Tag: Motley Fool

Link share price jumps 7% on new buyout offer
The Link Administration Holdings Ltd (ASX: LNK) share price is racing higher on Wednesday.

In morning trade, the administration services company’s shares are up 7% to $3.12.

Why is the Link share price racing higher?

The Link share price is on the rise today after the company responded to speculation that it has received another proposal from Dye & Durham.

According to the release, on this occasion, Dye & Durham wasn’t targeting the whole business. Instead, it has set its sights on the Corporate Markets business and parts of the BCM business.

The suitor made a confidential non-binding, conditional, and indicative proposal of $1.1 billion in cash and on a cash and debt free basis. This follows a proposal from Dye & Durham last week to acquire Link’s Corporate Markets business for A$950 million.

The release explains that the proposal was subject to due diligence, negotiation of transaction documentation, and regulatory approvals. However, unfortunately for Dye & Durham, Link wasn’t biting with this proposal or the previous one and rejected them both.

Another new offer

This morning, Dye & Durham returned the table yet again with an improved offer, which remains under consideration.

A further confidential non-binding, conditional and indicative proposal has been made to acquire Link’s Corporate Markets business and all of the BCM business for total cash consideration of $1.27 billion on a cash and debt free basis.

The Link board advised that it will consider Dye & Durham’s third proposal, including obtaining advice from its financial, legal and tax advisers, and will provide shareholders with an update during the next week.

Third time lucky for Dye & Durham? Time will tell.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings Ltd. 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 Scott Phillips.

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5 October 2022
If I’d invested $1,000 in Allkem shares at the start of 2022, here’s what I’d have now
The Allkem Ltd (ASX: AKE) share price has been up, down, and back up again in 2022.

But those who invested in the lithium producer at the start of the year have so far come out on top. Though, they might have experienced a few restless nights during that time.

At its lowest point of 2022, Allkem shares had plunged 23% year to date. Luckily, that dip has since corrected itself. Indeed, the stock surged to a new record high of $16.08 in mid-September.

But are Allkem shares a good investment?

No pain, no gain

Let’s imagine that I had invested $1,000 in Allkem shares on the first trading day of this year. That likely would have seen me walk away with 89 shares, having paid $11.20 apiece.

So far, my pretend investment has been a good one. Those 89 shares would have been worth approximately $1,290 at Tuesday’s close.

That’s a better result than if that same $1,000 had tracked the S&P/ASX 200 Index (ASX: XJO). The index has dumped 10.5% so far this year, meaning my initial investment would be worth just $895 today.

However, at the Allkem share price’s February trough, my 89 shares would have been valued at around $770 – a notably disappointing short-term investment.

It’s also worth noting that the company isn’t a dividend payer. Thus, investors haven’t received a portion of its profits to add to their investment’s returns.

So, with my imagined investment having flourished this year, albeit with some notable rough patches, would now be a good time to buy into the stock in reality?

Could Allkem shares offer more upside still?

It hasn’t only been the Allkem share price posting a strong performance in 2022. The company has also been on a roll.

It revealed record earnings in August, bringing in a US$605 million gross profit for financial year 2022. And more great things are expected for the company’s future.

The lithium company plans to triple its production by 2026. On top of that, the Australian government expects lithium prices will surge in the near future amid increasing demand, as my Fool colleague Bernd reports.

Thus, on paper, the future looks remarkably bright for the Allkem share price. And I’m not alone in thinking so.

Allkem is broker Wilsons’ preferred lithium buy. The expert likes the company’s geographic diversity and its position as one of the world’s major producers, The Motley Fool Australia’s James reports.

Meanwhile, Macquarie reportedly has an outperform rating and a $21 price target on the stock, representing a potential 44% upside on its previous close. And Bell Potter is said to be even more bullish, tipping Allkem shares to gain 49% to reach $21.58.

