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There are a few small cap ASX shares that did really well in February 2021 for the NAOS Small Cap Opportunities Company Ltd (ASX: NSC) portfolio.

How does Naos Asset Management invest?

Naos is led by chief investment officer (CIO) Sebastian Evans. NAOS Small Cap Opportunities is one of the listed investment companies (LIC) operated by Naos.

That particular LIC looks at businesses with market capitalisations between $100 million and $1 billion.

The fund manager has a number of investment focuses. It looks for businesses that are good value with long term growth potential. With its portfolio, Naos believes it’s better to have a quality portfolio rather than numerous holdings. That’s why it only holds around 10 positions in each fund, with each ASX share representing a high-conviction position.

Naos invests in the small cap ASX shares for the long-term. It considers the performance and the liquidity of its positions whilst ignoring the index. Performance can sometimes be quite variable when compared to the index.

It looks to invest purely in industrial companies whilst also considering the ESG factors (environmental, social and governance).

Enero Group Ltd (ASX: EGG)

Enero is a collection of businesses relating to marketing and communications.

Naos said that Enero released the strongest result out of all of the businesses in its portfolio. Enero’s net profit after tax went up 129% compared to the prior corresponding period. The earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 30% and this helped increase the fully franked interim dividend to $0.105 per share.

The fund manager said that all of the small cap ASX share’s public relations and creative agency businesses have shown significant earnings resilience as most of their client base operates within the technology, healthcare and government sectors which have continued to operate relatively normally in a COVID-19-affected environment.

The other main earnings driver was the 50.1% holding of ad-tech business OB Media, which is based in the US.

Naos believes OB Media is on track to earn over AU$22 million of EBITDA, compared to just a couple of million just a few years ago. OB Media has been investing in its technology and people, as well as building relationships with Google and Microsoft. The fund manager said that OB Media is now benefiting from this investment. On a standalone basis, Naos thinks OB Media is worth more than $300 million because it is a high growth technology business that makes a good amount of profit with a negative working capital balance.

COG Financial Services Ltd (ASX: COG)

This small cap ASX share is made up of two different businesses, an asset finance broking arm and a lending arm.

COG announced an initial half-year dividend. Naos said the ASX share’s low capital intensity nature of the business has resulted in the business being in a strong net cash position with plenty of flexibility for both capital management and further acquisitions.

The company also provided further clarity about the imminent rollout of its insurance broking capability. The fund manager thinks insurance broking could match the earnings generated by the finance broking divisions when taking a three to five year view.

Big River Industries Ltd (ASX: BRI)

Big River is an integrated Australian timber products small cap ASX share. It’s involved from the procurement of raw materials all the way to the sale of finished products to end users.

Naos said that said that Big River Industries’ result was strong, with EBITDA growing by 15% and was not affected by COVID-19.

The fund manager pointed out that some new information was provided with the result that could more than double its current annualised net profit run rate of $6.2 million.

The acquisition of Timberwood remains on track with the company trading well and forecast to contribute close to $3 million net profit based on the current run rate.

Naos said the net cash inflow resulting from the closure of the Wagga Wagga facility and subsequent relocation to Grafton is expected to be around $10 million with net profit accretion of around $1.5 million.

The fund manager continues to see the economic backdrop being beneficial for the company which may further contribute to the growth in future earnings.

More reading

• Enero (ASX:EGG) share price falls despite being up over 45% in a month
• 2 little-known small cap ASX share picks by this fund manager

Motley Fool contributor Tristan Harrison owns shares of NSC. 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 CogState Limited (ASX: CGS) share price is currently rising as the company announced a business update to the market. Shares in the small cap healthcare company are currently rising by 5.82%. This takes the Cogstate share price to $1.00.

Business update

The Cogstate share price is rising today as the company announced a business update regarding the company’s quarterly sales results.

The company announced that its clinical trials sales contracts executed in the third quarter of FY21 total US$10.7 million. This means Cogstate’s total value of sales executed so far this financial year amounts to US$33.3 million.

