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Tuesday 21 February 2017 by FIIG Research Company updates

Company updates – BlueScope, G8 Education, McPherson’s, Sydney Airport, Virgin Australia and more

Plenty of company reporting over the last week with seven companies having posted their 1H17 or full year 2016 results, we announced a new floating rate DirectBond from NAB and PMP announced their merger with IPMG will proceed as planned

BlueScope

BlueScope Steel Limited (BlueScope) posted strong results for its first half 2017, with solid performance across all business segments.

More information is available here. External link - opens in a new window

Capitol Health

Capitol Health Ltd provided preliminary half year results to 31 December 2016.

Main points:

1H17 EBITDA is $9.3m, ahead of ~$8m prior guidance
Full year forecast given at EBITDA is $19.5m to $21.5m. Our base case forecast is $18.3m
No further detail has been given on the strategic review into reducing debt

Please refer here External link - opens in a new window to view the ASX announcement.

The company will release its audited results to the market on 28 February 2017.

G8 Education

G8 has released its full year 2016 results, and announced an equity raise through CFCG Investment Partners International.

More information is available here. External link - opens in a new window

Integrated Packaging Group (IPG)

According to the AFR, Integrated Packaging Group (IPG) has hired Credit Suisse to assess exit options.

More information is available here.* External link - opens in a new window

Note: You will be required to log into your FIIG account to access this content.

McPherson’s

McPherson’s has posted good results for 1H17, with solid cash generation and debt reduction.

More information is available here. External link - opens in a new window

New NAB Tier 2 DirectBond

National Australia Bank Ltd (NAB) is one of the four major banks in Australia in terms of market capitalisation and customers. The company provides personal banking and business/corporate banking services, with the company's segments including Australian Banking, NZ Banking, NAB Wealth, and corporate functions and others. NAB’s Australian Banking includes personal banking and business banking offering a range of banking products and services to retail and business customers, ranging from small and medium enterprises to large institutions.

The NAB Tier 2 floating rate bond, maturing in March 2020, is Australian dollar denominated and available to wholesale investors only in minimum parcels of AUD10,000 and denominations of AUD1,000 thereafter.

For more information please see the NAB 2020 bond factsheet. External link - opens in a new window

NRW Holdings

NRW Holdings Limited (NRW) posted its results for the first half FY2017, noting strong operating results and significant improvement in its financing structure.

More information is available here. External link - opens in a new window

PMP

PMP confirmed its proposed merger with IPMG will proceed as planned, following Australian Competition and Consumer Commission’s (ACCC) final decision that it will not oppose the transaction.

More information is available here. External link - opens in a new window

Sydney Airport

Sydney Airport posted its results for the full year 2016, with continuing strong international passenger growth.

More information is available here. External link - opens in a new window

Virgin Australia Holdings

Virgin Australia Holdings Limited (Virgin) posted its results for the first half FY2017, noting weak operating results but countered by ongoing deleveraging.

More information is available here. External link - opens in a new window

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Posted in

Research
Company updates

Issuers

BlueScope Steel Finance Limited
Capitol Health
G8 Education Ltd
National Australia Bank
PMP Limited
Sydney Airport
Virgin
NRW Holdings Limited
McPhersons Ltd

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