The post If I’d invested $1,000 in Allkem shares at the start of 2022, here’s what I’d have now appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. 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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5 October 2022
Have falling ASX 200 share prices spooked the RBA?
The S&P/ASX 200 Index (ASX: XJO) is off to another cracking start today, up 1.8% in early trade.

This comes after blasting 3.8% higher yesterday.

If you were following the market moves, you’ll have seen the ASX 200 was already posting one of its best days in years yesterday heading into the afternoon.

Then, at 2:30pm AEDT, the Reserve Bank of Australia (RBA) gave the markets a huge boost. Rather than announcing a 0.50% interest rate hike, as most analysts had forecast, the RBA took a dovish turn and lifted rates by a more modest 0.25%.

In response, the ASX 200 gained another 1.1% by the closing bell.

Which begs the question…

Did September’s ASX 200 plunge spook the RBA?

The last two trading days have offered a welcome reprieve from what investors endured in September, when the ASX 200 dropped 7.3% over the month.

The fall was largely driven by fears that aggressive tightening from the RBA and other leading global central banks would lead Australia and other major economies into a recession.

And recessions, as you’re surely aware, don’t tend to be good news for equity markets.

So, is the RBA trying to engineer a soft landing for the economy and the ASX 200?

Here’s what the experts are saying.

What the experts are saying

Vanguard’s senior economist Alexis Gray points to the delicate trade-off the RBA is trying to balance.

According to Gray (quoted by The Australian Financial Review):

The RBA chose to slow the pace of rate hikes, acknowledging the bank’s desire to return inflation to target while keeping the economy on an even keel. This hints at the inherent trade-off the RBA now faces to tame inflation without knocking the economy into recession.

Meantime, Mutual Limited’s chief investment officer Scott Rundell said, “The cash rate is now back around neutral and given the risks of stalling growth, or worse, the bank seems comfortable with smaller rate hikes going forward.”

And Peter Esho, an economist at Wealthi, added:

What we’ve seen today is the RBA sending a message that it’s raising rates in a sensible way. Inflation is not the only problem. There is also a growing sense that financial stability is important.

If the RBA can indeed instil a sense of financial stability amongst skittish investors, the ASX 200 could shake off all the gloomy talk of an impending bear market.

Of course, by slowing the pace of rate hikes this month, the RBA may be setting the market up for more tightening in 2023.

Kicking the can down the road?

ANZ Head of Australian Economics David Plank believes ASX 200 investors should be prepared for some more interest rate hikes next year.

According to Plank (courtesy of The Australian):

We remain of the view, however, that the cash rate will need to move into clearly restrictive territory of more than 3% to ensure inflation does return to target. The slower pace of rate hikes now points to the tightening cycle extending into 2023.

Rate hikes into 2023 could throw up some fresh headwinds for ASX 200 investors.

But for now, investor sentiment has taken a decidedly bullish turn.

The post Have falling ASX 200 share prices spooked the RBA? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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5 October 2022
Why Amazon stock popped Tuesday
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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

What happened

Shares of Amazon (NASDAQ: AMZN) climbed higher on Tuesday morning, as much as 6.1%. As of market close in the US, the stock was up 4.5%.

The broader markets rallied Tuesday, which no doubt added fuel to its rise, but another catalyst that helped send the e-commerce giant higher was some bullish commentary by an analyst.

So what

Despite the challenges wrought by current macroeconomic conditions, JPMorgan analyst Doug Anmuth noted “increasing interest in select names” across the internet group, as the recent market plunge has resulted in a number of compelling stock buys. One such opportunity is Amazon which remains his “best idea” in the sector.Â

Even with the macro backdrop, unfavorable exchange rates, and the overall underperformance of internet-related stocks, the analyst expects Amazon to deliver acceleration of its year-over-year revenue growth, margin expansion, and slower capital spending. These will combine to drive “significant” free cash flow growth into next year.