Cogstate half year report

Cogstate released its business report today following the announcement of the company’s half-year report. Management also outlined its outlook in the report.

During the first half, the Cogstate executed contracts of $22.6 million. Notably, this was down on the $26.9 million received in the prior corresponding quarter (pcp). However, this did not stop the company’s revenue from rising strongly. For the half, group revenue increased by 59% to $13.9 million.

As a result of this strong growth, the company’s earnings also rose on its last half. Net profit after tax (NPAT) was -US$0.4 million compared to -US$2.7 million in the prior half.

In regards to the company’s cash flow and balance sheet, net cash flow from operations was US$13.2 million. With its balance sheet also sitting healthily at $18.5 million.

Management commentary

Commenting on the half-year result, Cogstate CEO, Brad O’Connor, said:

Cogstate delivered a strong improvement on 1H20 with revenue benefitting from the significant increase in Clinical Trials sales contracts over the last 18 months and cashflow benefitting from an upfront licence fee payment associated with our now global partnership with Eisai Co. Ltd in the Healthcare segment.

Outlook for Cogstate

Looking forwards the company is projecting big things thanks to its recent global licence agreement with Eisai. As a result, contracted future revenue has increased to $74.8 million, which is up 96% on pcp.

For the end of this financial year, Cogstate is aiming to be NPAT positive. However, crucially this assumes that its ongoing clinical trials are unaffected by the global pandemic.

More reading

• 3 small cap ASX shares that powered higher in February 2021
• Telstra (ASX:TLS) share price and others caught in Greensill insolvency
• Here’s why the Zip (ASX:Z1P) share price is down 8% today
• The 3 highest paying ASX 200 dividend shares
• Why the Queensland Pacific Metals (AXS:QPM) share price is climbing today

Motley Fool contributor Daniel Ewing 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 Telstra Corporation Ltd (ASX: TLS) share price, along with numerous other Australian companies, will be watched with a close eye at the moment. This comes as the Greensill Capital collapse ripples through to its clients.

What is Greensill Capital and what happened?

Founded in 2011 and headquartered in London with offices globally, Greensill Capital is the supply-chain financing brainchild of Lex Greensill. The firm tweaked an old concept called ‘factoring’. This is where a supplier fast tracks its receivable payments through a financier. The financier later recovers the payment from the larger corporation.

The tweak to the model meant that responsibility for the debt shifted from the supplier to the company. This enabled Greensill to change the terms of repaying debts. Much like the housing collapse in the GFC, Greensill proceeded to bundle and securitise these supply chain debts and sell them to investors.

Cracks propagated in the financing business last year. Greensill became reliant on a handful of large corporations, which meant the risk profile was quite concentrated. As a result, when COVID-19 impacts were felt by these businesses, insurers were made to cough up the costs.

Hence, with a mix of investors running for the exit from the securitised debts and insurers refusing to renew coverage for the debts, Greensill is left on the brink of insolvency.

Impacts on other ASX listed companies

As reported by The Australian Financial Review (AFR), the barrage has fallen on Greensill’s clients. Those in the firing line include Telstra, CIMIC Group Ltd (ASX: CIM), and the Australian Rail Track Corporation (ARTC).

The AFR stated:

Invoices for payments owed by the three companies were among the top 10 holdings at the end of January of four supply chain finance funds worth $13 billion that propped up Lex Greensill’s empire and were managed by Credit Suisse.

Additionally, Telstra has purportedly assured its suppliers that any outstanding accounts arranged through Greensill’s early payment product will be covered by the telecom’s own cash. At the end of December, this amount equated to $98 million in payable invoices.

CIMIC and ARTC were also in Credit Suisse’s “high income” fund which will be liquated. The multinational contractor, CIMIC, had a finance balance of $144 million at years’ end. Meanwhile, ARTC has not provided any information on whether it used Greensill’s payment scheme for suppliers.

In early February, we covered CIMIC’s controversial use of reverse factoring for payments to suppliers.

Telstra and CIMIC share price recap

Greensill’s undoing has gained attention over the last week. So it might be worthwhile looking at how its client’s share prices have responded. 

