Tag: Motley Fool

The S&P/ASX 200 Index (ASX: XJO) dropped 0.14% to 6,111 points.  

There were plenty of reports and other updates from the ASX today: 

A2 Milk Company Ltd (ASX: A2M) 

A2 Milk announced today that it is engaged in discussions with Mataura Valley Milk (MVM), a New Zealand dairy nutrition business, to explore options for A2 Milk to participate in manufacturing at MVM’s facility in Southland, New Zealand.  

After some discussions, A2 Milk advises that it made a non-binding indicative offer to acquire a 75.1% interest in MVM for a total consideration of approximately NZ$270 million, based on an enterprise value of around NZ$385 million.  

MVM has now agreed to provide A2 Milk a period of exclusivity to conduct confirmatory due diligence and negotiate definitive transaction documentation.  

The ASX 200 share explained that the exclusivity arrangements are being supported by MVM’s current majority shareholder.  

A2 Milk CEO Geoff Babidge said: “As previously announced, due to the increasing scale of our nutrition business, we have been assessing participation in manufacturing capacity and capability. The potential investment Mataura Valley Milk’s recently commissioned facility, alongside China Animal Husbandry Group, aligns with this strategic objective as we look to complement and build upon our current strategic relationships with Synlait Milk Ltd (ASX: SM1) and Fonterra Shareholders’ Fund (ASX: FSF) which remain in place. Our intention would be to invest further to establish blending and canning capacity at Mataura’s facility to support the establishment of a fully integrated manufacturing plant for infant nutrition.” 

The A2 Milk share price went up 1%.  

Suncorp Group Ltd (ASX: SUN)  

Suncorp reported its FY20 result today.   

The Australian insurance division saw net profit fall by 33.9% to $384 million. The banking & wealth profit dropped by 33.5% to $242 million. New Zealand profit after tax was flat at $245 million.  

Total profit after tax from ongoing functions dropped 26.8% to $871 million and cash earnings fell 32.8% to $749 million.  

However, total net profit for the ASX 200 share jumped to $913 million thanks to a large after-tax profit from the sale of the Capital SMART and ACM Parts businesses.  

Suncorp decided to pay a final dividend of $0.10 per share, bringing the full year dividend to $0.36, down 48.6% from last year.  

Suncopr is maintaining a conservative stance during this period and it has increased its allowance for natural hazards by $130 million to $950 million as well as purchasing aggregate excess of loans reinsurance cover.  

The Suncorp share price went up 11%.  

BWX Ltd (ASX: BWX)  

Natural beauty business BWX reported that its net revenue rose by 26% to $187.7 million. The gross margin increased to 58%.  

Sukin revenue increased by 55% to $81.7 million. Andalou Naturals sales rose by 10% to $53.3 million. Mineral Fusion sales went up 16% to $28.4 million. Nourished Life sales went up 15% to $24.1 million.  

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 30% to $27.5 million and statutory net profit jumped 59% to $15.2 million.  

The BWX board decided to declare a final dividend of 2.6 cents per share.  

BWX’s net debt improved over the year from $42.8 million last year, to $32 million at the end of FY20.  

BWX said it’s well positioned to capture further market share with an expanded offering and a protected supply chain as our core business continues to support essential services (such as pharmacies and supermarkets) whilst meeting changing demand trends.  

The company is aiming to achieve ongoing growth in revenue and EBITDA of at least 10% in FY21 and said it remains well positioned for long-term, sustainable growth.  

BWX also said its outlook has been further boosted by a $4.5 million one-off benefit to FY21 following agreement on the final consideration payable under the Egide Compensation Plan to the sellers of the Andalou Naturals business, with no impact on the carrying value of Andalou Naturals.

More reading

• Where to now for the NIB share price?
• ASX 200 flat: Suncorp surges higher, A2 Milk acquisition plans, TPG’s half year update
• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher
• BWX share price leaps 8% on strong FY20 results
• Meet the latest ASX stock that’s more than doubled its full year COVID-19 earnings

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I think that one of the most promising areas of the market to invest in at the moment is the tech sector.