In an unrelated note, Bank of AmericaÂ analyst Justin Post lowered his price targets on both Meta PlatformsÂ and Alphabet, citing increasing pressure from Amazon, as the company becomes a growing force in digital advertising.Â

Now what

Both analysts make good points. Investors had largely written off any future growth by Amazon, following the company’s significant e-commerce gains during the pandemic. However, Amazon CFO Brian Olsavsky said during the second-quarter earnings call that the company had lapped this high-growth period, which should lead to easier comps and higher year-over-year growth rates going forward.

Additionally, Amazon is quickly becoming a powerhouse in digital advertising, as its ad revenue grew roughly 21% year over year during the trailing-12-month period, accelerating even as Alphabet’s ad growth slowed and Meta’s declined.

Finally, Amazon is selling for a song, at roughly two times next year’s sales, near the company’s cheapest valuation in more than seven years.

Given Amazon’s dominant position in e-commerce and cloud computing, growing prominence in digital advertising, and bargain-basement price tag, Amazon stock is a clear buy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Suzanne Frey, an executive at Alphabet, is a member of The Motley Foolâs board of directors. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Foolâs board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Danny Vena has positions in Alphabet (A shares), Amazon, and Meta Platforms, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, JPMorgan Chase, and Meta Platforms, Inc. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, and Meta Platforms, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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5 October 2022
Why the Life360 share price is up 17% in two days and could keep rising
The Life360 Inc (ASX: 360) share price is charging higher for a second day in a row.

In morning trade, the location technology company’s shares are up 8% to $5.57.

This means the Life360 share price is now up 17% over the last two trading sessions.

Why is the Life360 share price racing higher?

There are a couple of reasons why investors have been scrambling to buy the company’s shares this week.

The first is the market rebound, which has been most pronounced in the beaten down tech sector.

For example, the S&P ASX All Technology index is up 4% today, which means it has rebounded almost 9% over the last two sessions.

What else is boosting its shares?

Also giving the Life360 share price a big lift this week was a bullish broker note out of Goldman Sachs on Tuesday.

According to the note, the broker has initiated coverage on the company’s shares with a buy rating and $7.50 price target. This implies potential upside of 35% for investors over the next 12 months despite its recent rally.

Goldman commented:

Life360 is heading into its seasonally strongest quarter and is preparing to launch the integration of Tile within the core Life360 app. Execution risk remains (from a technological and go-to-market standpoint), however we are positive on the potential for an integrated Life360/Tile membership to grow subscriber penetration, pricing and retention over time. We see Life360 as reaching a volume/pricing inflection point, with potential structural profitability tailwinds on the horizon from a reduction in effective app store fees.

We see scope for re-rating as Life360 demonstrates pricing leverage, improving unit economics and progress to cash flow breakeven in FY23. We value the Subscription business at 5.5x FY24 EV/GP (90% of our EV) in line with freemium app peers.

All in all, Goldman appears to believe it isn’t too late to jump onboard with this one.

The post Why the Life360 share price is up 17% in two days and could keep rising appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. 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 Scott Phillips.

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5 October 2022
Here’s why the Block share price is jumping 9% today
The Block Inc (ASX: SQ2) share price has been one of the best performers on the ASX 200 on Wednesday.

In morning trade, the payments company’s shares are up 9% to $96.47.

This compares favourably to a 1.4% gain by the ASX 200 index this morning.

What’s going on with the Block share price?

The Block share price is racing higher on Wednesday following an incredibly strong night of trade for the company’s NYSE listed shares.

On Wall Street, the Afterpay owner saw its shares jump a whopping 12% last night. This was driven by a broad market rebound, with beaten down tech stocks among the biggest movers.

For example, the PayPal share price jumped 6.5% and buy now pay later provider Affirm saw its shares rocket almost 14% higher.

This helped drive the tech-focused NASDAQ index 3.35% higher for the session.

What else?

Also giving the Block share price a boost on Tuesday night was a bullish broker note out of Deutsche Bank.

According to the note, as we reported here, the broker has put a buy rating and US$95 price target on the company’s shares.