Telstra’s share price has lost a mere 0.3% in the last month. The company’s $1.259 billion in cash and cash equivalents is more than enough to cover the invoices to its suppliers. This might be helping the share price remain largely unscathed by recent revelations. 

In contrast, CIMIC has been hit by a 25% fall in its share price over the last month. The construction company’s use of payment financing has garnered plenty of backlash recently. Some suppliers have reported that CIMIC forced them to use the supply chain financing system for payments. Given CIMIC’s high debt to cash ratio and the ongoing opaqueness of Greensill’s use, investors appear concerned.

More reading

• The worst performing ASX 200 shares last week
• Is the Telstra (ASX:TLS) share price a top buy right now?
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• 2 ASX dividend shares with attractive yields to buy this week
• Leading broker names 2 ASX dividend shares to buy next week

Motley Fool contributor Mitchell Lawler 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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The Australian share market may be pushing higher today, but the same cannot be said for the Zip Co Ltd (ASX: Z1P) share price.

In afternoon trade the buy now pay later provider’s shares are down 8% to $8.80.

This compares to a 0.6% gain by the S&P/ASX 200 Index (ASX: XJO).

Why is the Zip share price sinking?

There appear to be a couple of catalysts for today’s weakness in the Zip share price.

The first is a broker note out of Macquarie on Friday. According to the note, the broker has retained its underperform rating but lifted the price target on the company’s shares to $5.70.

Even after today’s pullback in the Zip share price, this price target implies potential downside of 35% over the next 12 months.

Macquarie has concerns that its QuadPay business in the United States could experience a meaningful reduction in its net transaction margin due to increasing competition.

In addition, the broker fears that customer acquisition costs could increase and future growth will be harder to come by.

What else is weighing on Zip shares?

Also weighing on the Zip share price today could be news that current futures contracts are pointing to a decline on the tech-heavy Nasdaq index tonight.

According to CNBC, current futures contracts indicate that the Nasdaq index will drop 1% at the open.

This appears to have led to concerns that the tech selloff is still not over and that tech stocks could still drop further before bottoming.   

It isn’t just the Zip share price sinking today. Rival Afterpay Ltd (ASX: APT) has given back its morning gains and is tumbling lower.

This has led to the S&P/ASX All Technology Index (ASX: XTX) dropping 0.6% in afternoon trade. This compares to a gain of approximately 2.5% in morning trade.

More reading

• Why Audio Pixels, Nick Scali, Smartgroup, & Zip are tumbling lower
• Aristocrat (ASX:ALL) share price surges as it finds a sweet spot
• The Zip (ASX:Z1P) share price is down 34% in less than a month
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• 2 fantastic ASX growth shares to buy this week

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 AFTERPAY T FPO and ZIPCOLTD 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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February reporting season highlighted relatively flat earnings growth for ASX 200 shares, but an improvement in dividends and cash holdings. Here are the ASX 200 dividend shares that are currently paying the highest dividends. 

1. Fortescue Metals Group Ltd (ASX: FMG) 

A roaring iron ore spot price has earned Fortescue the title of highest paying ASX 200 dividend share. Unlike other shares that might be paying a higher yield due to a fall in share price, higher iron ore prices have translated to record earnings and cash flow, and subsequently a market-leading dividend yield of 11.70%. 

Brokers think the Fortescue share price could bounce back in the short-medium term after it went ex-dividend last week. On 4 March, UBS rated Fortescue as a buy with a price target of $25. While Macquarie Group Ltd (ASX: MQG) maintained an outperform rating with a price target of $25.50 on the same day. 

2. AGL Energy Limited (ASX: AGL) 

AGL finds itself as the second-highest yielding ASX 200 dividend share for all the wrong reasons. Its shares have been continuously trending lower year-on-year since 2017, losing more than 60% in value. However, its shares have continued to underperform in the new year, down 20% year-to-date. 

