|Bid||148.48 x 0|
|Ask||148.54 x 0|
|Day's Range||148.19 - 148.72|
|52 Week Range||114.35 - 149.48|
|Beta (5Y Monthly)||0.81|
|PE Ratio (TTM)||16.45|
|Earnings Date||May 09, 2020|
|Forward Dividend & Yield||5.00 (3.37%)|
|Ex-Dividend Date||Nov 11, 2019|
|1y Target Est||129.79|
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...
(Bloomberg) -- Canadian convenience-store giant Alimentation Couche-Tard Inc. raised its takeover offer for Caltex Australia Ltd. to A$8.8 billion ($5.9 billion) as other parties including EG Group circle the Australian fuel retailer.Sweetening its bid for a second time, Couche-Tard is now offering A$35.25 per share in cash for Caltex, after earlier offers of A$34.50 and A$32 were rejected as too low, according to a statement Thursday. The latest approach is 7% higher than Wednesday’s closing price.Caltex shares rose 2.4% to A$33.73 at the Thursday close in Sydney.Caltex, which had granted the Canadian suitor some access to its books, said it was considering the revised proposal. In a separate statement, Couche-Tard said its latest bid is the company’s “best and final” price, in the absence of a competing offer.The Australian fuel retailer, which has a network of about 2,000 sites, has confirmed it has been approached by a number of parties including EG Group, the company led by Britain’s billionaire Issa brothers.EG Group is in talks to team up with an arm of Macquarie Group Ltd. in its attempt to acquire Caltex, according to people familiar with the matter. If their bid is successful, EG Group would keep Caltex’s main retail business, while Macquarie would take on its refinery unit and some infrastructure assets, the people said.Couche-Tard’s offer is subject to various conditions and there’s no certainty it will result in a deal, Caltex said.(Adds that offer is Couche-Tard’s best and final bid in the fourth paragraph.)To contact the reporter on this story: Edward Johnson in Sydney at email@example.comTo contact the editors responsible for this story: Edward Johnson at firstname.lastname@example.org, Angus Whitley, Peter VercoeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The U.K.’s EG Group is in talks to team up with Macquarie Group Ltd. in its attempt to acquire Caltex Australia Ltd., people familiar with the matter said.EG Group is in discussions with an arm of Macquarie to partner on the potential deal, according to the people, who asked not to be identified because the information is private. If their bid is successful, EG Group would keep Caltex’s main retail business, while Macquarie would take on its refinery unit and some infrastructure assets, the people said.Caltex shares rose as much as 1.1% on Wednesday in Sydney, giving it a market value of about A$8.3 billion ($5.6 billion). EG Group, which is one of the world’s largest independent gas station and convenience store chains, has been working with financial advisers as it evaluates making an offer for the company, the people said.Bringing in a partner could help boost EG Group’s chances as it competes with Canadian convenience giant Alimentation Couche-Tard Inc., which offered to take over Caltex for A$8.6 billion last year. While Caltex rejected the bid, Couche-Tard was given access to select non-public information to entice it to sweeten its offer.No firm agreements have been reached, and EG Group could opt to team up with another partner, the people said. Representatives for Caltex, EG Group and Macquarie declined to comment.EG Group, which is controlled by British billionaire brothers Mohsin and Zuber Issa, has expanded rapidly through acquisitions over the past few years. It’s turned into a global giant with about 5,000 fuel station and convenience store sites across Europe, North America and Australia, according to its website.For Caltex Australia, fuels and infrastructure business accounted for about 65% of its earnings before interest and tax in 2018, according to its annual report. The remainder came from its convenience retail business.(Updates Caltex Australia’s response in fifth paragraph.)\--With assistance from Gillian Tan.To contact the reporters on this story: Harry Brumpton in Sydney at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com;Fion Li at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Saxo Bank Hong Kong’s former top executive is joining OSL, one of Asia’s biggest digital asset platforms for professional investors.Matt Long, who until recently was the Danish bank’s Hong Kong CEO, will head OSL’s distribution activities, including institutional and white-label sales and its prime brokerage business, OSL said in a statement today.Long joins the growing list of bankers and investors from traditional financial companies that have made the jump to the crypto industry. Major coins have rallied this year as fears of the spreading coronavirus rocked markets around the world. Bitcoin is now trading above $9,500, at its highest levels since late October. And products like options on Bitcoin futures show signs of boosting institutional interest in the asset class.OSL, a unit of Hong Kong-based BC Group, is a digital-asset platform offering things like exchange and custody services, and software solutions for institutional clients. The digital asset arm posted 41.6 million yuan ($6 million) in revenue for 2019’s first half, or about half of the group’s total revenue for this period, according to BC Group’s interim report.Long joined Saxo Bank in December 2017, according to his LinkedIn profile, which shows that prior to Saxo he held senior posts at investment banks including Australia and New Zealand Banking Group Ltd. and Macquarie Group Ltd.To contact the reporter on this story: Zheping Huang in Hong Kong at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Joanna Ossinger, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Macquarie Group ("Macquarie") (ASX: MQG; ADR: MQBKY), today announced that the company received a perfect score of 100 per cent on the Human Rights Campaign’s Corporate Equality Index (CEI). The CEI is the national benchmarking tool on corporate policies and practices pertinent to lesbian, gay, bisexual, transgender and queer (LGBTQ) employees.
