31 March. Hence, we’re seeing annual full-year results from Tilt Renewables at the time ASX watchers might be expecting to see companies report their third-quarter results.

Let’s take a closer look at the year that’s been for the renewable energy company.

How has Tilt been performing?

The Tilt Renewables share price is in the green this morning despite the company delivering a weaker performance than the prior corresponding period (pcp). 

The company reported earnings before interest, tax, depreciation, and amortisation (EBITDA) of $74.9 million – 36% less than the 2020 financial year.

It also brought in 25% less income throughout the 2021 financial year, with $128.3 million in revenue.

That figure brought the company’s earnings per share down from $1.17 in the pcp to 16.7 cents in the 2021 financial year.

Tilt’s after-tax profit was also bleaker than the previous period. It was down 86% to $67 million — a long way from last financial year’s after-tax profit of $478.4 million.

In positive news, Tilt expressed confidence in its debt position, highlighting it has enough cash to run its operations for the foreseeable future.

Tilt had 29% gearing as of the end of March, with no debt refinancing required until 2023. The company stated this leaves it with the debt headroom and flexibility to support its development pipeline.

Tilt’s current assets are valued at around $371.5 million, with approximately $155 million of that being cash in the bank. According to the company, this is more than enough to fund its Rye Park Wind Farm or other growth options if approved by its board.

Other news

The 2021 financial year was far from uneventful for Tilt Renewables. In fact, the company has made some major changes.

Perhaps the most significant is its proposed acquisition by PowAR and Mercury NZ Ltd (ASX: MCY). Under the acquisition, PowAR will take over Tilt’s Australian business and Mercury will assume control of its New Zealand operations. The acquisition is set to be finalised in August 2021 and will see Tilt shareholders receive NZ$8.10 per share.

Tilt completed construction of its Waipipi Wind Farm in March 2021. It now has three ongoing projects in New Zealand.

It’s also on its way to complete commissioning activities at its Dundonnell Wind Farm in Australia by the end of this year. Tilt is working towards an investment decision for its Rye Park Wind Farm, as well as developing another three projects in Australia.

Tilt created 1,840 gigahertz of energy over the year, with Waipipi and Dundonnell contributing 40% that.

Tilt Renewables share price snapshot

The Tilt Renewables share price has been performing well on the ASX lately, rising by around 24% year to date. It’s also gained more than 130% since this time last year.

The renewable energy company has a market capitalisation of around $2.79 billion, with approximately 377 million shares outstanding.

More reading

• AGL Energy (ASX:AGL) share price hits 52-week low
• What’s been happening with ASX renewable energy shares lately?
• Why the Tilt Renewables (ASX:TLT) share price is in focus

Motley Fool contributor Brooke Cooper 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 Treasury Wine Estates Ltd (ASX: TWE) share price is higher after the company announced key financial updates in its investor day presentation. 

What’s driving the Treasury Wine share price? 

Treasury Wine’s investor day presentation includes a much needed financial update following China’s tariffs on Australian wine exports and the collapse of the A2 Milk Company Ltd (ASX: A2M) share price on Monday. 

Expected FY21 earnings before interest, tax and SGARA (the difference between the fair value of harvested grapes and the cost of harvested grapes) is reported to be in the range of $495 million to $515 million. These figures are ahead of current market consensus expectations, representing a growth of 33% in 2H21 compared to the prior corresponding period. 

From a margins perspective, Treasury Wine provided targets for its new operating divisions. This included Penfolds targeting 40-45% EBITS margin, including investment to grow distribution. Treasury Americas looking to maintain its 25% EBITS margin ambition. And finally, the Treasury Premium Brands targeting EBITS margin in the high teens. 

The business as a whole has undergone a rapid transformation after its fall out with China and a renewed focus on growing premium and luxury offerings. The company is undergoing a global supply-chain optimisation program expected to deliver annualised benefits of at least $75 million by FY23, up from the $50 million announced previously. 

In the long-term, Treasury Wine is targeting the delivery of sustainable top-line growth and high single-digit average earnings growth. To drive its long-term financial objectives, the company aims to continue the premiumisation of its sales mix, expand group EBITS margin to the target of 25% and restore its return on capital employed (ROCE). 

Overall, the market appears to be pleased with where the company is headed from both a strategy, operational and financial perspective. The Treasury Wine share price has pushed 4% higher at the time of writing to $10.30. Meanwhile, the  S&P/ASX 200 Index (ASX: XJO) has slumped 0.60%. 

What about China? 

Surprisingly, there was very little mention of China within the investor day presentation slides.