Despite paying a dividend yield of 9.40%, analysts at UBS have retained a sell rating with a $10.10 price target. Trading conditions have been tough for the energy company, with weak wholesale prices for electricity and renewable energy certificates, and lower gross margins in wholesale gas. Despite the company’s efforts to reduce costs, UBS believes its earnings will continue to slide. 

While a yield of 9.40% is attractive, the challenge with AGL remains for both its weak earnings and downward trending share price. 

3. Aurizon Holdings Ltd (ASX: AZJ) 

Australia’s largest rail freight operator seems to be a better version of AGL. While its share price and earnings have remained relatively flat for the last 8 years, it beats AGL’s tumbling share price. 

The company’s half-year results highlight a 2% fall in revenue to $1.49 billion while Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 1% to $738.3 million. Its solid earnings have translated to a 7.60% dividend yield. 

More reading

• Why the Fortescue (ASX: FMG) share price could go higher
• The worst performing ASX 200 shares last week
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• Morgan Stanley reveals some investment trends to watch in 2021
• How to turn $20,000 into $300,000 in 10 years with ASX shares

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Aurizon Holdings 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 Queensland Pacific Metals Ltd (AXS: QPM) share price is on the rise today, opening up more than 8% on Friday’s close before settling to its current level of 9.4 cents — up 3%.

The gains have come after the miner announced its Townsville Energy Chemicals Hub (TECH) project’s estimated CO2 emissions. The announcement highlighted the possibility for the project to achieve net-negative CO2 emissions.

Further, the company confirmed the project’s current emissions are estimated to be 36% lower than the industry average.

What is the TECH Project?

Mining company Queensland Pacific Metals is currently advancing feasibility studies and approvals for its TECH Project.

The project is set to be an advanced, sustainable producer of nickel sulfate, cobalt sulfate, high purity alumina, and other by-products.

The company expects it to be the first producer of critical chemicals for the lithium-ion battery and electric vehicle sector to create a nearly no waste product.

Located in Townsville’s Lansdown Eco-Industrial Precinct, the TECH Project is to process high quality ore imported from New Caledonia.

Is Queensland Pacific Metals entering the future of nickel production?

Today’s announcement follows the release of a commissioned report that found, by using recycled gas, the TECH Project may achieve net-negative CO2 emissions.

Queensland Pacific Metals is considering powering the project with gas from nearby coal mines, which typically de-gas areas for safety reasons ahead of mining. As gas is mostly methane, releasing it into the atmosphere is worse for global warming than releasing CO2. While some coal mining productions burn the gas afterward and release it as CO2, it is still environmentally inefficient.

By using gas that would otherwise be released into the atmosphere, the project could receive carbon credits, thus neutralising its own emissions. 

The data announced today comes from a Minviro report commissioned by Queensland Pacific Metals. Minviro is an international company specialising in assessments of mining and mineral processing projects.

The data has considered emissions from “cradle to gate”, including those produced by mining ore in New Caledonia, processing it in Townsville at the TECH Project and transporting the final product.

Minviro will update its assessment of greenhouse gas emissions for the TECH Project when Queensland Pacific Metals finalises its gas supply.

Commentary from management

Queensland Pacific Metals’ CEO Stephen Grocott said the newly announced data makes the TECH Project even more attractive to investors within the European, north Asian and North American battery supply chain.

We have been positioning the TECH Project to be a world leader in sustainable nickel production with our zero liquids discharge, potential to be zero-solids discharge and no requirements for a tailings dam. The Minviro report adds another feature in the cap for the TECH Project, positioning it as a low (greenhouse gas) emissions project with the potential to be net-negative. We are pleased that not only are we leading the way, we have further opportunities for improvement which will be pursued in our feasibility study.

Queensland Pacific share price snapshot

The Queensland Pacific share price is currently up 175% year to date and 526% over the past 12 months.

It has a market capitalisation of $84.9 million with approximately 932 million shares outstanding.

