Independence Group NL
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IGO Details
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Loss in FY 16: Independence Group NL (ASX: IGO) stock fell 3.7% on 31
st August 2016 after the company reported the Net Loss After Tax of $58.8 million for FY 16, as the performance was heavily impacted by expensing of after tax business acquisition costs of about $64 million, and after tax exploration asset impairment losses of $24.9 million. The revenue decreased 16% to $417 million as compared to FY15. Moreover, IGO expects continuing commodity price volatility in FY17 and potential margin pressure on some of the producing assets. However, IGO is all set to bring Nova online and unlock value at Tropicana.
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Recommendation:IGO stock has risen 45.98% in the last six months as on 30th August, 2016 and we give a “Hold” recommendation on the stock at the current price of $3.67
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FY16 Financial Performance (Source: Company Reports)
Macquarie Atlas Roads Group
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MQA Details
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Slightly lower than estimated performance: Macquarie Atlas Roads Group (ASX: MQA) stock fell 4.97% on 31
st August 2016 as the group came out with slightly lower than estimated performance. In 1H 2016, MQA reported a statutory net profit of A$54.2 million against A$40.3m in 1H 2015, which comprised the share of net profit from MQA’s investments in APRR and Dulles Greenway and proceeds of US$98m from the Chicago Skyway sale, partially offset by recognition of all three instalments of the 2016 performance fee, the first of which became payable at 30 June 2016. The second and third instalments are subject to meeting ongoing performance criteria. The portfolio traffic has grown 4.2% as compared to the prior corresponding period (pcp), driven by the increased traffic volumes on the APRR network and strong performance at the Dulles Greenway. The proportionate revenue increased 6.0% to A$378.0 million reflecting a combination of higher traffic levels and revised toll schedules. Moreover, MQA has given the full year 2017 distribution guidance of 20.0 cps which is up 11% on FY 16.
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Recommendation:MQA stock has risen 22.22% in the last six months as on 30th August, 2016, and we maintain our “Hold” recommendation on the stock at the current price of $5.54
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First half of 2016 Financial Performance (Source: Company Reports)
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