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Commodities Trading Ideas & Charts

NiSource Kicks Off 2022 Regulatory Year With Constructive Rulings in Kentucky, Pennsylvania

Business Strategy and Outlook

After decades of deriving most of its income from natural gas distribution and midstream businesses, NiSource has transitioned to a more diversified earnings mix. About 60% of NiSource’s operating income comes from its six natural gas distribution utilities and 40% from its electric utility in Indiana following the 2015 separation from Columbia Pipeline Group. NiSource’s utilities have constructive regulatory frameworks that allow it to collect a cash return of and a cash return on the bulk of its capital investments within 18 months. 

In October 2020, NiSource sold its Columbia Gas of Massachusetts utility and received $1.1 billion of proceeds that it used to strengthen the balance sheet and prepare for its planned infrastructure investments. The sale came nearly two years after a natural gas explosion on NiSource’s Massachusetts system killed one person north of Boston. Insurance covered roughly half of the almost $2 billion of claims, penalties, and other expenses. Earnings are set to rebound quickly from their low in 2020 when COVID-19 pandemic costs, lower energy use, the Massachusetts utility sale, and a large equity issuance weighed on earnings. We expect modest customer growth combined with NiSource’s infrastructure growth investments to support 8% annual earnings growth and 6% annual dividend growth from 2021 to 2025.

Financial Strength

NiSource has issued a substantial amount of equity in the past few years in part to fund its large infrastructure growth projects and in part to cover liabilities arising from the Massachusetts gas explosion. This dilution and the sale of Columbia Gas of Massachusetts has kept earnings mostly flat since 2018.NiSource’s debt/capital topped 67% at year-end 2017, but huge equity infusions have brought that down to more sustainable levels in the mid-50% range. NiSource issued over $1 billion of common stock and $880 million of preferred stock in 2018 and 2019. The Massachusetts utility sale in 2020 raised $1.1 billion, and NiSource issued $862.5 million of convertible preferred equity units in early 2021. 

NiSource has grown its dividend nearly 40% since the 2015 Columbia Pipeline Group spin-off, but the growth has not been consistent. The company increased its dividend in mid-2016 by 6.5% and again by 6.1% in the first quarter of 2017, then by 11.4% in 2018. But the 2019 dividend increase was only 2.6% following the Boston gas explosion. NiSource is past the peak of its five-year capital spending plan and its equity needs shrink. 

Bulls Say’s 

  • The dividend to grow near 5% annually during the next few years before accelerating to keep pace with earnings in 2024 and beyond. 
  • NiSource should benefit from Indiana policymakers’ desire to cut the state’s carbon emissions by replacing coal generation with renewable energy, energy storage, and possibly hydrogen. 
  • New legislation has improved the regulatory framework in Indiana for NiSource’s electric and natural gas distribution utilities.

Company Profile 

NiSource is one of the nation’s largest natural gas distribution companies with approximately 3.5 million customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource’s electric utility transmits and distributes electricity in northern Indiana to about 500,000 customers. The regulated electric utility also owns more than 3,000 megawatts of generation capacity, most of which is now coal-fired but is being replaced by natural gas and renewables.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Global stocks Shares

Erkan resigns as co-CEO of First Republic Bank; however, future is projected to be strong

Business Strategy and Outlook:

First Republic Bank is one of the more unusual banks. It has a uniquely focused business model, with a high service offering aimed at wealthy clients concentrated in costal urban areas. The bank is still led by its founder, Jim Herbert, and has been able to churn out remarkably high organic growth year after year, resulting in compounded asset growth of roughly 20% over the past 10 years compared with an industry growth rate of closer to 5%.

The great strength of First Republic Bank’s approach is the strict adherence to its strategy of retaining and attracting high-net-worth clients through uniquely personal service. This strategy requires retaining talent, which the bank accomplishes through its culture and compensation structure. As such, the bank’s efficiency levels tend to be middling compared with peers. However, this model has worked, and the bank is able to generate substantially lower client attrition rates and higher client satisfaction levels as measured through Net Promoter Score. The bank is also a conservative underwriter, with losses consistently coming in below peers through the cycle.

Financial Strength:

The fair value of this stock is $195 per share, which equates to 2.9 times tangible book value as of September.