More reading

• Up almost 1000% in 1 year, the Bionomics (ASX:BNO) share price moves higher
• Treasury Wine (ASX: TWE) share price shoots over 8% higher on takeover talks
• ANZ (ASX:ANZ) hits 3 year high. Can we thank dividends?
• Don’t take it from me. Take it from them…
• International Women’s Day: The female CEOs of the ASX

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 Bionomics Ltd (ASX: BNO) share price is in positive territory today after announcing a non-renounceable entitlement offer. During mid-afternoon trade, the clinical-stage biopharmaceutical company’s shares are up 3.5% to 30 cents.

This takes the Bionomics share price to more than a 950% gain when compared to this time last year. Surprisingly, in March 2020, the company’s shares were swapping hands for as little as 2.8 cents.

Details of the offer

In its announcement, Bionomics updated shareholders advising of a pro rata non- renounceable entitlement offer on a 1:6 basis. This follows the company’s recent subscribed underwritten placement to North American and European institutional and sophisticated investors.

The offer price will be issued at the same rate to the previous placement, at 14.5 cents apiece. Notably, this represents a 50% discount on the current Bionomics share price of 29.5 cents. Moreover, the new shares will rank equally with existing ordinary shares.

The record date for the entitlement offer is on Thursday 11 March, 6:00pm Australian Central Daylight Time (ACDT). Unless extended, the placement will close 30 March, 5:00pm ACDT. The new shares will be allotted on 8 April 2021.

The expected take-up of the offer is estimated to bring in around $20 million in capital for the company. This will be used to partly fund a Phase 2b Post-Traumatic Stress Disorder trial for mid-2021. Additionally, the remaining monies will be spent towards general working capital purposes.

Quick take on Bionomics

Founded in 1996, Bionomics is a biopharmaceutical company that develops drug candidates to treat central nervous system disorders. This includes anxiety, depression, and Alzheimer’s disease.

The company has offices in Australia, the United States, and France.

About the Bionomics share price

Over the last 12 months, the Bionomics share price has been one of the best performers on the ASX market. Positive investor sentiment in the company picked up towards September, and particularly shot higher in February.

Based on current valuations, Bionomics has a market capitalisation of close to $250 million.

More reading

• Why the Bionomics (ASX:BNO) share price is climbing today

Motley Fool contributor Aaron Teboneras 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 rocketed over 8% higher today before slightly retreating to be up 7.3%. The mouth-watering leap appears to be on the news of a potential takeover bid.

Earlier today, shares in the alcoholic beverage producer were trading as high as $11.15. The share price is currently sitting at $11.06. Yesterday, it closed at $10.31. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up only 1%.

Takeover rumours

According to a report in British publication This is Money (TIM), French drinks giant Pernod Ricard SA (EPA: RI) is champing at the bit to buy Treasury Wine. TIM is reporting the offer could see Treasury Wine valued at over GBP 5 billion (approximately $9 billion). The article does not specify if Pernod Ricard is looking to buy a controlling stake in the wine company or not.

The article claims an unknown bidder (possibly Pernod Ricard) has already made an offer of $15.67 per share.

Motley Fool Australia asked Treasury Wine Estates and Pernod Ricard for comment. Neither company responded by publication.

The Penfold’s distributor, in its FY21 half-yearly update, reported a net profit after tax of $175.3 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) was $284.1 million, and earnings per share (EPS) came in at 24.3 cents. All were down on the prior corresponding period.

Pernod Ricard, owner of brands such as Jacob’s Creek and Chivas Regal, is valued at 41.5 billion euros (approximately $64.2 billion).

What else could be driving the Treasury Wines share price?

Any other potential influences on the Treasury Wine share price would most likely be dragging it down.

The Chinese governments tariffs on Australian wine have decimated the industry. The People’s Republic claims the tariffs are an “anti-dumping measure”. However, many believe the protectionist policy was implemented as retaliation for Australia’s calls for an enquiry into the origins of COVID-19.

While exports to Europe and the US are surging in the meantime, it does not make up for the lucrative Chinese market.

As well, according to the Department of Agriculture, Water and the Environment (ABARES) the wine grape price and the wine export value are forecasted to decline over FY21 and into FY22. ABARES believes the price of grapes will fall from $694 per tonne to $540 per tonne.