In this area there are a good number of companies with the potential to grow strongly over the next decade. This could see them  generate outsized returns for shareholders in the future.

Three mid cap ASX tech shares that I think are worth considering are listed below. Here’s why I like them:

Bigtincan Holdings Ltd (ASX: BTH)

Bigtincan is an enterprise mobility software provider which could have a bright future ahead of it. The company’s software allows sales and service organisations to increase their sales win rates, reduce expenditures, and improve customer satisfaction through improved mobile worker productivity. It has a good number of blue chip clients using its platform including U.S. telco giant AT&T, biotechnology company Thermo Fisher, pharmaceutical company Merck, and big four bank Australia and New Zealand Banking Group (ASX: ANZ). I see this as a testament to the quality of its software.

Bravura Solutions Ltd (ASX: BVS)

Another option to consider is this leading provider of software products and services to the wealth management and funds administration industries. I think Bravura Solutions could be a great option for long-term focused investors. This is due to its strong growth potential thanks to its Sonata wealth management platform and the recent acquisitions of FinoComp and Midwinter. The latter is expected to give it a new avenue for growth in an industry benefiting from structural tailwinds.

Nearmap Ltd (ASX: NEA)

This aerial imagery technology and location data company is another tech company that I would consider buying. Due to the quality of its offering, new product releases, and its massive addressable market in the United States, I remain confident it will be a strong performer over the next decade. The company also has the option of expanding into new territories in the future to increase its total addressable market.

More reading

• Is the ANZ share price a buy?
• Which ASX bank share is the best buy for dividend income?
• ASX 200 rises 0.7%, CSL soars 6.4%
• Nearmap share price slides 13% on release of financial results
• Why a2 Milk, Kogan, Nearmap, & Resolute shares are dropping lower today

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 and recommends BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd and Nearmap Ltd. The Motley Fool Australia has recommended BIGTINCAN FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Eureka Group Holdings Ltd (ASX: EGH) shares climbed higher today after the company announced strong full year results. At the close of trade, the Eureka share price was up 5.26% to 40 cents.

What does Eureka do?

Eureka is a property asset manager of senior independent living communities in Australia. The group focuses on flexible guest and care services with 30 owned villages and 9 villages under management representing 2,015 units.

The company, headquartered on the Gold Coast, is committed to providing quality and affordable rental accommodation for seniors and disability pensioners in safe and well managed environments.

What’s driving the Eureka share price?

The Eureka share price increased following the company’s release of strong end of year results. Particular highlights included net profit after tax (NPAT) up 19% to a total of $8.1 million. Adding to this result was the revaluation of properties net gain of $1.80 million. This included a $1.09 million boost from the company’s Tasmanian village portfolio. As a result, Eureka’s earnings before interest, taxes, depreciation and amortisation (EBITDA) was also up 24% to $12.2 million.

In terms of the property manager’s inventory, Eureka made a gain of $1.03 million on the sale of some of its Terranora units. This is ongoing with 31 units yet to be sold. Eureka also experienced an uplift in its joint venture investments.

The company’s cash flows were strong once again. Net cash from operating activities strengthened due to improved occupancy, new village acquisition and a GST refund. The new village acquisition was a 124-unit village in Bundaberg, Queensland. This was funded as a result of the sale of the Terranora units and debt drawdown. Eureka’s debt facility was increased from $55 million to $60 million to partly fund the acquisition. At balance date, the undrawn amount under the facility was $5.53 million. 

Dividend

A final dividend of 0.55 cents per share, amounting to $1.27 million, has been declared. The financial effect of this dividend has not been brought to account in the financial statements for FY 2020 and will be recognised in subsequent reports. Dividends of $3.57 million were paid out over the year.

Where to now for the Eureka share price?

Looking forward, Eureka aims to further expand its core business of providing rental accommodation for independent seniors through the active management of existing assets, the acquisition of additional villages and units, and the realisation of development opportunities, including an expansion of the group’s village in Wynnum, QLD. It also aims to improve the performance of the existing portfolio with continued focus on maintaining and improving occupancy.