First Republic Bank is in sound financial health. The bank reported a common equity Tier 1 capital ratio of 9.8% as of September 2021 and given its low appetite for risk and excellent underwriting record. The bank has consistently delivered superior performance in past recessions with very low credit costs and has also performed admirably through the pandemic-driven downturn. The banks loan book is conservatively positioned with more than 50% of mortgages and approximately 80% of loans collateralized by real estate. The bank has a favorable liability mix with total deposits making up approximately 90% of total liabilities with the remainder of liabilities made up of FHLB advances and long-term debt. The bank also had roughly $2.1 billion in preferred stock outstanding. The capital-allocation plan for First Republic Bank is quite atypical in our banking coverage as it regularly raises additional capital through share issuances to fund its aggressive growth. The bank does not engage in share buybacks and maintains a relatively low dividend pay-out ratio.

Bulls Say:

  • First Republic is a rare, high-growth bank in a mature industry that tends to see GDP-like asset growth levels. The bank is also a conservative underwriter. This is a valuable and powerful combination that should drive peer-beating earnings growth for years. 
  • First Republic’s wealth management business is growing assets at a solid double-digit percentage rate, further cementing switching costs and revenue growth. 
  • First Republic’s culture and structure are difficult to replicate, meaning, its business model should continue to take share and see success for years to come.

Company Profile:

First Republic offers private banking and wealth management services to high-net-worth clients. Services are primarily offered in the San Francisco, New York City, and Los Angeles markets. The bank was founded in 1985.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Global stocks

Nordson Crop Is Poised to Deliver Strong Organic Growth Fueled by Advanced Technology Solutions

Business Strategy and Outlook

Nordson is a leading manufacturer of equipment used for dispensing adhesives, coatings, sealants, and other materials. The company enjoys strong market share across its business lines, and its products are often used in niche applications where competition is limited. Nordson differentiates itself by offering highly engineered and customizable solutions which perform a mission-critical role in a customer’s manufacturing process. Nordson thrives in times of change, as innovation in its end markets drives demand for new and improved solutions. In the long run, Nordson is poised to capitalize on favorable secular trends such as increasing adoption of 5G and autonomous vehicles, which we expect to create new opportunities for its dispensing business.

Financial Strength

Nordson’s financial health is satisfactory, which should help the firm navigate uncertainty due to the coronavirus outbreak. As of Oct. 31, 2021, the company owed $782 million in long-term debt while holding $300 million in cash and equivalents. Additionally, Nordson can tap into its $850 million revolving credit facility, which remains undrawn. It is estimated that Nordson will have a debt/adjusted EBITDA ratio of roughly 1.0 times in fiscal 2022, which is roughly in line with many of its industrial peers. Its generate that average annual cash flow of around $750 million over the next five years, sufficient to meet its debt obligations and maintain its dividend. After updating our model following Nordson’s 10-K release, its increase fair value estimate to $231 from $224. 

Bulls Say’s 

  • Nordson is poised to benefit from innovation in its end markets, including autonomous vehicles, 5G, and 3D wafer stacking, as new technologies drive demand for the firm’s dispensing solutions. 
  • Over half of Nordson’s revenue is recurring, which helps mitigate the firm’s exposure to cyclical end markets. 
  • Nordson has a large installed base of equipment and strong market share across a number of niche end markets.

Company Profile 

Nordson is a manufacturer of equipment (including pumps, valves, dispensers, applicators, filters, and pelletizers, among other equipment) used for dispensing adhesives, coatings, sealants, and other materials. The firm serves a diverse range of end markets including packaging, medical, electronics, and industrial. Nordson’s business is organized into two segments: industrial precision solutions (53% of sales in fiscal 2021) and advanced technology solutions (47% of sales in fiscal 2021). The company generated approximately $2.4 billion in revenue and $615 million in operating income in its fiscal 2021.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Shares Technology Stocks

Gentex’s Balance Sheet Gives the Firm Strength to Handle the Unexpected

Business Strategy and Outlook

Gentex manufactures auto-dimming rear- and side-view mirrors that use electrochromic technology. These mirrors automatically darken to eliminate headlight glare for drivers and have many other applications. With over 1,700 patents worldwide, some valid through 2044, and a dominant 94% market share, up from 77% in 2003, Gentex has a narrow economic moat it should be able to protect for a long time, in our opinion. 

The growth prospects for auto-dimming mirrors look strong. Gentex estimates that in 2018, about 31% of all cars had interior auto-dimming mirrors, and about 13% had at least one exterior auto-dimming mirror. Demand remains healthy with annual revenue growth often exceeding industry vehicle production growth. Growth will come from increased vehicle penetration as more original-equipment manufacturers make the safety benefit of auto-dimming technology available and as Gentex’s research leads to new, advanced-feature mirrors that ultimately become standard products.