Treasury Wine share price snapshot

Today’s gains for Treasury Wine are not out of the ordinary. The wine exporter’s share price is sitting 10.5% higher than this time last year. The company did, however, slip from its 52-week high of $13.12 back in August. Shares reached their lowest point of $7.87 in November, when China first placed tariffs on Australian wine.

More reading

• ASX 200 up 1.6%: Appen rebounds, ALS acquires Investiga, Woolworths upgraded
• 5 things to watch on the ASX 200 on Wednesday
• ASX shares on watch: Chinese investment in Australia has dropped 61%
• ASX 200 sinks 1.3%, Cochlear soars, TWE sours
• Why the Treasury Wine Estates (ASX:TWE) share price is down 7%

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended 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 Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price continues to light up the ASX today. At the time of writing, ANZ shares are up 0.97% to $29.17 a share. Earlier in the trading day, the ANZ share price hit $29.35 — a new 52-week high. In fact, that share price is the highest ANZ has climbed since August 2018, a good 2½ years ago. It has also climbed more than 108% since it’s last 52-week low, which was of course hit during the coronavirus-induced market crash last year.

It’s a surprisingly strong move from this ASX bank. ANZ’s big four banking compatriots have also been enjoying rising valuations over the past few months, but none as enthusiastic as ANZ. As an example, Westpac Banking Corp (ASX: WBC) shares are still down a good 17% from where they were in August 2018.

Last week, we discussed some of the reasons why ASX banking investors might be targeting ANZ over the other ASX banks. Possible reasons include the lack of a capital raise program last year during the worst throes of the market crash. They also include the lack of a $1.3 billion fine, which Westpac copped.

But what about dividends? Many (arguably most) investors who seek out ASX bank shares do so for the dividends.

ANZ’s dividend record

Well, on the surface, ANZ’s most recent dividend payouts don’t look too impressive. Yes, the bank did pay 2 fully franked dividends last year (unlike Westpac). But those 2 dividends amounted to 60 cents per share. That is well down from the $1.60 per share that investors received back in 2019.

That gives the ANZ share price a trailing dividend yield of 2.06% on current pricing.

But perhaps investors are looking forwards, not backwards.

As my Fool colleague James Mickleboro reported a fortnight ago, several brokers are forecasting that ANZ will pay as much as $1.48 in dividends per share in FY2021, and as much as $1.61 in FY2022. If that did come to pass, it would mean investors are looking at a forward yield of 5-6%. That would certainly be a tantalising prospect in this era of near-zero interest rates.

Whatever the reason, investors can’t seem to get enough of ANZ shares these days. The company is still well below its all-time high of near $37 a share that we saw back in 2015. However, it’s a lot closer today than it has been for a long time. But here’s another (more sobering) statistic: any investor who bought ANZ shares back in February 2007 is only breaking even on their investment at today’s share price.

More reading

• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff
• Beat low interest rates with this outstanding ASX dividend share
• These were the best performing ASX 200 shares last week
• This was the week that ASX dividend shares proved their worth
• Brokers name 3 ASX shares to buy right now

Motley Fool contributor Sebastian Bowen 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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In the spirit of International Women’s Day, Motley Fool is celebrating the women running some of Australia’s top companies.

You may have read our article about gender equality within the companies of the S&P/ASX 200 Index (ASX: XJO). If so, we needn’t remind you of the struggle facing women when reaching for Australia’s top jobs. In fact, of Australia’s 200 most successful companies, only 10 are led by women. That number is even more shocking when considered alongside S&P Global’s research, which found female-led companies’ share prices generally perform 20% better than those of male-led companies.

Below, we’ve profiled the careers and ideas of 4 of Australia’s most successful women in business as a celebration of International Women’s Day. These women have powered through gender biases to lead some of the ASX’s top companies.

