Greencross Ltd

GXL Details
·       Double digit revenue and earnings growth in 1H 2017: Greencross Ltd (ASX: GXL) stock rose over 6.78% on February 21, 2017 after the company reported the first half 2017 results. GXL in the 1H 2017 has reported for 14% growth in the revenue to $412.3 million due to the solid LFL sales growth and continued network expansion. The NPAT (post minorities) grew by 17% to $21.9 million and underlying NPAT (post minorities) grew by 9% to $23.0 million. Moreover, GXL has added 16 retail stores, bringing the network to 237 stores in 1H 2017. GXL has also opened 10 GP vet clinics in the first half, increasing the size of the network to 164 clinics. GXL expects strong cashflow conversion in FY2017 with underlying EBITDA and NPAT growth at similar levels to FY2016.
·       Recommendation: We maintain our “Hold” recommendation at the current price of $7.08
 

1H 17 Financial Performance (Source: Company Reports)
 

Monadelphous Group Ltd

MND Details

·       Weak bottom line in 1H 2017: Monadelphous Group Ltd (ASX: MND) stock surged over 11.5% on February 21, 2017. The group’s new contracts valued at $700 million were awarded since the beginning of the period. MND had established two new strategic ventures in the 1H 2017 -  Zenviron, which would offer EPC services to the renewable energy market in Australia and New Zealand; and Mondium, a partnership between MND and engineering and project management consultancy Lycopodium, will offer turnkey EPC solutions to mining and minerals customers in Australia and overseas. On the other hand, MND in the 1H 2017 has reported for 14.4% fall in the sales revenue of $630.7 million, which is similar to that of the preceding six months and in line with guidance provided. The fall in the topline is due to the lower construction activity levels, which were partially offset by rising Maintenance and Industrial Services revenues. The Net profit after tax (NPAT) attributable to equity holders of the parent, fell 24.1% to $28.6 million, similar to that of the preceding six months.
·       Recommendation: MND stock rose over 76.91% in last one year (as of February 20, 2017). Given the financial performance and trading levels, we give an “Expensive” recommendation at the current price of $13.16
 

Caltex Australia Ltd

CTX Details

·       Decent results supported the stock: Caltex Australia Ltd (ASX: CTX) stock rose over 1.6% on February 21, 2017, after the company reported the FY 16 results. CTX has reported profit after tax of $610 million (no significant items) in the FY 16, as compared to the FY 15 profit of $522 million, which included a gain relating to significant items of $29 million after tax, on a historic cost profit basis. The 2016 result includes a product and crude oil inventory gain of $86 million after tax as compared with the inventory loss of $135 million after tax in 2015. The FY 16 RCOP NPAT was of $524 million, which is modestly above the guidance ($500 million to $520 million). Moreover, the Supply & Marketing EBIT grew 5.6% to $709 million on 2015. Excluding the unfavorable externalities ($29 million), the underlying EBIT grew 9% to $738 million. There was record Lytton production with refiner margins in line with 10-year average with the EBIT of $205 million.
·       Recommendation: CTX stock fell over 13.41% in the last six months (as of February 20, 2017). We give a “Hold” recommendation at the current price of $30.13
 

FY 16 Financial Performance (Source: Company Reports)

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