Financial Strength

Gentex is in excellent financial shape, with no debt and $270 million of cash on its balance sheet at the end of third-quarter 2021. Cash and investments were about 28% of total assets at that time. The company has ample cash on hand to fund more R&D or a higher dividend if the board chooses. Total cash and investments was $481.6 million, or $2.03 per diluted share. Gentex has been paying a dividend since 2003. Gentex took on $275 million of debt for the HomeLink acquisition which it finished paying off in 2018. In October 2018, Gentex obtained a new $150 million unsecured credit facility that expires in October 2023. 

Gentex can request an additional $100 million on the credit limit under certain conditions. The investments mostly consist of short-term government obligations, blue-chip stocks, and mutual funds. As of March 2018, the company targets cash and investments of $525 million, down from its previous target of $700 million. Management will often just speak in loose terms and say it targets around $500 million.

Bulls Say’s 

  • Auto-dimming technology has applications to other parts of the car like headlights, as well as outside autos such as airplane windows. Although small now, markets outside the auto industry could prove to be very large businesses down the road. 
  • The company’s financial health is so strong that we think Gentex can survive any downturn in the U.S. easier than other auto suppliers can. 
  • Biometrics, surgical room utlraviolet lighting, and electronic toll payments could open up new revenue streams for the company.

Company Profile 

Gentex was founded in 1974 to produce smoke-detection equipment. The company sold its first glare-control interior mirror in 1982 and its first model using electrochromic technology in 1987. Automotive revenue is about 98% of total revenue, and the company is constantly developing new applications for the technology to remain on top. Sales from 2020 totaled about $1.7 billion with 38.2 million mirrors shipped. The company is based in Zeeland, Michigan. 

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Global stocks Shares

Unpredictability strikes Flight Centre Shares keeping Intrinsic Value secure

Business Strategy and Outlook

A wave of COVID-19-induced damages has been inflicted on Flight Centre since late March 2020. Government restrictions on travel and border control (international, domestic), grounding of airline capacity and strict lockdown measures on consumers have created a 

unique squeeze on the group. It is considered that the measures to execute a severe reduction in costs (cuts to store network/leases, staff, marketing), combined with the AUD 700 million equity capital raising in April 2020, is enough for the no moat-rated group to weather the malaise.

Flight Centre is one of the world’s largest travel agents, but it still generates significant earnings in Australia and New Zealand. Unparalleled scale and brand strength in the domestic travel market has provided buying power and pricing flexibility that resulted in high returns on capital. Flight Centre has a strong network of services that has driven solid end-user traffic and bookings over the past 20 years, but it is rarely assumed that this is sufficient to protect the company against online competitors over the next 10 years.

Because of the discretionary nature of travel and high levels of operating leverage, earnings can be very volatile. During the financial crisis, net profit after tax fell to AUD 38 million in fiscal 2009 from AUD 143 million in fiscal 2008. The company is heavily loss-making during the current 2020 pandemic also. This inherent volatility means fair value uncertainty is high.

Flight Centre’s considerable scale and extensive store network have made the firm a key distribution channel for travel suppliers and generated cost advantages that enable it to offer competitive prices. However, with the warning from online competitors increasing, we believe physical stores are likely to increasingly lose relevance longer term.

From about 2005, facing a maturing domestic market, the company increased its focus on offshore markets, particularly the United Kingdom and United States. The group made several offshore acquisitions during this period. The company is also increasingly focused on corporate travel, which is more structurally resilient than leisure.

Financial Strength

As at the end of September 2021, there was AUD 969 million of available liquidity, thanks to the AUD 700 million injected by shareholders in April/May 2020 and two convertible bond issues totalling AUD 800 million. It is believed, this is sufficient liquidity for Flight Centre to see through until mid-2023, even if total transaction volume remains at around 30% of pre-COVID-19 TTV levels.

Bulls Say’s

  • A strong balance sheet allows Flight Centre to take benefit of weakness in the economic cycle via opportunistic acquisitions or increasing market share via investment in marketing initiatives. It also enables the development of new products to address specific market segments more effectively. 
  • Brand strength provides a powerful foundation for the blended online/physical store offering. 
  • Travel agents are customer aggregators. As it is the largest agent in Australia, scale enables Flight Centre to negotiate favourable deals with travel providers.

