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The S&P/ASX 200 Index (ASX: XJO) is having a pretty flat day today. The ASX’s flagship index is currently (at the time of writing) sitting at 6,809 points, a 0.43% rise on yesterday’s close. Alumina Limited (ASX: AWC) shares aren’t so fortunate though. The Alumina share price is currently down 3.85% to $1.625.

It seems investors weren’t too impressed with the 2020 full-year earnings report the aluminium/alumina producer released to the markets this morning.

What did the company report?

The Alumina share price is sliding lower today after the company reported a mixed bag of metrics this morning.

Alumina operates a joint venture with the American company Alcoa Corp called Alcoa World Alumina and Chemicals (AWAC). For the full year, AWAC reported earnings before interest, tax, depreciation and amortisation (EBITDA) of US$896 million, down from the US$1.26 billion the company posted in 2019. Net profits after tax came in at US$402 million, down from 2019’s US$565 million. That dented cash flow from operations, which was US$673 million for the year, down from 2019’s US$906 million.

All of this was despite AWAC increasing alumina production in 2020 from 12.6 million tonnes in 2019 to 12.8 million tonnes in 2020. AWAC expects to produce a similar level of alumina in 2021, guiding for 12.8 million tonnes. The company managed to reduce costs too, which fell from US$210 per tonne in 2019 to US$199 per tonne in 2020.

That was not enough to offset a falling alumina price though. AWAC managed to achieve a realised price for alumina of US$336 per tonne in 2019, but only US$268 per tonne in 2020.

Meanwhile, AWAC’s aluminium production fell slightly in 2020 to 160,000 tonnes, down from 2019’s 161,000 tonnes.

Turning now to Alumina’s results outside AWAC, and the company’s net profits after tax came in at US$146.6 million, down 31% from 2019’s US$214 million.

Alumina has announced a final dividend of 2.9 US cents per share, fully franked. That’s up slightly from the company’s last interim dividend of 2.8 US cents per share, but down from the previous final dividend of 3.6 US cents per share. Based on the Alumina share price and current exchange rates, that would give the company’s shares an annualised yield of roughly 4.42%.

About the Alumina share price

The Alumina share price has trodden a bumpy road over the last few years. The company was asking more than $3 per share back in October 2018 when record-high commodity prices pushed its earnings (and dividends) through the roof. But on today’s prices, Alumina shares are down almost 50% from those highs. Even so, the Alumina share price is up more than 20% since October 2020. On the current share price, the company has a market capitalisation of around $4.76 billion.

More reading

• ASX 200 flat: SEEK CEO exits, Afterpay sold off, BOQ surges higher
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 drops 0.2%, Costa soars, BOQ is buying ME Bank
• 2 of the best ASX 200 blue chip shares to buy
• The QBE (ASX:QBE) share price jumps to 2021 high on broker upgrades

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.

The post Why the Alumina (ASX:AWC) share price is dropping today appeared first on The Motley Fool Australia.

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Scott Phillips joined Peter Stefanovic for Sky News First Edition this morning to provide his take on the latest financial news.

Below, he chats with Peter about the Victorian and Western Australian inquiries into Crown Resorts, plus the resumption of dividends and the impact of lower energy prices.

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More reading

• The Aquis Entertainment (ASX:AQS) share price is now up 1,000% in a week
• 5 things to watch on the ASX 200 on Tuesday
• Crown (ASX:CWN) share price on watch on VIC royal commission
• Crown Resorts (ASX:CWN) share price rises despite earnings hit
• Why investors are watching the Crown (ASX: CWN) share price

Motley Fool contributor Scott Phillips has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts 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 Credit Intelligence Ltd (ASX: CI1) share price is off to the races today, up 12% in late morning trade. Earlier, the share price had been up as much as 60%.

We take a look at the company’s buy-now-pay-later (BNPL) announcement that’s driving investor interest.

What did Credit Intelligence report on its BNPL offering?

The Credit Intelligence share price is blasting higher following this morning’s ASX release reporting the commencement of lending by YOZO Pay.

The YOZO Pay service is targeted at small to medium enterprise (SME). The service offers a BNPL product that Credit Intelligence says will give its customers greater flexibility and transparency. Importantly, it uses an artificial intelligence (AI) system which was developed in collaboration with UTS Sydney. Consequently, YOZO Pay can assist SMEs in overcoming cashflow challenges.