Deutsche Bank has been pleased with the progress the company has made connecting its three ecosystems – Afterpay, Cash App, and Square. It is expecting this to lead to wider adoption and stronger margins.

Based on current exchange rates, Deutsche Bank’s price target equates to A$146 for its locally listed shares.

This implies potential upside of 51% for the Block share price on the ASX even after today’s stellar gains.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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5 October 2022
Fortescue share price higher on green hydrogen update
The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher on Wednesday.

In morning trade, the mining giant’s shares are up 2% to $17.59.

Why is the Fortescue share price rising?

Investors have been bidding the Fortescue share price higher today for a couple of reasons.

The first is another very positive day of trade on the ASX 200 index following a strong night on Wall Street.

This has seen fellow mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) push higher this morning as well, helping take the ASX 200 index 1.4% higher.

What else?

Also potentially giving the Fortescue share price a lift today was the release of an announcement relating to its Fortescue Future Industries (FFI) business.

According to the release, FFI has entered into a global strategic collaboration with energy infrastructure developer Tree Energy Solutions (TES). This collaboration aims to accelerate the development of a world leading green hydrogen and green energy import facility in Germany.

As part of the agreement, Fortescue will make a 130 million euros (US$127 million) investment. From this, 100 million euros (US$98 million) will be used for the construction of the TES terminal in Wilhelmshaven, Germany.

FFI will also gain a shareholding in TES and a 30% stake in TES subsidiary Deutsche Grüngas und Energieversorgung. The latter is the project company that will build the TES Green Energy Hub in Wilhelmshaven.

Fortescue’s executive chairman, Dr Andrew Forrest AO, said:

The United Kingdom and Europe urgently need green solutions to replace fossil fuels and this investment will enable Europe to do exactly that. Not in 2050, but in four years from now.

From the beginning of FFI, our philosophy was to drive performance across the entire new renewable GH2 value chain while delivering returns to our shareholders. This investment reinforces this commitment and is a significant step forward in FFI’s journey to become one of the world’s largest green energy producers.

Where is the money coming from?

This investment will be funded by FFI’s unutilised capital commitment of US$1.1 billion.

However, to reflect this investment, the guidance for FFI’s anticipated capital expenditure in FY 2023 has been revised higher to US$230 million from US$100 million. The guidance for FFI’s anticipated operating expenditure of US$500 – US$600 million is unchanged.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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5 October 2022
Guess how much directors have been spending on AGL shares so far this week
The AGL Energy Limited (ASX: AGL) share price has been on a roll this week, and four of the company’s directors will be benefiting more than they previously would have.

The insiders snapped up a combined total of 71,500 shares in the S&P/ASX 200 Index (ASX: XJO) energy producer and retailer on Friday.

The AGL share price last closed at $7.18. That’s 12% higher than it was this time last week.

The stock appears to have been driven higher as the market digests its $20 billion plan to ditch coal in favour of renewables.

For context, the ASX 200 has also lifted 3% over the last seven days.

So, how much have AGL directors poured into the company’s shares this week? Let’s take a look.

AGL insiders snapped up 70,000 shares on Friday

AGL directors have been on a buying spree, each directly or indirectly purchasing up to 30,000 shares in the company.

Here’s a breakdown of all the insider buying that went on at the energy giant on Friday:
- Newly instated chair Patricia McKenzie indirectly purchased 14,500 AGL shares for an average price of $6.797 a piece
- New director Miles George led the buying, purchasing 30,000 shares for $6.68 apiece
- Director Vanessa Sullivan indirectly bought 12,000 AGL shares, securing the best price at $6.60 per stock
- Finally, Graham Cockroft purchased 15,000 shares for $6.89 apiece
For those playing along, that means the four forked out a combined total of $481,506.50 for their additional holdings.

Interestingly, the buying activity came just one day after the company revealed its new path forward.

Its latest strategy will see it ditching coal by 2036. That’s up to 10 years earlier than was previously planned.

