Weekly Reports | 12:36 PM
This story features EQT HOLDINGS LIMITED, and other companies.
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The company is included in ASX300 and ALL-ORDS
A brief look at important company events and economic data releases next week.
For a more comprehensive preview of next week’s events, please refer to “The Monday Report”, published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.
The week that was in Australian finance:
- The July CPI print and household spending data came in stronger than expected, forcing the market to reprice the probability of at least one more RBA cash rate hike at either the September or November Melbourne Cup Day meeting.
- While earnings season has been patchy, with pockets of strength —think exposure to secular trends in data centres, defence and infrastructure— the banks and consumer-facing companies have been less than upbeat, albeit results overall have been better than feared.
- Disappointments this season have largely come through cautious, if not negative, forward guidance.
- The Australian market struggled under the weight of a potential repricing for a higher cash rate, against an already challenging backdrop and a weakening property market.
- Throw in a chunky-sized developer, Bathla, going belly up, and private credit concerns are rippling through not only the managers that are placing a halt on redemptions, but also putting some fear into investors’ pockets and hearts.
- Cost cutting has been a big feature for companies this August, and that trend is most likely to persist as macroeconomic growth becomes more challenged.
- A quick snapshot of the market: the index, according to the ASX, is flat over the last five days. Materials rose 1.85%, Info Tech 1.79% and Health Care 0.97%. The laggards were Consumer Discretionary, down -2.33%, Communication Services, down -2.26%, and Real Estate, down -1.89%.
- Over in the US, Nvidia reported absolutely mind-blowing results. As one commentator suggested, we are running out of words to describe the growth this already humungous company is generating.
- Nvidia has a US$5.5trn market cap and flagged revenue growth of 70% for FY27.
- For the software aficionados, Salesforce, Okta and CrowdStrike had better-than-expected results and put to rest some of the fears that LLMs would destroy their business models. Salesforce is now working directly with Anthropic on Claudeforce.
- Even if Australian companies are not seeing the productivity benefits of AI yet, it is very real in the US. As Jensen Huang articulated on CNBC, the AI secular trend is accelerating, not moderating. For now, the AI-bubble fears can go back into Pandora’s box.
- At this stage, prior to Friday’s update, the FNArena Corporate Results Monitor has documented 283 results, with Beats at 32.9%, down from 36.1% last week and 36.5% a week earlier; In Line at 31.8%, up from 28.6% a week ago and down from 32.7% the week prior. Misses stand at 35.3%, unchanged from last week and up from 33.3% the prior week.
- Looking ahead it’s the final day for the August reporting season on Monday, and you can stay abreast of what’s happening with the FNArena calendar, https://fnarena.com/index.php/financial-news/calendar/
- And for the latest updates, check out the FNArena Corporate Results Monitor https://fnarena.com/index.php/reporting_season/
- Until then the team at FNArena wishes you a great weekend.
Corporate news in the week that was:
- BGH Capital has proposed acquiring EQT Holdings ((EQT)) for $24.75 per share in cash
- Perenti ((PRN)) has agreed to sell its BTP equipment rental and parts business to Beetle Industries for $100m, with completion expected by October
- Amwins, Dragoneer and KKR have made their $7.7bn takeover proposal for Steadfast Group ((SDF)) binding
- Ingenia Communities ((INA)) is expected to announce a $900m-plus cash-and-scrip takeover of Peet ((PPC))
- Potentia Capital is in dispute with Soprano Design founder Richard Favero over a blocked trade sale and Potentia’s investment in the messaging software group
- Foresight Group has hired PwC to seek buyers for South Australia’s 162MW Wattle Point and Hallett Hill wind farms, with the portfolio reportedly carrying a price tag of around $400m
- SkyCity Entertainment ((SKC)) has appointed UBS to review strategic options for its Adelaide casino, including a potential sale
- Thoma Bravo is leading the race to acquire a stake in Australian HR software company Tanda at an $800m valuation
- US-based Hometown has renewed its pursuit of Lifestyle Communities ((LIC)), with a potential transaction reportedly valuing the company at around $650m