Credit Intelligence, a debt restructuring and personal insolvency management services company, highlights the following benefits of the AI-enhanced YOZO Pay:

• Minimal human interaction is required
• Flexible repayment instalments
• Pay for what you use
• Same day loan approval
• Automatic borrower limit changes
• No property required for collateral

Credit Intelligence is still working with UTS on additional developments of its AI engine. Looking ahead, the company hopes to offer new features including 24/7 loan approvals and the ability to assist SMEs around the clock.

Comments from Management

Regarding the BNPL rollout, Jimmie Wong, Executive Chairman of Credit Intelligence said:

We are excited to have commenced lending via the YOZO Pay BNPL service for SMEs. This is a truly unique offering and is set to revolutionise lending for small and medium enterprise by providing a product which is not only aligned with the operations and cashflow of the business, but is also faster, cheaper and more transparent for the SME owner to use – allowing them more time to focus on the day-to-day running of their business. This SME BNPL service is totally different from other personal BNPL products being offered in Australia right now.

Credit Intelligence share price snapshot

Over the past 6 months, the Credit Intelligence share price didn’t do much. That is, right up until 12 February when the share price took off like a rocket.

Since 12 February, Credit Intelligence shares are up 183%. That’s the same share price gain posted for 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 1% year-to-date.

More reading

• Yowza! The Credit Intelligence (ASX:CI1) share price is up 130% in 2 months

Motley Fool contributor Bernd Struben 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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ASX reporting season is ramping up this week with several high profile ASX 200 shares, including Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P) and A2 Milk Company Ltd (ASX: A2M) due to deliver results.

As we near halfway, here’s what Citi thinks about the first-half FY21 earnings results so far. 

First-half results above expectations

Close to half of the ASX shares in the broker’s coverage have reported results to date. On balance, Citi says that earnings across the market are “above analyst expectations”. 

The banking sector has surprised the market with a sizable fall in bad debts.

Citi notes that:

In some cases, this reporting season witnessed the beginning of the collective provision write-backs, much earlier than expected. The revenue growth has also positively surprised with lower funding cost and higher deposit margins, even though volume growth has remained benign.

Big 4 banks have been doing the heavy lifting for the ASX 200, most now trading within 10% of pre-COVID levels. 

Resources cashed up

Citi’s mining team had foreshadowed that resources companies would report strong dividend yields from strong cash flow generation and low debt levels this reporting season.

The broker has witnessed significant dividend announcements for BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO). In addition, there were significant positive surprises for metals and electronics recycling Sims Ltd (ASX: SGM), gold and copper producer OZ Minerals Limited (ASX: OZL) and ASX gold heavyweight Newcrest Mining Ltd (ASX: NCM). 

Citi notes a number of companies outside of resources also reporting higher than expected dividends. Most notably, Suncorp Group Ltd (ASX: SUN), Tabcorp Holdings Limited (ASX: TAH), Domino’s Pizza Enterprises Ltd (ASX: DMP) and Perpetual Limited (ASX: PPT).  

Foolish takeaway

Citi’s FY21 earnings are forecast to grow by 24.4%, with expectations holding up well so far. Much of its market revisions have come from upgrades to resource companies, driven by higher iron ore prices. 

More reading

• ASX 200 flat: SEEK CEO exits, Afterpay sold off, BOQ surges higher
• 2 explosive ASX growth shares to buy today
• Why the IOUpay (ASX:IOU) share price crashed 13% lower today
• 3 ASX blue chip shares that just raised their dividends
• These ASX 200 shares are trading near 52-week highs 

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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 MoneyMe Ltd (ASX: MME) share price is edging higher in late morning trade. This comes after the company announced its warehouse facility has received increased funding commitments from a major Australian bank.

At the time of writing, the digital credit company’s share price is up 1.7% to $1.53.

Increased funding commitment

The MoneyMe share price is in the green today after reporting an update that has investors pleased.

According to its release, MoneyMe advised that one of the ‘big 4’ Australian banks has provided an increased senior warehouse commitment of $150 million. This is a 50% increase on the previous $100 million that was backed by the group’s major funder.