As a result of the pandemic, Eureka will continue to implement operational efficiency and cost reduction measures as well as streamline support services through process and systems improvements across its villages. However, the company has noted that it is not able to commit to a specific number for its financial outlook at this time.

More reading

• The ASX 200 fell 0.1% today, Suncorp shines
• 3 exciting mid cap ASX tech shares to buy for the long term
• Vintage Energy share price rockets up 9% following flow test
• Buddy share price soars 19% on record orders
• Super Retail share price leaps 21% in August ahead of Monday’s FY20 results

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Vintage Energy Ltd (ASX: VEN) share price surged today, closing 9.3% higher at 9.4 cents at the end of trade. This came after the company announced “highly successful” flow test results from its Vali-1 ST1 joint venture.

Vintage Energy is a natural gas exploration and development company that was formed to address the natural gas shortage in Eastern Australia. It has been listed on the ASX since 2018.

What were the results?

The company reported that the flow test program for its Vali-1 ST1 joint venture had been successfully completed. The two-day test measured a stabilised flow rate of 4.3 MMscfd through 36/64″ choke at 942 psi.

Vintage Energy, which holds a 50% stake, said the all flow test objectives were achieved, with data now being analysed to enable reserve assessment.

“As a consequence of the flow testing of the well, our initial estimates of the potential gas flow rate for the Vali-1 ST1 well are in excess of 5MMscfd,” the company said.

Operator and 25% joint venture partner Metgasco Limited (ASX: MEL) said information from the testing would be assessed and incorporated into a commercialisation plan for the asset. This would include an estimate of the number of development wells required to efficiently produce gas and maximise returns from the Valie Field.

The company said the joint venture contained an independently verified, gross 2C contingent resource of 37.7 Bcf or 9.4 Bcf Net. 

Metgasco CEO Ken Aitken said: “I look forward to the rapid analysis of the data gathered to enable reserves to be booked and, subject to successful gas sales and tariff discussions, the JV proceeding to a development decision.”

About the Vintage Energy share price

At 30 June 2020, Vintage Energy had cash of $3,443,239 up from $2,597,761 at the end of the previous quarter.

The company raised $0.75 million in May 2020 through a share purchase plan and $2.25 million from a placement. The issue price was 3.6 cents per share.

The Vintage Energy share price is up 148.65% since its 52-week low of 3.7 cents. However, the share price is down 48.89% since the beginning of the year and down 34.29% since this time last year.

More reading

• The ASX 200 fell 0.1% today, Suncorp shines
• 3 exciting mid cap ASX tech shares to buy for the long term
• Eureka share price climbs 5% on positive FY 20 results
• Buddy share price soars 19% on record orders
• Super Retail share price leaps 21% in August ahead of Monday’s FY20 results

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Buddy Technologies Ltd (ASX: BUD) shares have today soared higher thanks to record numbers of Smart Light orders received by the company. The Buddy share price smashed its 52 week high today, and was sitting 19.44% higher at 4.3 cents by the market’s close.

What Buddy does

Buddy helps customers of any size ‘make every space smarter’. It does this through two core businesses including its commercial and consumer businesses. Buddy empowers its customers to fully leverage digital technologies and their impact in a strategic and sustainable way.

Buddy trades under the LIFX brand and has established a leading market position as a provider of smart lighting solutions. The company’s suite of Wi-Fi enabled lights are currently used in nearly one million homes, viewed as second only to lighting giant, Philips. LIFX products are sold in over 100 countries worldwide, directly and via distribution. The company has sales partnerships with leading retailers and eCommerce platforms including Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc Class A (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL) and JB Hi-Fi Limited (ASX: JBH) among others.

Record orders

The Buddy share price has soared today following the company’s announcement it has received record purchase orders of US$3.1 million. These orders now eclipse the previous largest orders by 33% in terms of unit volumes.

The orders are intended to meet Black Friday/Cyber Monday demand, with devices built under the orders to be shipped to North America for sale in the United States and Canada. Buddy also noted that it is unusual to receive orders this early. Although this may be explained, given the size of these orders and the irregularities in global supply chains, by COVID-19. As a result, some retailers are being more proactive in advance ordering than might otherwise be the case.