To flick the switch on coal, AGL plans to spend $20 billion to increase its renewable and firming capacity – a move that could see Australia’s largest emitter reach net zero.

The newly revealed strategy follows the company’s failed plan to separate its coal assets from its energy retail arm.

Based on the recent insider buying, the company’s directors appear hopeful the new plan could help bolster the embattled stock’s future value.

The AGL share price has dumped 68% over the last five years. Though, it’s currently 14% higher than it was at the start of 2022.

Comparatively, the ASX 200 has lifted 17% since this point in 2018. Though, the index has fallen 12% year to date.

The post Guess how much directors have been spending on AGL shares so far this week appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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5 October 2022
Why did the Wesfarmers share price get hammered so hard in September?
The Wesfarmers Ltd (ASX: WES) share price was hurt in September. How much? It went down 9%. For a business as big as Wesfarmers, losing almost a tenth of its market capitalisation is a big decline.

It did even worse than the S&P/ASX 200 Index (ASX: XJO), which ‘only’ fell by 7.3% over the month.

So, why did Wesfarmers fall so much?

Increased market volatility

Wesfarmers is connected to the Australian economy, so it’s not immune to changing investor sentiment about different parts of the market. It operates a number of businesses like Bunnings, Kmart and Officeworks.

Inflation has picked up in Australia (and around the world). This is having and could have, a number of impacts on Wesfarmers.

The ASX share may be dealing with higher costs in a number of different areas like wages, the supply chain, raw materials and so on.

Wesfarmers has said that it wants to keep providing good value for customers, so this tactic could hurt margins if it doesn’t pass on the increased costs of inflation.

A tricky thing for investors is that central banks are increasing interest rates to bring down inflation.

If interest rates go up then it hurts the Wesfarmers share price and underlying value, in theory. That could explain why it has fallen 26% in 2022 and why it dropped 9% last month.

How are sales in FY23 going?

Investors often like to look at the outlook and the trading update to inform their viewpoints on a business.

Wesfarmers said that in the first seven weeks of FY23, sales growth had been “particularly strong” in Kmart Group, with sales “significantly higher” on both a one-year and two-year basis.

Bunnings is also continuing to see positive sales growth on a one-year and two-year basis. Sales in Officeworks were in line with the prior year.

WesCEF (the chemicals, energy and fertiliser business) is expected to “continue to benefit from elevated commodity prices” and “will continue to evaluate capacity expansion opportunities for its existing operations” as well as working on the Mt Holland lithium project.

But, FY23 isn’t the company’s only focus. It’s also looking at the long-term. Wesfarmers said with its FY22 result:

The group will continue to develop and enhance its portfolio, building on its unique capabilities and platforms to take advantage of growth opportunities within existing businesses and to pursue investments that create value for shareholders over the long term.

Broker rating on the Wesfarmers share price

One of the brokers that released updated thoughts on the business in September was Ord Minnett. The broker has a lighten rating on the Wesfarmers share price, with a price target of $43.20.

The broker thinks that some retailers could see pressure on their margins in the next year or two.

Ord Minnett’s projections put the Wesfarmers share price at 21 times FY23’s estimated earnings with a projected grossed-up dividend yield of 5.7%.

The post Why did the Wesfarmers share price get hammered so hard in September? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. 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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5 October 2022
These were the best-performing ASX 200 shares in the first quarter of FY23
It may feel like the end of the year is fast approaching, but the financial year is only just getting started.

Unlike the calendar year, the financial year ends on 30 June.

So, as we turn a new leaf in October, we’ve just closed the chapter on the first quarter of FY23.

Across these three months, the S&P/ASX 200 Index (ASX: XJO) staged a comeback before being bogged down again by concerns about rising interest rates.

The benchmark index started the new financial year on a strong footing, climbing by as much as 8.5% by mid-August.

However, investors’ fortunes turned in September, leading to the ASX 200 registering a 1.4% fall in the first quarter of FY23.