Under the new arrangement, it’s expected that the expanded commitment will drive future growth in loan originations. Altogether, MoneyMe’s warehouse structures stand close to $300 million.

More on MoneyMe’s warehouse facility

Created in September 2020, the company’s warehouse funding facility provides customers with lending products. Consequently, this allows MoneyMe to grow its business through loan originations. In short, the business profits from customers, as does the bank from financial technology.

Interestingly, it was a major Australian bank, Westpac Banking Corp (ASX: WBC) that helped established MoneyMe’s line of credit.

What did management say?

MoneyMe Managing Director and CEO Clayton Howes commented on the positive news:

The increased commitment in MoneyMe’s warehouse facility is outstanding news and stems from exceptional growth in high quality loan originations. We are delighted this successful partnership with an Australian “Big 4” bank has been extended. It gives us both funding and confidence to meet the increasing demand from Generation Now by creating innovative products that resonate with them.

MoneyMe share price performance

Over the last 12 months, the MoneyMe share price is down around 7% reflecting subtle gains for investors. Indeed, the company’s shares hit a low of 50 cents at the end of March. However, they have since been moving on a slow upward trajectory.

Finally, based on the current share price, MoneyMe commands a market capitalisation of roughly $265 million.

More reading

• Why the MoneyMe (ASX:MME) share price is climbing higher

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 Vocus Group Ltd (ASX: VOC) share price has risen in reaction to the company’s update about the ongoing takeover process for the business.

There is currently a non-binding, indicative proposal from Macquarie Group Ltd’s (ASX: MQG) Infrastructure and Real Assets (MIRA) and its managed funds to acquire the entire Vocus business.

The offer price is $5.50 per share. That price represented a premium of around 25% compared to the previous closing price at the time. The current Vocus share price is still 10% lower than the offer price.

What’s the latest update about the takeover?

Vocus said it had been advised by MIRA that it has entered into a co-operation agreement with Aware Super to progress its proposal through a consortium.

The proposal remains indicative and non-binding. It is still on the same terms as the previous offer. The offer remains subject to the same conditions that Vocus had previously announced a few weeks ago. Some of those conditions included satisfactory completion of due diligence, MIRA securing debt financing, unanimous recommendation by the Vocus board and entry into a mutually acceptable scheme implementation agreement.

Vocus said that the consortium’s due diligence investigations are continuing. The Vocus board noted that there is no certainty that the proposal will result in a binding offer for Vocus. The company said it would update the market when there is something else material to tell the market.

Opinions on this deal

Credit Suisse has noted that MIRA has investments in telecommunications across many countries. It is also a large shareholder in Aussie mobile telecommunications infrastructure business Axicom. The broker thinks MIRA has a good understanding of the Australian telco sector and telecommunication assets.

Ord Minnett thinks that the takeover offer is credible because of its advantages relating to cost of capital and the ongoing growth plans. It thinks that another bid could emerge.

The Australian Financial Review reported that the deal is under scrutiny after prior bidders walked away after doing due diligence. The AFR went on to say:

Industry sources say Vocus is confident it can get this deal over the line, because its health is robust compared with 2019, when separate bids from AGL Energy Ltd (ASX: AGL) and private equity firm EQT died early during due diligence.

Analysts have said the main attraction for MIRA is Vocus’ vast fibre infrastucture network, and there is speculation that any new owner would look to spin-off the company’s retail business.

More reading

• ASX 200 drops 0.2%, Costa soars, BOQ is buying ME Bank
• ASX 200 up 0.1%: Macquarie upgrades guidance, Costa impresses, NIB surges higher
• Why the Macquarie (ASX:MQG) share price is charging 4% higher
• ASX 200 Weekly Wrap: ASX lower despite bumper dividends
• The latest ASX shares upgraded by brokers to “buy” during the reporting season

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Perenti Global Ltd (ASX: PRN) shares are falling lower today after the company released its half-year results for the period ending 31 December 2020 (1H21). At the time of writing, the Perenti share price has tumbled 11.89% to $1.26.

Let’s take a look at what the mining services business reported.

What did Perenti report?

The Perenti share price is taking a dive after the company reported it generated statutory revenue of $1 billion for the 1H21 period but posted a net loss after tax of $63.8 million.