What now for the Buddy share price?

The Buddy share price has been moving strongly higher since late March. From these lows the company is now up 330%. Buddy shareholders will be hoping that the company can build on this record order and keep growing moving forward.

More reading

• Why the Buddy Technologies share price more than doubled in a week

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Daniel Ewing owns shares of Alphabet (A shares). The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Amazon, and Apple and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia has recommended Alphabet (A shares), Amazon, and Apple. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Super Retail Group Ltd (ASX: SUL) share price is up 21% so far in August. And this rise comes before the company reports its full year results for the 2020 financial year.

Super Retail is listed on the S&P/ASX 200 Index (ASX: XJO), which has gained 3.3% so far in August.

The Super Retail share price wasn’t spared from the wider COVID-19 panic selling, which hit many ASX retailers particularly hard. Super Retail’s share price plunged 63% from 21 February through its low on 19 March. Since that low, it has rocketed 201% higher.

The strong rebound was enough to erase the pandemic-driven losses. Year-to-date, Super Retail shares are up by 4.6%

What does Super Retail Group do?

Super Retail Group is one of Australasia’s biggest retailers. The group has three divisions: auto, outdoor and sports. It’s primarily involved in retailing of auto parts and accessories, tools and equipment, retailing of boating, camping, fishing and sporting equipment and apparel. Super Retail Group houses iconic brands including BCF Boating Camping Fishing, Macpac, Rebel and Supercheap Auto.

Headquartered in Brisbane, the group’s network extends to over 670 retail stores and more than 12,000 team members across Australia, New Zealand and China.

Super Retail Group shares first listed on the ASX in 2004. The group’s shares have historically paid a fully franked dividend.

Why is the Super Retail share price up 21% in August?

Super Retail’s August performance got a big boost from its updated earnings guidance, released on 31 July. The company’s unaudited full-year results showed total sales for FY20 increased 4.2%. 

Super Retail Group releases its full 2020 financial year results on Monday 24 August. With Super Retail’s share price up almost 3% in late afternoon trading today, investors look to be expecting a positive report.

Despite stage 4 restrictions potentially remaining in place in Victoria through September, longer-term investors are also increasingly beginning to look beyond the short- to mid-term impacts of lockdowns towards the potential booming recovery on the horizon.

The Super Retail share price will be one to watch on Monday following the release of its FY20 results.

More reading

• What experts are saying about JB Hi-Fi’s profit results as the stock surges to record
• 2 ASX retail shares on my radar in 2020
• Super Retail and 2 other ASX retail shares to watch in August
• Why you should buy ASX shares in this resilient market
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking for additions to your retirement portfolio, then I think the ASX 50 index is a great place to start.

The ASX 50 index is a large cap index which has been designed to represent 50 of the largest and most liquid shares listed on the ASX based on their float-adjusted market capitalisation.

But which ASX 50 shares should you buy? I think the two listed below could be top options right now:

Coles Group Ltd (ASX: COL)

I think that Coles is one of the best shares for a retiree to own right now. This is due to its solid long term growth potential, cost cutting, generous dividend policy, and defensive qualities. The supermarket giant has displayed the latter this year with its strong sales and profit growth during the pandemic. Coles reported a 6.9% increase in sales to $37.4 billion and a 7.1% lift in net profit after tax to $951 million in FY 2020.

The good news is that the company has started the new financial year strongly and looks well placed to deliver another solid profit result in FY 2021. This should put Coles in a position to reward shareholders with another generous dividend next year. Based on the current Coles share price, I estimate that it offers a fully franked FY 2021 3.3% dividend yield.

CSL Limited (ASX: CSL)

I think this biotherapeutics giant CSL would be a good addition to a retirement portfolio. While it may not provide investors with an overly attractive yield, I believe its dividend can grow strongly over the next decade thanks to its positive long term outlook.