Kate Quirke – Managing Director of Alcidion Group Ltd (ASX: ALC)

With more than 25 years in the healthcare information technology sector and a wealth of experience holding leading roles at large software firms, Kate Quirke is truly accomplished. She is currently the managing director of Alcidion, a tech company creating world-leading software for health informatics and solutions.

While Alcidion is not yet listed on the ASX 200, Quirke is the only female leader on Australia’s S&P/All Technology Index (ASX: XTX).

In an interview with CEO Magazine, she spoke of how she believes approaching opportunities with confidence is the ultimate key to success.

Looking back now, I think there were a couple of things that gave me upward mobility. First, the value of education and constantly learning. Beyond a degree, education helps to understand the world around us and how to sustain it for future generations… Second, taking career risks early. My willingness to take career risks gave me the responsibility and expertise that have made me stand out from the crowd. Finally, I was fortunate to have mentors at different stages of my career development who were pivotal to my progression. Both were direct managers and pushed me into taking roles that I myself didn’t know I was ready to take on.

She added:

If I had one wish it would be that women have more belief in themselves, more confidence. Men will apply for a role when they believe they have 60% of the skills for the role whilst women will wait until they have 100%. As we get older and experienced our confidence grows, but we need to work out how to instil that in women from when they are girls.

Alison Watkins – Group Managing Director of Coca-Cola Amatil (ASX: CCL)

Alison Watkins’ resume is impressive. She has held the top position at Coca-Cola Amatil since 2014, one of many leadership roles she’s held in thriving companies.

Coca-Cola Amatil’s share price is currently at its highest in 8 years.

At the 2014 CEW Annual Dinner, Watkins spoke of her passion to see more women lead businesses:

I feel a strong responsibility to be successful for all the women who will become CEOs in the years to come. It is how I will contribute to changing the perceptions of what a female leader is and to accelerating the arrival of the day when the term “female CEO” doesn’t evoke any particular perceptions at all.

Shemara Wikramanayake – Managing Director and CEO of Macquarie Group Ltd (ASX: MQG)

A tale of loyalty, Shemara Wikramanayake has been with Macquarie and its divisions since 1987. She finally made it to the top job 31 years later.

Under Wikramanayake’s leadership, Macquarie’s share price has consistently risen. Today, it sits 17% higher than the day she was appointed.

In 2019, she was announced as the highest-earning CEO in Australia. The next year, she made Fortune’s list of the World’s Most Powerful Women.

In a video published by Macquarie Group for International Women’s Day 2019, Wikramanayake spoke of how the traditional gender roles in her family have been switched as a result of her success:

Our son, when he was little, and we asked him what he wants to do when he grew up, he said, “I’m going to be a normal person like my daddy,” and when I said, “What will you do for money?” he said, “My wife will work.” Whereas our daughter wanders around with her high-heel shoes and briefcase, saying “When I grow up, I’m going to be the boss of everyone.” I missed out on the time being primary carer for my children, but they are happy, well-adjusted children.

Julie Coates – Managing Director and Executive Director of CSR Ltd (ASX: CSR)

Julie Coates reached her current position as Managing Director and Executive Director of CSR in 2019.

Interestingly, she previously worked as a math teacher. Since then, she has managed HR and logistics for Woolworths Group Ltd (ASX: WOW), taken over as CEO at Big W, and held the Managing Director role at Goodman Fielder Ltd (delisted in 2015). 

In an interview with The Squiz, she spoke of her approach to raising her daughters to be strong women:

Giving them self-belief whilst keeping them grounded [is the key]. They can achieve anything but how they behave in getting there is paramount. When they travel we say, “Just remember three things: stay safe, have fun and learn lots”.

More reading

• ASX 200 up 1.6%: Appen rebounds, ALS acquires Investiga, Woolworths upgraded
• International Women’s Day: Which ASX companies are fighting gender inequality?
• Leading broker upgrades Woolworths (ASX:WOW) shares to buy rating
• This fundie liquidated 90% of his fund when COVID-19 hit
• ASX 200 Weekly Wrap: ASX finishes higher, despite tech selloff

Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Alcidion Group Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool Australia has recommended Alcidion Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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