Perenti advised that these results were materially impacted by “some one-off items recognised in 1H21”. It further stated that, because of these costs, it does not believe the statutory results reflect the underlying performance of the company.

Underlying results do not consider the financial implications of one-off items. As such, Perenti’s 1H21 group underlying net profit after tax (NPAT) was $44.6 million, a 26% dip compared to 1H20.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $200.9 million.

Perenti further noted that fluctuations of the US dollar and the brunt of coronavirus impacts also knocked its 1H21 performance around during the period.

The board declared an unfranked interim dividend of 3.5 cents per share.

CEO comments

Reflecting on Perenti’s half-year results, managing director and CEO Mark Norwell said: 

The financial and operational performance of the Group in the first half of FY21 was very encouraging as we continue to take steps to deliver on our 2025 Group Strategy while navigating the challenging and ever-evolving COVID-19 pandemic, which continues to impact our international operations…

Looking ahead, the resources sector continues to go from strength to strength. Exploration expenditure is forecast to increase during 2021 and the value of committed mining projects, in Australia alone, is the highest in a decade with many more feasibility stage projects in the pipeline. Perenti has a strong balance sheet, a highly experienced team with a track record of delivering excellence across our businesses. The significant investments we have made in our people, our business structure and our systems will ensure we continue to be well positioned to capitalise on the expected resources sector growth as we deliver against our 2025 strategy.

Perenti share price snapshot

The Perenti share price has fallen by nearly 9% over the past year but has gained 5% over the last six months.

Based on the current share price, Perenti has a market capitalisation of around $972 million. There are presently 704.3 million shares outstanding.

More reading

• Here’s why the Perenti (ASX:PRN) share price lifted today

Motley Fool contributor Gretchen Kennedy 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 Starpharma Holdings Limited (ASX: SPL) share price has been a very strong performer on Tuesday.

At one stage today, the dendrimer products developer’s shares were up as much as 13% to $2.49.

When the Starpharma share price hit that level, it was within just 3 cents of its record high.

Why is the Starpharma share price racing higher today?

Investors have been fighting to get hold of Starpharma shares today following an update on its Viraleze antiviral nasal spray.

Viraleze is an easy to use antiviral nasal spray. It contains SPL7013, which has been shown in laboratory studies to inactivate a broad spectrum of respiratory viruses. Importantly, this includes up to 99.9% of coronavirus SARS-CoV-2, which is the virus that causes COVID-19.

Furthermore, it does this rapidly. SPL7013 has been shown to be virucidal, rapidly inactivating up to 99.9% of SARS-CoV-2 within just 60 seconds.

It has also been shown to have activity against other important respiratory viruses. These include influenza viruses, respiratory syncytial virus (RSV), and other cold-causing coronaviruses.

What was today’s update?

Today’s update reveals that Viraleze has been successfully registered for sale in Europe.

This registration allows for the marketing of the product across the European Economic Area (EEA). This includes the 27 countries of the European Union, the United Kingdom, and the European Free Trade Association (EFTA) countries. The combined population of this market is approximately 520 million.

The company is on track to launch Viraleze in Europe online directly to European and UK consumers from next month. Preparations for launch are well advanced, with the manufacture of launch batches underway.

After which, a roll-out to European pharmacies is planned. In addition, Starpharma is undertaking discussions with B2B customers and potential commercial partners.

Management commentary

Starpharma’s CEO, Dr Jackie Fairley, commented: “Starpharma is pleased to have successfully developed a product that has the potential to assist with the fight against the global COVID-19 pandemic. We are delighted to have completed registration of VIRALEZE in the UK and Europe ahead of our original schedule and acknowledge the support of local and international specialist laboratories who have assisted Starpharma with the development of VIRALEZE.”

“We know from consumer research conducted with the Boston Consulting Group, that VIRALEZE has strong appeal for European consumers across all age groups. The spray is easy to use and convenient – and works rapidly, without being absorbed into the bloodstream. If you are about to walk into the supermarket, you would use it. The same is true for public transport, elevators, planes, bars and restaurants,” added Dr Fairley.