Company Profile 

Flight Centre Travel is one of the largest travel agencies in the world. It operates an extensive network of shops globally, most of them located in Australia, the United States, and Europe. The group participates across the whole spectrum of the travel services market, including leisure travel retailing, in-destination experiences, corporate travel arrangement, and youth travel retailing. The services are facilitated via some 40 brands, with Flight Centre being the flagship brand in the leisure segment and FCM Travel the key brand in the corporate.

(Source: MorningStar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Commodities Trading Ideas & Charts

Total Energies Does Not Plan Quick Retreat From Oil and Gas Despite Planned Renewables Growth

Business Strategy and Outlook

Total Energies’ strategic plan aims to achieve net zero emissions by 2050 while delivering near-term financial performance in the event of a lower-oil-price environment. 

 Total has already started to move away from oil products with the conversion of its La Mede refinery to a renewable diesel producer. Conversion of the Grandpuits refinery to produce renewable diesel and bioplastics is set to follow. Together with coprocessing facilities at other refineries in Europe, the U.S., and Asia, Total expects to produce 100 thousand barrels a day of renewable diesel by 2030. Gross renewable generation capacity is expected to grow from about 10 gigawatts today to 35 GW by 2025 as Total invests a minimum of $3 billion per year or just over 20% of total spending from 2021. Current and planned capacity is primarily in solar, but Total is pushing further into floating offshore wind comprising 40% of planned growth, which should drive growth beyond 2025 and where it can leverage offshore capabilities from its oil and gas operations.

Financial Strength

Total remains one of the least leveraged global integrated firms with net debt to capital of 17.7% at the end of third-quarter 2021. Management aims to keep gearing below 20% and maintain an A credit rating. In 2021, Total expects net investments, including acquisitions and divestitures, close to $13 billion. Total committed to increasing the dividend by 5%-6% per year and repurchasing an incremental $5 billion worth of shares, but after suspending repurchases in 2020, abandoned any specific capital return targets. Instead, management has committed to supporting the dividend with oil prices as low as $40/bbl and will repurchase shares at higher oil prices when gearing is below 20%. As it is at that level now, management has resumed share repurchases starting in the fourth quarter of 2021. Going forward, Total plans to return up to 40% of additional cash flow if prices are above $60/bbl.

Bull Says

  • Despite reducing capital spending, Total expects to increase production 2% per year on average through 2025, led by growth in LNG projects. 
  • Already about 50% of Total’s production in 2020 and expected to grow, long-plateau production projects like LNG reduce decline rates and reinvestment necessary to maintain production levels.
  • Management has committed to supporting the dividend at $40/bbl. Combined with relatively low leverage, Total’s payout is one of the safer in the sector despite one of the highest yields.

Company Profile

TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, it produced 1.5 million barrels of liquids and 7.2 billion cubic feet of natural gas per day. At year-end 2020, reserves stood at 12.3 billion barrels of oil equivalent, 43% of which are liquids. The company operates refineries with capacity of nearly 2.0 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. It also holds a 19% interest in Russian oil company Novatek.

 (Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Dividend Stocks

Travelers Commercial have profitable outlook on the commercial side with favourable pricing environment

Business Strategy and outlook

The coronavirus affected the company’s results last year. However, losses were very manageable and have stayed well within the range of historical events that the industry has successfully absorbed in the past. On the positive side, Travelers had some natural hedges against COVID-19, and the pandemic was a material positive for its personal auto business, due to a falloff in miles driven.

There outlook for profitability on the commercials side of the business looks relatively bright, in as per Morningstar analyst view. While investment yields are under pressure, the pricing environment has not been particularly favorable in recent years. However, in 2019, pricing momentum picked up in primary lines, and this positive trend accelerated in 2020 as the coronavirus appears to have acted as an additional spur to pricing.

Travels could also see some headwinds in personal lines going forward, which could partially offset favorable conditions in commercial lines. Pandemic tailwinds in personal auto have dissipated, and pricing has recently declined. Finally, insurers are absorbing a rise in claims costs due to factors beyond the impact of drivers returning to the road. All in all, it is  expected that  mean reversion will take place over time, auto insurers look set to endure a relatively difficult period in the near term. Travelers does enter this period with some compnay-specific question marks, as it appears to have not anticipated the recent rise in social inflation as well as peers and reported adverse reserve development in 2019. 