(Bloomberg) -- Ardian SAS and Macquarie Group Ltd. are among suitors that made initial bids for Portuguese highway operator Brisa, in what could become one of the largest European infrastructure deals this year, people with knowledge of the matter said.Spain’s Abertis Infraestructuras SA also submitted a first-round offer for Brisa, the people said, asking not to be identified because the information is private. The company’s owners, Arcus Infrastructure Partners and Portugal’s family-run Jose de Mello Group, have been discussing selling about 80% of Brisa, according to the people.A deal could value that stake at about 3 billion euros ($3.3 billion), the people said. Arcus and Jose de Mello are expected in the coming days to pick a shortlist of bidders that will be invited to make binding offers, the people said.Any transaction would add to the $8 billion in acquisitions announced in Portugal over the past 12 months, according to data compiled by Bloomberg. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.Representatives for Abertis, Arcus, Ardian, Jose de Mello Group and Macquarie declined to comment.Brisa and its affiliates operate 1,628 kilometers (1,012 miles) of roads in Portugal, including a network of 17 motorways. Its main Portuguese subsidiary Brisa Concessao Rodoviaria SA, which runs 12 motorways in the country, reported net income rose 36% in the first half of last year to 83.2 million euros. The unit’s net debt was 1.84 billion euros at the end of June, according to a July presentation.(Updates with company background in last paragraph)To contact the reporters on this story: Henrique Almeida in Lisbon at email@example.com;Myriam Balezou in London at firstname.lastname@example.org;Dinesh Nair in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;Joao Lima at email@example.com, Colin KeatingeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- “The Balkans” — according to remark often attributed to Winston Churchill — “produce more history than they can consume.” Precious-metal traders betting on the record surge in palladium prices might want to draw a similar lesson. That’s because production and consumption of palladium and its sister-metal platinum in one tiny Balkan state are giving crucial clues to the way producers of automobile catalytic converters use the two elements. This in turn is likely to affect the path of prices for both metals.As we’ve written, there are strong fundamental underpinnings to the extraordinary rally that’s seen palladium prices increase nearly fivefold in the past four years, at a time when platinum is up a mere 25%. Both metals have extensive industrial uses in the converters that strip carbon monoxide and nitrogen oxides from car exhausts. Supply and demand dynamics have conspired recently to push up palladium prices at the expense of platinum. Sales of new diesel cars, which tend to use more platinum, have been hit by the aftermath of the diesel emissions-testing scandal, putting the preponderance of demand on palladium-heavy gasoline vehicles. At the same time, South Africa’s platinum-mining industry has been struggling with low profitability, which has helped to keep supply of its palladium byproduct back from the market. Meanwhile, vehicle-emissions standards have been tightening in Europe, China and other countries, increasing demand for catalysts to clear up exhaust fumes.The normal solution to this sort of situation is substitution. Palladium had few uses until the rise of the catalytic converter in the 1970s pushed chemists to try it out as an alternative to platinum. At some point, the current price mismatch between the two metals should cause the pendulum to swing the other way, so that manufacturers reformulate their autocatalysts to use less palladium and more cheap platinum.That’s the theory, at any rate. The question is whether substitution is actually happening.Matthew Turner, a former precious metals analyst at Macquarie Group, has spotted one way for traders to keep an eye on that question. Johnson Matthey Plc, one of the world’s biggest producers of platinum-group metals, operates a major catalytic converter plant in Skopje, the capital of the Balkan republic of North Macedonia.This offers a unique window into the generally secretive business of autocatalyst recipes. North Macedonia has no domestic supply of platinum-group metals, and local new-car sales amount to only a few thousand units a year. That’s handy, because the country breaks out the metals it’s importing in standard trade disclosures, giving investors a pretty good proxy for the proportions being used in Matthey’s emissions-control devices.The figures won’t reassure palladium bears. If anything, matters