More reading

• Why Bank of Queensland, MNF, Oil Search, & Starpharma are charging higher
• Why Advance NanoTek, Incitec Pivot, Starpharma, & Zoono are tumbling lower
• Why Novonix, Recce, Singular Health, & Starpharma shares are storming higher
• Here’s why the Starpharma (ASX:SPL) share price just stormed to a record high
• Why Douugh, Macquarie, Starpharma, & Suncorp shares are storming higher

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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma 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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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is trading largely flat at 6,778.1 points.

Here’s what is happening today:

SEEK founder and CEO to step down

The SEEK Limited (ASX: SEK) share price has tumbled lower today despite upgrading its full year earnings guidance. Weakness in the tech sector and news that its founder and CEO, Andrew Bassat, is stepping down appear to be weighing on its shares. Former Commonwealth Bank of Australia (ASX: CBA) boss, Ian Narev, will replace Mr Bassat on 1 July. Mr Narev is currently SEEK’s COO. SEEK also announced plans to sell down its stake in the China-based Zhaopin business.

Bank of Queensland shares return

The Bank of Queensland Limited (ASX: BOQ) share price is racing higher after returning from its trading halt. Investors have been buying the regional bank’s shares after it successfully completed the institutional component of its capital raising. The bank has raised a total of $673 million at $7.35 per share from institutional investors. This is part of a wider $1.35 billion capital raising, which is being used to fund the transformative acquisition of ME Bank.

Tech shares sold off

A number of ASX tech shares including Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are sinking today after being caught up in a tech selloff. This follows a very poor night of trade on Wall Street’s technology-focused Nasdaq index. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 3.8%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Corporate Travel Management Ltd (ASX: CTD) share price with an 8% gain on no news. Going the other way is the Austal Limited (ASX: ASB) share price with a 17% decline. This morning the shipbuilder revealed that investigations are being conducted by US regulatory authorities into historical matters concerning Austal’s Littoral Combat Ship (LCS) program.

More reading

• Why Bank of Queensland, MNF, Oil Search, & Starpharma are charging higher
• Seek (ASX:SEK) shares sink as founder steps down
• SEEK (ASX:SEK) share price tumbles despite guidance upgrade
• Goldman Sachs upgraded these ASX 200 shares after outstanding results 
• 5 things to watch on the ASX 200 on Tuesday

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended SEEK 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 Superloop Ltd (ASX: SLC) share price is falling sharply today, down 8.2% in late morning trade. This comes after the release of the company’s half-yearly report.

We take a look at the company’s latest half-year financial results (H1 FY21) and the current share price.

What did Superloop report for H1 FY21?

This morning’s ASX release, reporting a 3.8% lift in total revenues to $53.3 million, failed to keep the Superloop share price from falling.

Superloop’s Connectivity Revenue increased 15% over the prior corresponding period (PCP) to $30.2 million. Additionally, its Broadband Revenue increased by 27% to $18.5 million. Home Broadband subscribers grew by 66% year-on-year to reach 39,000. The company reported a slowdown in its Student Accommodation and Hospitality revenue due to the impact of COVID-19.

The company highlighted the strong growth in earnings before interest, tax, depreciation, and amortisation (EBITDA), which grew 99% from the prior corresponding period to $8.2 million.

Superloop reported an overall loss from ordinary activities after income tax of $18.8 million, an 11.7% improvement on the $21.4 million loss in H1 FY20.

Capital expenditure declined year-on-year, to $8 million from $12 million in H1 FY20.

The company will not pay a dividend for the half-year period.

Comments from the CEO

Regarding the half-year results, Paul Tyle, Superloop CEO said:

With record results across all our major financial metrics H1 21 clearly demonstrated the strong momentum in each of our three customer segments, we remain confident that our strategy will see this progress continue into the future.

Looking ahead, Superloop re-affirmed its full 2021 financial year EBITDA guidance of $18– $20 million. It noted that with the continued COVID impact on the Education and Hospitality sectors, the lower end of that range is more likely.

Superloop share price snapshot

Despite today’s losses, Superloop shareholders are still sitting on a 16% gain over the past 12 months. That compares to a 0.3% loss on the All Ordinaries Index (ASX: XAO).

So far in 2021, the Superloop share price is down 9%.

More reading

• Why the Superloop (ASX:SLC) share price is accelerating 7% today
• Is HyperOne listed on the ASX?

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of SUPERLOOP 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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