Financial Strength

 Travelers’ balance sheet structure is roughly in line with its peers’, with equity/assets at 25% at the end of 2020. The company has held this ratio between 22% and 25% in recent years. As per Morningstar analyst this level is adequate, given the nature of the company’s business and its exposure to occasionally large losses caused by catastrophes. From Morningstar analyst prespective, the company invests relatively conservatively. Of its fixed-income securities, 90% are rated A or higher, and the company avoided any major investment issues during the financial crisis, and during the recent turbulence in capital markets. As Travelers is not acquisitive and the inherent volatility of the insurance industry precludes a high dividend payout ratio, stock repurchases have been the predominant use of free cash flow for the company historically, with Travelers buying back about $1 billion-$3 billion annually in recent years. The company did take pause on this front in 2020 due to the uncertainty around the impact of the coronavirus, but we expect this to continue longer term.

Bulls Say 

  • We think Travelers is relatively conservative in its investing choices. 
  • diversification of Travelers’ business insulates it from issues in any specific lines. 
  • Pricing is improving in commercial lines.

Company Profile

Travelers  offers a broad product range and participates in both commercial and personal insurance lines. Its commercial operations offer a variety of coverage types for companies of any size but concentrate on serving midsize businesses. Its personal lines are roughly evenly split between auto and homeowners insurance. Policies are distributed via a network of more than 11,000 brokers and independent agents.

 (Source: MorningStar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
Global stocks

Penske Has a Long Growth Runway in a Variety of Businesses

Business Strategy and Outlook:

Penske Automotive Group receives 93% of its light-vehicle dealer revenue from import and luxury brands. This percentage is significantly higher than many dealers and helps mitigate the cyclical nature of auto sales; these brands have more-affluent customers who will not limit their discretionary spending during a downturn. Despite this wealthy customer, the firm’s operating margin tends to be on the lower end of the publicly traded dealers. The main reasons for this are that Penske gets less of its gross profit from higher-margin finance and insurance commissions than its peers, and selling, general, and administrative expenses (including rent expense) as a percentage of gross profit are higher than the other public dealers. Penske cannot get as much finance business–a 100% gross margin business–as its peers because more of its customers lease vehicles or pay cash. When excluding rent, Penske’s SG&A ratio is competitive.

Penske has moved into heavy-truck distribution in Australia and New Zealand, truck dealers in the U.S. and Canada, and 23 CarShop used-vehicle stores in the U.S. and U.K. with 40 targeted by 2023. Total company pretax income is targeted at $1 billion by then, up 41% from 2020.

Financial Strength:

EBIT covered interest expense 5.5 times in 2020, up from about 3 times during the Great Recession. At year-end 2020, Penske had notable debt maturities in 2023 ($128.4 million) and 2025 ($689.6 million). In 2020, it issued $550 million of 3.5% 2025 notes and on Oct. 1, 2020, fully redeemed the $550 million 5.75% 2022 notes, reducing annual interest by $17 million. The company issued $500 million of 3.75% 2029 senior subordinated notes in second-quarter 2021 to fully redeem the $500 million 5.50% 2026 notes. Total credit line availability at Sept. 30 was about $1.1 billion. Debt/EBITDA at year-end 2020 was 2.2 from 4.7 at year-end 2008 and was just 0.9 times at Sept. 30 due to debt reductions and turbocharged earnings. Management reduced debt by $670 million in 2020 and by over $900 million since the end of 2019.

Bulls Say:

  • Auto dealerships are stable, profitable businesses with a diversified stream of earnings coming from parts, service, and used cars. 
  • Parts and service revenue should continue to be lucrative over time because most manufacturers require warranty work to be done at the dealership, and large dealers can more easily afford the technology and training needed to service increasingly more complex vehicles. 
  • Penske is well suited to acquire dealerships because many small dealers do not want to keep paying expensive facility upgrades mandated by the automakers.

Company Profile:

Penske Automotive Group operates in 22 U.S. states and overseas. It has 144 U.S. light-vehicle stores including in Puerto Rico as well as 161 franchised dealerships overseas, primarily in the United Kingdom. The company is the second-largest U.S.-based dealership in terms of light-vehicle revenue and sells more than 35 brands, with 93% of retail automotive revenue coming from luxury and import names. Other services, in addition to new and used vehicles, are parts and repair and finance and insurance. The firm’s Premier Truck Group owns 37 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 23 CarShop used-vehicle stores in the U.S. and U.K. The company is based in Michigan and was called United Auto Group before changing its name in 2007.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
IPO Watch

MapmyIndia lists at 54% premium above the issue price

The company aimed to raise Rs 1,039.61 crore via the primary route, which was entirely an offer for sale of 10,063,945 equity shares, with a face value of Rs 2 each by existing shareholders and promoters of the company. Investors PhonePe India, Zenrin, and Qualcomm held 19.15 percent, 8.78 percent, and 5.07 percent shareholding, respectively, in the company.