are heading in the opposite direction. From a period a few years ago when the ratio between platinum and palladium imports was around 3:1, for much of the past year it’s tightened to around 1.8:1, implying a yet more palladium-dense catalyst mix. Trailing 12-month platinum imports in October, the last month for which data is available, were up just 3.9% from two years earlier; those of palladium were up 61%.It would be wise to treat this information with a smidgen of caution. While catalysts are North Macedonia’s biggest export, the country still accounts for less than 10% of the global cross-border trade in such products — and that’s only a small part of the catalyst market as a whole, when you factor in domestic consumption. The data also only tell you about the activity of one plant, which might not be representative of the industry as a whole. Importantly, the Skopje factory was set up to produce diesel catalysts, so gives us few clues as to what’s happening in the gasoline end of the autocatalyst market.On top of that, Matthey is itself a major player in the platinum-group metals trade, and is no doubt wise to any efforts to use this data as a window on its commercial secrets. If it moves some excess palladium inventory to the Balkans, it’s not impossible that it could end up getting cheaper prices on its platinum from traders watching the North Macedonian trade figures — which could be useful, if you were planning to switch to a more platinum-dense catalyst mix.Still, the resilience of North Macedonian palladium imports should give anyone expecting this bubble to deflate overnight reason to pause.Most automobiles have just five grams or so of autocatalysts in them, meaning that even current prices have only driven your car’s platinum-group metal content up from around $150 to $300 — well below the $1,000 you’d spend to replace the converter itself. And for all the potential for a boost in platinum prices — the net long position held by hedge funds is now at a record high — there’s just no sign yet of a supply surge or a change in the chemistry mix that would be needed to end palladium’s boom.Without that sort of catalyst, prices could be elevated for a while.To contact the author of this story: David Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Rachel Rosenthal at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...
(Bloomberg) -- Australia is set for its second-largest private equity deal of the past year with Macquarie Group Ltd.’s infrastructure arm agreeing to buy most of the $2.1 billion data-center firm AirTrunk.Macquarie Infrastructure & Real Assets finalized an agreement late last week to take control of AirTrunk, according to people familiar with the matter, who asked not to be identified because the information is private. The investment values the business at about A$3 billion ($2.1 billion), the people said.It’s a price just shy of the A$3.2 billion KKR & Co. paid to take over biscuit brand Arnott’s last August, and is close to the next largest deal, BGH Capital’s A$2.1 billion acquisition of education group Navitas Ltd. last March, according to Bloomberg data.AirTrunk CEO Robin Khuda will keep a minority stake after the transaction, the people said.AirTrunk is currently owned by investors including Goldman Sachs Group Inc.’s special situations arm and TPG Sixth Street Partners. Bloomberg News reported earlier this month that MIRA had entered advanced discussions on a deal after being named the preferred bidder.Representatives for Macquarie, Goldman Sachs and TSSP declined to comment.AirTrunk operates data centers in Sydney, Melbourne and Singapore and has announced plans to open a facility in Hong Kong this year.Infrastructure investors have been flocking toward data centers and other telecommunications assets such as towers and fiber that promise stable, growing earnings. Last year, a fund managed by MIRA acquired a majority stake in Netrality Data Centers, which owns and operates data centers in St. Louis, Kansas City, Houston, Philadelphia and Chicago.TSSP, which manages $33 billion, was co-founded by Alan Waxman, who was formerly the chairman of the investment committee for Goldman Sachs’s special situations group in the Americas, which has since been folded into its merchant bank.To contact the reporters on this story: Gillian Tan in New York at firstname.lastname@example.org;Harry Brumpton in Sydney at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, ;Alan Goldstein at email@example.com, Angus Whitley, Edward JohnsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Today we're going to take a look at the well-established Macquarie Group Limited (ASX:MQG). The company's stock saw a...
