While 1H17 results were weak, industry dynamics are steadily improving. During April, Capitol raised $38.5m in equity for debt reduction. Capitol’s net debt position has improved significantly and the company is targeting further deleverage.
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
Week in review
Markets pause as Trump takes office and Australian CPI is released Wednesday
Emeco noteholders have now committed to support its restructuring transaction, we provided a research update on Capitol Health, Fitch ratings revised outlook on Australia’s banking sector and the ACCC raises initial concerns regarding the PMP-IPMG merger
Research report update report from FIIG's in house research team
Week in review
The Aussie dollar is at its lowest level for six months and government bond yields continue to sell off
Established in 2001, Capitol Health (‘CAJ’) is a large Australian medical diagnostic imaging (DI) business. CAJ has been ASX listed since 2006 with a market capitalisation of $94m as at 20 April 2016. CAJ employs over 700 staff and contractors across approximately 70 facilities in Victoria and NSW.
Adani’s outlook revised by S&P, Capitol Health release a trading update, Cash Converters released their 1Q17 update, Emeco to hold a creditors’ scheme meeting and more
There are four different ways to quote a yield. While we commonly use yield to maturity and running yield, where a bond has a call date, that is can be repaid early, investors need to be aware of yield to call and yield to worst
Capitol Health’s results in line with forecasts, CBL to redeem outstanding April 2019 bonds, Fortescue released its June production report, IMF Bentham’s bank fee case against ANZ is dismissed and McPherson’s generates strong cash flow for latter half of FY16