While some ASX 200 shares struggled, others shrugged off the market weakness to punch higher.

With that in mind, let’s take a look at the five best-performing ASX 200 shares in the first quarter of the new financial year.

Pilbara Minerals Ltd (ASX: PLS)

Topping the ASX 200 tables in 1Q23 was none other than ASX lithium share Pilbara. Its share price nearly doubled across the quarter, rocketing by 99% to finish at $4.56.

ASX lithium shares have been on a tear this year, reaching levels of hype we perhaps haven’t seen since the days of ASX buy now, pay later shares.

Key events from the quarter include Pilbara’s appointment of a new managing director, its full-year FY22 report, and results from its regular battery minerals exchange (BMX) auctions.

Notably, Pilbara delivered a maiden $560 million profit in FY22 as revenue skyrocketed by 577% to $1.2 billion.

Whitehaven Coal Ltd (ASX: WHC)

ASX coal miner Whitehaven took out second place, surging by 86.2% across the quarter to finish at $9.01.

The global energy crisis has led to a renaissance in coal prices this year.

According to Business Insider, coal prices were sitting at around US$120 per tonne at the beginning of the year. Fast forward 10 months and these prices are above US$300/tonne as Russia’s invasion of Ukraine has thrown energy markets into turmoil.

There hasn’t been much news from Whitehaven recently aside from its FY22 report. The company delivered a bumper set of results as revenue soared 216% to $4.9 billion while its net loss from the prior year turned into a profit of nearly $2 billion.

New Hope Corporation Limited (ASX: NHC)

Fellow ASX coal miner New Hope rounded out the podium finishes, producing an 81.8% gain across the quarter to finish at $6.29.

New Hope operates on a slightly different financial calendar than the rest of the ASX, releasing its FY22 results a couple of weeks ago.

These results were headlined by a 143% upswing in revenue, which hit $2.6 billion, and a more than 12-fold increase in profit, which landed at $983 million. A monster dividend also set investors’ tongues wagging.

The company produced 7.9 million tonnes of saleable coal in FY22, a reduction of around 18% compared to the prior year. But sky-high coal prices more than made up for this reduced supply.

New Hope’s average realised prices surged from $101.36/tonne in FY21 to $281.84/tonne in FY22. Its average realised price in the fourth quarter came in at a stunning $493.52/tonne.

Sayona Mining Ltd (ASX: SYA)

The next cab off the rank is Sayona Mining, which saw its shares fly 60% across the three months to 24 cents.

This impressive performance was enough to bed down a place in the ASX 200 index, with Sayona joining the ranks in the recent September rebalance.

Across the quarter, Sayona released updates on its planned restart of lithium production at the North American Lithium (NAL) operation in Quebec. In September, the company confirmed plans were on track with 94% of procurement completed, 95% of required permits received, and construction ramping up.

On the last day of September, Sayona also released its full-year results, turning a $4.4 million loss in FY21 to an $83.7 million profit in FY22.

The company ended the financial year with total lithium reserves of 41.3 million tonnes at a grade of 1.05%, up from 12.1 million tonnes at 1.00% in the prior year.

Lovisa Holdings Ltd (ASX: LOV)

Last but not least, jewellery retailer Lovisa continued its lofty ascent, climbing 54% across the quarter to finish at $21.27.

Lovisa’s FY22 report in August was a highlight, sending shares racing higher as results came in ahead of the market’s expectations.

The ASX retail share achieved revenue of $459 million, up 56% from the prior year, while net profit more than doubled to $60 million.

Operating a vertically-integrated business model, Lovisa boasts extremely high gross margins for a retailer, which sat at 78.9% in FY22.

Lovisa’s global rollout continued at pace, opening a further net 85 stores during FY22 to take its total store network to 629 stores across 24 countries.

The post These were the best-performing ASX 200 shares in the first quarter of FY23 appeared first on The Motley Fool Australia.

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Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd. 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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5 October 2022