This is thanks to its talented management team, its lucrative research and development pipeline, and the strength of its existing therapies and vaccines. The latter include key immunoglobulins products such as Privgen and Hizentra and haemophilia products Idelvion and Afstyla. Combined, I believe they have positioned CSL to deliver consistently solid earnings growth over the 2020s and beyond.

More reading

• Should you buy ASX shares before or after reporting season?
• Buy CSL and these quality ASX blue chip shares today
• Is the CSL share price a buy?
• Where to hunt for ASX dividend share income in 2020
• Why CSL, Iress, Santos, & Webjet shares are dropping lower

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 CSL Ltd. The Motley Fool Australia owns shares of COLESGROUP DEF SET. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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So far, this year has been a disappointing ride for the NIB Holdings Limited (ASX: NHF) shareholders. The NIB share price has fallen 32% over the past 12 months and has been hovering under $5 since it released its results back in February.

At the time of writing, NIB shares are trading 0.21% higher to $4.85 compared to the S&P/ASX 200 Index (ASX: XJO), which is down 0.1% to 6,116.40 points.

Why did the NIB share price fall?

When the private health insurance provider released its HY20 group results, they fell short of market expectations. NIB’s underlying operating profit declined 27.2% to $83.2 million, despite growth in its total group revenue, which stood at $1.3 billion, up 6.4% compared to the prior corresponding period.

On top of this, the emergence of the coronavirus pandemic in Australia sent shockwaves through the ASX and sent the NIB share price south to a multi-year low of $3.34.

Since then, NIB updated shareholders in May about the challenging conditions the company was facing. April sales in its flagship Australian Residents Health Insurance (arhi) business were down 22% and lapse of policies declined by 23%.

In the claims department, savings were relatively modest at the end of March compared to what was anticipated in the coming months. In the update, NIB advised that calculating savings is complex and could not provide an estimate. However, the company stated there could be possible cash refunds for members as compensation for the lack of benefits accessed during these difficult times.

What’s next for NIB shareholders?

NIB is expected to release its FY20 results on Monday 24 August.

No update on its FY20 guidance has been given due to the uncertainty of the business impact over these past few months. However, it has advised it expects a surge in treatment and claims, post-COVID-19.

Additionally, the company’s bottom line will be affected as premiums have been suspended until October 2020, among a range of other measures such as offering financial hardship and extended product coverage support at no extra cost.

The final dividend for FY20 will be considered depending on the financial health of the company.

Foolish takeaway

Economy-wide constraints have affected the private health insurance provider. The current environment remains one marred by volatility as it has impacted healthcare treatment and claims.

Personally, I don’t think the NIB share price will recover in the short-term. Trading on a forward price-to-earnings (P/E) ratio of 16.63 compared to its bigger rival Medibank Private Ltd (ASX: MPL)‘s P/E of 25, NIB is much better value. However, in my opinion it is best if investors have NIB shares on their watchlist for now until the economy has fully recovered.

More reading

• ASX 200 flat: Suncorp surges higher, A2 Milk acquisition plans, TPG’s half year update
• Meet the latest ASX stock that’s more than doubled its full year COVID-19 earnings
• Mayne Pharma share price on watch as earnings slump 27%
• Why these Charter Hall REITs are outperforming in FY20
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Aaron Teboneras owns shares of NIB Holdings Limited. The Motley Fool Australia has recommended NIB Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re interested in diversifying your portfolio by investing in some international shares, then I think exchange traded funds (ETFs) are a great way to achieve this.

But given the large number of ETFs on offer, it can be hard to decide which ones to choose.

To narrow things down for you, I’ve picked out three that I think would be great additions to most portfolios. 

Here’s why I think they could provide strong long term returns for investors:

BetaShares Asia Technology Tigers ETF (ASX: ASIA)

The first ETF to look at buying is the BetaShares Asia Technology Tigers ETF. This fund tracks the performance of the 50 largest technology and ecommerce companies that have their main area of business in Asia (excluding Japan). This means you’ll be getting exposure to companies such as ecommerce giant Alibaba, electronic behemoth Samsung, and WeChat owner Tencent Holdings. Given the outlook for the Asian economy over the next decade and beyond, I believe these quality companies are well-positioned for growth over the long term. I believe this could lead to the BetaShares Asia Technology Tigers ETF outperforming most major markets.