The company notes the “effective closure of Chinese market to Australian country of origin (COO) wine” but describes this situation as one that has exposed previously under-recognised opportunities. The presentation frequently used the term “ex-China” to discuss growth opportunities for regions such as South East Asia, India, Japan and Korea. 

Foolish Takeaway

The Treasury Wine share price is higher following the company’s clear roadmap to deliver an improved financial performance without a significant dependency on China. 

Looking ahead, investors can expect the company to focus more on its premium portfolio and e-commerce with a focus on North American, European and Asian (ex-China) markets. 

More reading

• 5 things to watch on the ASX 200 on Wednesday
• A2 Milk (ASX:A2M) share price falls as China suspends dialogue
• The ASX’s China problem is getting worse… and quickly

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk and Treasury Wine Estates 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 Commonwealth Bank of Australia (ASX: CBA) share price is currently above $95. Is it a buy or has the big four ASX bank gone too high to be good value?

It was only yesterday that CBA released its FY21 third quarter trading update to investors.

Considering it rose in reaction, the market appeared to be happy with how things are going. Banks are one of the ASX shares that may not be negatively affected by rising interest rates.

CBA reported that its cash net profit from continuing operations was approximately $2.4 billion for the quarter, up 24% from the first half quarterly average, mainly driven by lower loan impairment expenses.

The big bank revealed income grew 2% with above system core volume growth, improved margins and higher non-interest income which was partly offset by the impact of two fewer days. CBA was pleased that its business lending grew by more than three times the system.

Expenses grew by 1% excluding remediation costs, or 2% including remediation costs.

The bank explained that the loan impairment expense was significantly lower in the quarter thanks to an improved economic outlook, which resulted in a reduction in collective provisioning levels. Despite that, CBA’s provision coverage is still strong and it continues to reflect a cautious approach to managing risks as the economic recovery from the pandemic continues.

CBA’s balance sheet continues to strengthen. The common equity tier 1 (CET1) capital ratio improved by a further 10 basis points to 12.7% despite the payment of the interim dividend.

The CBA CEO Matt Comyn spoke about the credit quality of its loan book:

Credit quality across our lending portfolios remained sound. While it is pleasing to see that the vast majority of customers have smoothly transitioned from the bank’s COVID-19 temporary loan repayment deferral program as it concluded in March, we continue to offer ongoing assistance to those in need.

Is the CBA share price a great opportunity?

The consensus of brokers suggests it isn’t.

Morgans has set a price target of $73 for Australia’s biggest bank – suggesting a sizeable decline over the next 12 months. The quarterly profit beat the broker’s expectations, though remediation costs were a detractor to that. Whilst the broker acknowledges that CBA is high-quality, it feels the valuation has gone too far. On Morgans’ numbers, the CBA share price is valued at 19x FY21’s estimated earnings.

Other brokers aren’t so negative after the third quarter update. Credit Suisse has stuck a price target of $95 on CBA’s shares. The broker is expecting a major share buy-back program – more than $10 billion – over the next couple of years.

However, broker Morgan Stanley thinks that CBA (and other banks) will continue to be conservative with capital despite the improving environment. The broker also thinks that the dividend payout ratio isn’t going to go too high either. Morgan Stanley currently has a price target of $83 on the big four ASX bank.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Goldman says sell Commonwealth Bank (ASX:CBA) shares
• What do the CEOs of the Big Four banks think of the Federal Budget?
• Which ASX bank share is the cheapest after earnings?
• ASX 200 down 1%: CBA Q3 update, tech shares rise, Qantas update

Motley Fool contributor Tristan Harrison 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 Pro Medicus Limited (ASX: PME) share price is a poor performer so far on Thursday despite the company providing a positive update. In early morning trade, the health imaging company’s shares are fetching $40.05, down 1.26%.

What was announced?

Investors have been selling Pro Medicus shares regardless of the company’s announced contract win.

According to its release, Pro Medicus’ wholly-owned United Stated subsidiary, Visage Imaging Inc., has signed a deal with The University of Vermont Health Network Inc (UVM).

Under the agreement, Pro Medicus will deploy its Visage 7 Enterprise Imaging Platform across 6 hospitals operated by UVM. It is expected that, once the system is fully functional, a unified diagnostic imaging platform will run across the network. This replaces the existing multiple legacy PACS platforms that are currently being used.

The contract is valid for a period of 8 years and is estimated to generate $14 million in revenue for Pro Medicus.

Rollout of the system is scheduled to commence immediately, with go-live dates targeted for the second half of 2021. The Visage 7 platform will be deployed in the public cloud.