- KKR is reportedly reviving efforts to take Pepper Money ((PPM)) private, with extensive due diligence underway
- Tabcorp ((TAH)) CEO Gillon McLachlan has sold his stake in wagering platform Dabble to his brother Hamish to address potential conflict concerns
- James Hardie Industries ((JHX)) has agreed to sell its European Fermacell walling and flooring business to Holcim for EUR840m in cash and separately plans to close its European fibre cement operations
- FireFly Metals ((FFM)) is preparing to raise around $180m and has hired Canaccord Genuity to launch the equity raising
- Alliance Aviation Services ((AQZ)) is preparing an equity raising aimed at strengthening its highly leveraged balance sheet
- Former Regal Funds Management stockpicker James Sioud has launched new investment firm Artefact Capital
- Rampart Capital, backed by founders of Zip ((ZIP)) and Stake, has deployed more than $20m in loans secured against shares in private companies
- Canyon Resources ((CAY)) is preparing a key update on its Minim Martap bauxite project as it faces a takeover bid from A2MP, with the bidder’s offer characterised as low-ball
- EVT Limited ((EVT)) has identified around $800m of non-core properties that could be sold and appointed Rothschild & Co to assess restructuring options, including a potential sale or break-up of the group
- Blackstone is weighing a potential takeover of EVT Limited ((EVT)) as the cinema, hotel and property group considers its strategic options
- Oaktree Capital is reportedly in preliminary discussions to acquire SkyCity Entertainment ((SKC)) as the casino operator weighs strategic options amid elevated debt and regulatory pressures
- Australian Retirement Trust has agreed to acquire a 50% interest in Westfield Mt Gravatt from Scentre Group ((SCG)) for $882.5m
- AustralianSuper has increased its stake in Reliance Worldwide ((RWC)) to 11.96% following Brookfield’s $4.75-per-share takeover proposal, potentially strengthening its influence over the outcome of the bid
- Pemba Capital has acquired a majority stake in Melbourne-based Hewison Private Wealth, which advises on around $3bn of client assets
- NRF has provided $120m of debt financing to Wesfarmers-backed Built Living
- Benz Mining ((BNZ)) has raised $150m to accelerate drilling and target a maiden resource for its Glenburgh gold project in 1H27
- L1 Group ((L1G)) is seeking to raise up to $500m for its $1.1bn listed Gold Fund through a one-for-three entitlement offer, with eight brokers supporting around $160m of the raising
- GDI Property Group ((GDI)) has announced a discretionary on-market buyback of up to 5% of its stapled securities
- Xenitra ((XEN)) has raised $1.5m to accelerate growth in its higher-margin healthcare and digital commerce businesses
- Radiology Partners agrees to acquire Australian-founded Everlight Radiology for around $1bn, delivering a major exit for Livingbridge
- Iris Capital, owned by Sydney billionaire Sam Arnaout, has emerged as the mystery second bidder for SkyCity Entertainment ((SKC)), alongside Oaktree Capital
- Bupa has tapped Morgan Stanley and Jarden to pursue a $2bn-plus sale of its A&NZ aged care businesses
- Eureka Pet Co is seeking a buyer for a minority stake valued at up to $40m, with private equity firms including L Catterton reportedly circling
- Coles Group ((COL)) has fuelled speculation it could revive its $4bn-plus pursuit of TPG-owned Greencross after signalling an appetite for acquisitions in key adjacent markets
- GenusPlus Group ((GNP)) appears unlikely to pursue the potential $1bn acquisition of Persol-owned Programmed, leaving private equity firms EQT, Pacific Equity Partners and Carlyle as leading contenders
- Service Stream ((SSM)) remains interested in Programmed’s maintenance arm rather than the labour-hire business, while GenusPlus’ apparent withdrawal could improve the position of private equity bidders
- Viva Energy Group ((VEA)) has indicated it will not pursue large-scale M&A, which is being interpreted as a sign it may have stepped back from a potential acquisition of ExxonMobil’s New Zealand service stations
- Tokio Marine is reportedly considering a potential acquisition of Suncorp Group ((SUN)) in what could become the Japanese insurer’s largest-ever acquisition
- Powerhaus Uranium ((PHU)) has raised $9m through its ASX IPO and will begin exploration at the Central Malbec uranium project in Argentina ahead of planned drilling in October
- Prescient Therapeutics ((PTX)) has launched a share purchase plan seeking up to $7m to advance its PTX-100 cancer treatment
- WAM Income Maximiser ((WMX)) has raised $172.4m at $1.62 per share through its combined capital raising