(Bloomberg) -- Nintendo Co.’s Switch console is poised for its best holiday shopping season yet.The company will probably sell 9.46 million units of Switch hardware and 64.73 million units of software in the quarter ending December, according to analyst estimates compiled by Bloomberg. While the forecast console numbers mark only a slight improvement on last year’s results, it’s games that deliver most of Nintendo’s profit, and software sales may climb about 23%.Achieving those numbers could prompt Nintendo to revise its conservative earnings outlook for the year ending March 2020. The Switch’s performance in its third holiday season will also hold clues for the console’s longevity in an industry where hardware is typically overhauled every five years and rivals Microsoft Corp. and Sony Corp. are already planning new machines for the end of 2020.“This is typically where sales begin to peak out, but it looks like the Switch may have a longer life cycle,” said Kazunori Ito, an analyst at Morningstar Investment Services in Tokyo. “With a desktop console and a portable player in a single machine, Nintendo has a very effective platform for selling game software.”Nintendo designed the console so that it can be used on the big living room screen as well as on the go, and in September it also introduced a cheaper Switch Lite focused on expanding the mobile market. Combined sales have already topped 40 million units since launch in March 2017 and many analysts expect the Switch will last long enough to reach the 100 million record set by the Nintendo Wii.There’s More to Nintendo’s Game Than Gadget Sales: Tim CulpanThe Kyoto-based company has stuck with a conservative forecast for operating profit of 260 billion yen ($2.4 billion) on 1.25 trillion yen in revenue for the year ending March 2020. That’s short of analysts’ expectations of 308.8 billion yen and 1.28 trillion yen, respectively.Nintendo also expects to sell 18 million Switch units and 125 million new software titles this fiscal year. That compares with the average of four analysts’ estimates for 19.07 million, and the 147.43 million average of nine estimates.“Last year’s holidays is a high hurdle to clear,” said Masaru Sugiyama, an analyst at Goldman Sachs Group Inc. “But there is a good chance for year-on-year growth.”The 2018 lineup included a Pokemon double-issue that sold a combined 10 million units in a month and a half to the end of the year. Super Smash Bros. Ultimate launched on Dec. 7 and raked in sales of over 12 million units. Nintendo sold 9.42 million Switch consoles in that holiday quarter and a total of 52.5 million units of software.This year, Nintendo is again targeting the Pokemon fan base with two new titles -- Pokemon Sword and Pokemon Shield. The games, which debuted on Nov. 15, have come under criticism from fans unhappy with the quality of graphics and animations and the lack of the full stable of “pocket monsters.” Still, sales exceeded 6 million units during the launch weekend, making it the fastest-selling Switch game to date.“It’s a Pokemon title, so unless you are giving up on the franchise, it’s hard to imagine fans not buying it,” said Damian Thong, an analyst at Macquarie Group Ltd. “Pokemon Sword and Shield will probably end up being the single largest game in terms of launch year revenue, probably bigger than Smash Bros.”In October, Nintendo released Ring Fit Adventure, an $80 exercise game that comes with a flexible plastic ring that tracks the player’s motion by slotting in one of the Switch’s Joy-Con controllers and having the user strap the other to their leg. With that basic motion-capture setup, gamers wage heroic battles and clear stages by jogging and doing squats.Nintendo is looking to repeat the success of the Wii Fit -- the exercise game that broke new ground when it was introduced in 2012 along with a Balance Board peripheral. It sold more than 50 million units and was key to broadening the appeal of the Wii console to new audiences. Ring Fit Adventure is off to a promising start, as Nintendo on Friday apologized for being unable to keep up with overwhelming demand.The Wii went on to sell over 101 million units of hardware and 900 million games, setting a high standard of success that Nintendo has struggled to live up to since. The company’s share price hit its peak in the year following the Wii’s 2006 launch and the stock now trades about 40% below its 2007 record.So far, the Switch has held its own against its storied predecessor and has even done better in hardware sales during its first two holiday seasons.“The Switch can sell 20 million units annually for the next three years,” said Michael Pachter, an analyst at Wedbush Securities Inc. “So it should easily get to 100 million.”Not everyone agrees. Macquarie’s Thong thinks a lot of the casual gamers that helped power the Wii’s runaway success have moved on to free-to-play games on smartphones, such as Nintendo’s own wildly popular Mario Kart Tour. There is also a lot more competition for people’s free time from social media and streaming video. Still, Nintendo’s prospects remain bright in the near-term.“The focus is the game, not the console itself,” Thong said. “2021 might be an even bigger year for title launches. There is a new Zelda game and it will be time for a mid-cycle refresh for all major Nintendo titles.”To contact the reporters on this story: Pavel Alpeyev in Tokyo at firstname.lastname@example.org;Yuki Furukawa in Tokyo at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we'll take a closer look at Macquarie Group Limited (ASX:MQG) from a dividend investor's perspective. Owning a...