The company noted that the latest deal further expands its United States academic institution footprint. Pro Medicus believes that its transactional licensing model could also lead to further potential sales in the future.

Pro Medicus CEO Dr Sam Hupert commented:

We continue to build momentum in the market with this, our seventh contract win in a row, adding to other recent major announcements.

UVM Health Network is the fourth of these to opt for a cloud-based solution, a trend we see increasing rapidly amongst healthcare systems in North America.

Our pipeline continues to grow. Visage 7 with its proven cloud-native capability provides us with a significant strategic advantage that enables us to address these opportunities across a growing segment of the market both in North America and other regions.

Pro Medicus share price snapshot

Over the last 12 months, the Pro Medicus share price has stormed around 55% higher, with year to date performance delivering gains of around 17%. The company’s shares reached an all-time high of $48.69 last month.

Based on valuation grounds, Pro Medicus commands a market capitalisation of around $4.2 billion, with approximately 104 million shares outstanding.

More reading

• Why CSR, Fonterra, Nearmap, & Pro Medicus shares are dropping
• ASX tech shares are in a world of pain. There might be more to come…
• ASX 200 up 0.45%: Macquarie full year results & REA Group Q3 update
• 2 excellent healthcare ASX shares with strong long term growth potential
• 2 highly rated ASX growth shares for May

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus 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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Motley Fool Australia Chief Investment Officer Scott Phillips joined Weekend Sunrise on Saturday to discuss the 9th biggest ‘bank’ in the country: The Bank of Mum & Dad.

Should parents give their kids a leg-up to buy a home? Or give it a miss?

https://fast.wistia.com/embed/medias/3wgyzwrg99.jsonphttps://fast.wistia.com/assets/external/E-v1.js

More reading

• Is the high-flying CBA (ASX:CBA) share price a buy?
• Pro Medicus (ASX:PME) share price sinks despite new deal
• Telstra (ASX:TLS) share price higher despite being hit with $50 million penalty
• Why the Humm (ASX:HUM) share price just hit a 52-week low
• Here’s why the Orica (ASX:ORI) share price is sinking 6% today

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 Telstra Corporation Ltd (ASX: TLS) share price is edging higher today despite being dealt a $50 million penalty by the Federal Court.

At the time for writing, the telco giant’s shares are up slightly to $3.49.

What was the penalty?

This morning the Federal Court ordered Telstra to pay a $50 million penalty for its treatment of Indigenous customers in rural and remote parts of Australia.

This follows the telco giant previously admitting that it had acted unconscionably towards 108 customers across five Telstra-branded stores, by selling them phone plans that they could neither afford nor understand.

What did the Federal Court say?

The Honourable Justice Mortimer explained: “The orders made today, and as a result of contraventions of the Competition and Consumer Act 2010 (Cth), which Telstra has admitted, the Court has imposed significant penalties on Telstra, as well as granting declaratory relief and ordering Telstra to pay the costs.”

“The contraventions involve unconscionable conduct engaged in by sales staff at five Telstra licensed stores in connection with contracts for the supply of post-paid mobile products and services to 108 consumers. Those consumers are all Aboriginal and Torres Strait Islander people, who – for a variety of reasons – were vulnerable to unconscionable sales practices employed by the staff employed at the Telstra stores.”

Justice Mortimer notes that Telstra’s action led to serious financial hardship and distress, which was aggravated by its debt recovery practices.

She explained: “The affected consumers were also exposed to serious financial hardship and distress through becoming liable for expenses that they could not afford to pay, and which some had not understood they were incurring. Telstra’s approach to complaints about the sales practices, and its delay in accepting responsibility for the conduct, as well as some of its debt recovery practices, are aggravating factors.”

In light of the above and Telstra’s apology and cooperation, the Federal Court felt a $50 million penalty was appropriate.

Justice Mortimer concluded: “Taking into account all of the circumstances, including the enforceable undertaking, the corrective and remediation action, Telstra’s public apology and its high level of cooperation in these proceedings from the start, I am satisfied the penalty of $50 million is an appropriate penalty, and that the declaratory relief sought is also appropriate. I also take into account the enforceable undertaking, and the agreed proposal for Telstra to pay a contribution towards the legal costs of the ACCC.”

More reading

• Why has the Telstra (ASX:TLS) share price retreated from its 52-week high?
• Brokers name 3 ASX shares to buy now
• Telstra (ASX:TLS) ‘on track’ to meet ambitious 5G targets
• ASX 200 Weekly Wrap: Bank shares push ASX 200 towards all-time high
• 2 ASX 200 shares to buy for dividends

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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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