- Salter Brothers is backing online investing platform Superhero in a $30m capital raising at a $186m valuation
- MA Financial Group ((MAF)) has temporarily capped monthly redemptions from its $2.3bn MA Secured Real Estate Income Fund at 1%
- 360 Capital Group has placed its Mortgage REIT into a trading halt pending an announcement regarding its exposure to collapsed property developer Bathla Group
- Chris Hemsworth has acquired a stake in Australian whisky maker Archie Rose Distilling ahead of the company’s planned expansion into the US
- Sumitomo-led consortium has offered $813.1m for FleetPartners ((FPR)), escalating the bidding contest for the fleet management group
- Quadrant-backed Herron Todd White has acquired quantity surveying and construction advisory firm Mitchell Brandtman, with QIC and Metrics providing debt funding
- Genetic Signatures ((GSS)) and Microba Life Sciences ((MAP)) have entered preliminary merger discussions
- Ingenia Communities Group ((INA)) has agreed to acquire 100% of Peet ((PPC)) via a cash-and-scrip scheme, alongside establishing a $615m Flagstone City JV
- Frasers Group has intensified pressure on takeover target Accent Group ((AX1)), calling for chairman Lawrence Myers to resign following the company’s FY26 results
- Warburg Pincus has joined the $1bn-plus auction for Apax-owned auction and asset remarketing business Pickles
- IFM Investors and Global Infrastructure Partners have teamed up to bid for Blue Owl’s circa $30bn STACK Asia-Pacific data centre portfolio, competing against Macquarie, Brookfield and other infrastructure investors
- Kelsian Group ((KLS)) has abandoned the $15.2m sale of SeaLink Rottnest to Journey Beyond but continues to progress the $145.8m divestment of the remainder of its tourism portfolio
- Edge Early Learning has entered voluntary administration following rent defaults to landlord Arena REIT ((ARF))
- HMC Capital ((HMC)) has lined up a $5bn investment war chest targeting private credit, property and digital infrastructure
- Tribeca Investment Partners is testing investor appetite for a proposed $250m ASX-listed credit fund
- Pacific Current Group ((PAC)) is reviewing strategic options after River Capital proposed an $80m sale of itself to Pacific Current
- L Catterton has entered exclusive talks to acquire Australian premium dog food company Eureka Pet Co after the business sought a capital partner
- DigitalBridge has been selected as the preferred bidder for Ausgrid’s circa $3bn Plus ES smart metering business, beating a consortium comprising the Future Fund, Morrison and Aware Super
- Canadian and Japanese investors are stepping up their search for Australian acquisitions, with Quadrant-backed My Muscle Chef, which is being marketed for between $500m and $1bn, among potential targets
- Alium Capital and Partners For Growth are selling down their holdings in recently listed furniture retailer Koala Living ((KLI)) through a Barrenjoey-led ((MFG)) block trade
- Sandfire Resources ((SFR)) has appointed RBC Capital to sell its Black Butte copper project in the US
- Judo Capital Holdings ((JDO)) is reportedly holding informal discussions about a potential sale, with Bendigo and Adelaide Bank ((BEN)) and ANZ Group Holdings ((ANZ)) viewed as potential buyers
- PC Gold ((PC2)) has raised $75m through an institutional placement to accelerate the Spring Hill Gold Project, with incoming director Rick Clark and associates committing a further $2m
- Alliance Aviation Services ((AQZ)) has completed the $33m institutional component of a $40m equity raising
- Mineral Resources ((MIN)) has reinstated its dividend after reporting a record annual profit and is considering copper acquisitions as it looks for additional growth opportunities
- Corporate Travel Management ((CTD)) has released its audited FY25 accounts, moving the company closer to resuming trading on the ASX
- Broken Hill Mines ((BHM)) and Falcon Metals ((FAL)) are raising fresh equity to accelerate their Australian gold and silver projects amid renewed investor demand for precious metals
For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena’s Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)
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CHARTS
For more info SHARE ANALYSIS: ANZ - ANZ GROUP HOLDINGS LIMITED
For more info SHARE ANALYSIS: AQZ - ALLIANCE AVIATION SERVICES LIMITED
For more info SHARE ANALYSIS: ARF - ARENA REIT
For more info SHARE ANALYSIS: AX1 - ACCENT GROUP LIMITED
For more info SHARE ANALYSIS: BEN - BENDIGO & ADELAIDE BANK LIMITED
For more info SHARE ANALYSIS: BHM - BROKEN HILL MINES LIMITED
For more info SHARE ANALYSIS: BNZ - BENZ MINING CORP.