BetaShares NASDAQ 100 ETF (ASX: NDQ)

Another option for investors to consider buying is the BetaShares NASDAQ 100 ETF. This ETF has a strong focus on technology and provides investors with diversified exposure to a high-growth potential sector that is under-represented in the ASX. Among its holdings you’ll find the likes of Amazon, Apple, Facebook, and Netflix, to name just a few. I believe the majority of the companies on the index have very positive outlooks. As a result, I suspect the Nasdaq 100 will continue to outperform the ASX 200 over the next decade.

VanEck Vectors China New Economy ETF (ASX: CNEW)

Similar to the BetaShares Asia Technology Tigers ETF, the VanEck Vectors China New Economy ETF gives investors access to the growing Chinese economy. This fund gives investors exposure to a portfolio of exciting companies in China which are in sectors that are making up “the New Economy.” This includes the technology, health care, consumer staples, and consumer discretionary sectors. The VanEck Vectors China New Economy ETF is invested in 120 companies, which it believes represent growth at a reasonable price.

More reading

• 2 ASX ETFs I would buy for growth and income
• Want to own the FAANG stocks? Here are 3 ways you can
• 2 fantastic ETFs for ASX growth investors to buy today
• 2 exciting high-growth ETFs to buy for high returns today
• 3 of the best ETFs for ASX investors to buy right now

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 BETANASDAQ ETF UNITS. The Motley Fool Australia owns shares of and has recommended BetaShares Asia Technology Tigers ETF. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Corporate Travel Management Ltd (ASX: CTD) share price has shot up more than 57% so far in August. For some perspective, during that same time, the S&P/ASX 200 Index (ASX: XJO) gained 3.3%. Like most ASX shares — especially those in the travel and leisure industries — Corporate Travel’s shares took a beating during the COVID-19 inspired market rout. From its 20 January high, the company’s share price fell 79% through to 19 March.

The Corporate Travel share price has gained a stellar 192% from that low, though the shares remain down 34% year to date.

What does Corporate Travel Management do?

Corporate Travel Management specialises in the provision of travel solutions across corporate, events, leisure, loyalty and wholesale travel.

Businesses engage with Corporate Travel Management to maximise savings, efficiency and compliance. The company is underpinned by leading and innovative technology, which it has leveraged to carve out a major position in the global corporate travel market.

Corporate Travel Management started out in Brisbane in 1994. It listed on the ASX in 2010. Since then, Corporate Travel has experienced tremendous growth on the back of progressive launches into the United States, Asia, and United Kingdom markets. The company generates a majority of its revenues from outside of Australia and continues to leverage technology to drive growth.

Why is Corporate Travel Management’s share price soaring in August?

Corporate Travel’s share price has likely benefited from investors beginning to look beyond the impacts of coronavirus, realising companies like Corporate Travel may now be trading at longer-term bargains.

The company also received a boost from some positive broker coverage. On 6 August, Morgans upgraded Corporate Travel’s shares to a buy, stating the company had enough liquidity to see it through the end of the 2022 financial year. According to the note, the broker set a $12.85 price target, which is certainly looking conservative today. At the time of writing, Corporate Travel is trading at $13.72 per share.

Corporate Travel’s share price has continued to gain over the past few days, albeit at a slower pace. That comes despite the company reporting an $8.2 million loss for FY20 on Wednesday, driven by the shuttering of travel markets in March. Forward looking investors are likely focused on the company beating its fourth quarter expectations. Corporate Travel has been aided by the fact many of its clients are deemed essential service providers, and thus are still permitted to travel.

More reading

• ASX 200 rises 0.7%, CSL soars 6.4%
• Why Corp Travel, CSL, Domino’s, & WiseTech Global shares are storming higher
• Corporate Travel Management share price on watch
• 5 things to watch on the ASX 200 next week
• These were the best performing ASX 200 shares last week

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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