The IPO issue date was open from 09 to 13 December 2021. The lot size consisted of 14 shares. The price range was 1000- 1033 per equity share. The minimum amount of the subscription was INR 14,462 (01 lot) and maximum amount of subscription was 188,006 (13 lots). The Book Running Lead Managers of this IPO were Axis Capital, DAM Capital Advisors Ltd., JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited.

The public issue was subscribed 15.20 times in the retail category, 196.36 times in the QIB category, and 424.69 times in the NII category. The total subscription of the IPO was 154.71 times.  

MapmyIndia listed on the bourses on 21 December 2021, with the listing price ₹1,581, a 54% premium.

The competitive strengths of MapmyIndia are; they are the pioneers of digital mapping in India having an early mover advantage, it is a leading the B2B and B2B2C market for digital maps and location intelligence in India, proprietary technology and network effect resulting in competitive edge, independent, global geospatial products and platforms company with strong data governance, prestigious customers across sectors with strong relationships and consistent profitable financial track record.

The digital maps offered by the company cover 6.29 Mn Km of roads in India, representing 98.50% of India’s road network. The company’s digital map data provides location, navigation, analytics, and other information for 7,933 towns, 6,37,472 villages, 17.79 Mn places across many categories such as restaurants, retail shops, malls, ATMs, hotels, police stations, electric vehicle charging stations, etc., and 14.51 Mn house or building addresses. The company’s ‘RealView’ maps provide actual roadside and on-ground views based on over 400 Mn geo-referenced photos, videos, and 360-degree panoramas across India.

About the company:

MapmyIndia is a leading provider of advanced digital maps, geospatial software, and location-based IoT technologies in India. The company is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS). The company provides products, platforms, application programming interfaces (APIs), and solutions across a range of digital map data, software, and IoT for the Indian market under the (MapmyIndia) brand, and for the international market under the (Mappls) brand. The company serves the BFSI, telecom, FMCG, industrials, logistics, and transportation sectors. MapymyIndia has also entered into various memorandums of understanding with key government organizations such as the Indian Space Research Organisation (ISRO), NITI Aayog, National eGovernance Division, Ministry of Electronics and Information Technology, and Government of India. Some of the company’s customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, and Hyundai.

(Source: economictimes.com, chittorgarh.com)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Categories
LICs LICs

Carlton Investments Limited: A diversified portfolio

Carlton Investments Limited (CIN) is an investment company listed on the Australian Securities Exchange (ASX). It is required to release its net tangible asset (NTA) backing per ordinary share to the ASX after each month end. At the end of each quarter the Company also releases, as part of its NTA announcement, a listing of its top twenty equity investments. Group companies also invest funds in term deposits. The Group has no debt. The investment strategy is to invest in established, well managed Australian listed entities that are anticipated to provide attractive levels of sustainable income and also long-term capital growth. The Group also invests in companies that enable a high portion of income to be received as fully franked dividends.  Investments are held for the long term and are generally only disposed of through takeover, mergers or other exceptional circumstances that may arise from time to time. Group entities do not act as share traders nor do they invest in speculative stocks.

Investment Team:

The Group has an experienced Board of Directors, consisting of Mr Alan G Rydge, Mr Murray E Bleach and Mr Anthony J Clark AM. It is an objective of the Board to maximise shareholder return through both the payment of fully franked dividends and longer-term capital growth in the value of the company’s shares whilst maintaining an investment portfolio with an acceptable level of investment risk.

Performance:

Global Equity Fund1 month1 yr2 yrs3 yrsSince Inception
Total Return-0.16%13.94%19.00%–15.80%

About LIC:

Incorporated in 1928, Carlton Investments is the holding company for three subsidiaries whose principal activities are the acquisition and long term holding of shares and units in entities listed on the ASX. Investments have been made to create a diversified portfolio. At 30 June 2021 the Group held an investment portfolio with a total market value of $1,000,907 thousand, consisting of shares and units in over 85 entities. The Group has a significant holding in Event Hospitality & Entertainment (EVT) (formerly known as Amalgamated Holdings Limited), a group engaged in cinema exhibition (Event, Greater Union, BCC and Cinestar) in Australia, New Zealand and Germany, hotel operations and ownership (Rydges, Atura and QT), operation of the Thredbo Alpine Resort and investment property ownership.

(Source: www.carltoninvestments.com.au)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.