For more info SHARE ANALYSIS: CAY - CANYON RESOURCES LIMITED
For more info SHARE ANALYSIS: COL - COLES GROUP LIMITED
For more info SHARE ANALYSIS: CTD - CORPORATE TRAVEL MANAGEMENT LIMITED
For more info SHARE ANALYSIS: EQT - EQT HOLDINGS LIMITED
For more info SHARE ANALYSIS: EVT - EVT LIMITED
For more info SHARE ANALYSIS: FAL - FALCON METALS LIMITED
For more info SHARE ANALYSIS: FFM - FIREFLY METALS LIMITED
For more info SHARE ANALYSIS: FPR - FLEETPARTNERS GROUP LIMITED
For more info SHARE ANALYSIS: GDI - GDI PROPERTY GROUP
For more info SHARE ANALYSIS: GNP - GENUSPLUS GROUP LIMITED
For more info SHARE ANALYSIS: GSS - GENETIC SIGNATURES LIMITED
For more info SHARE ANALYSIS: HMC - HMC CAPITAL LIMITED
For more info SHARE ANALYSIS: INA - INGENIA COMMUNITIES GROUP
For more info SHARE ANALYSIS: JDO - JUDO CAPITAL HOLDINGS LIMITED
For more info SHARE ANALYSIS: JHX - JAMES HARDIE INDUSTRIES PLC
For more info SHARE ANALYSIS: KLI - KILLI RESOURCES LIMITED
For more info SHARE ANALYSIS: KLS - KELSIAN GROUP LIMITED
For more info SHARE ANALYSIS: L1G - L1 GROUP LIMITED
For more info SHARE ANALYSIS: LIC - LIFESTYLE COMMUNITIES LIMITED
For more info SHARE ANALYSIS: MAF - MA FINANCIAL GROUP LIMITED
For more info SHARE ANALYSIS: MAP - MICROBA LIFE SCIENCES LIMITED
For more info SHARE ANALYSIS: MFG - MAGELLAN FINANCIAL GROUP LIMITED
For more info SHARE ANALYSIS: MIN - MINERAL RESOURCES LIMITED
For more info SHARE ANALYSIS: PAC - PACIFIC CURRENT GROUP LIMITED
For more info SHARE ANALYSIS: PC2 - PC GOLD LIMITED
For more info SHARE ANALYSIS: PPC - PEET LIMITED
For more info SHARE ANALYSIS: PPM - PEPPER MONEY LIMITED
For more info SHARE ANALYSIS: PRN - PERENTI LIMITED
For more info SHARE ANALYSIS: PTX - PRESCIENT THERAPEUTICS LIMITED
For more info SHARE ANALYSIS: RWC - RELIANCE WORLDWIDE CORP. LIMITED
For more info SHARE ANALYSIS: SCG - SCENTRE GROUP
For more info SHARE ANALYSIS: SDF - STEADFAST GROUP LIMITED
For more info SHARE ANALYSIS: SFR - SANDFIRE RESOURCES LIMITED
For more info SHARE ANALYSIS: SKC - SKYCITY ENTERTAINMENT GROUP LIMITED
For more info SHARE ANALYSIS: SSM - SERVICE STREAM LIMITED
For more info SHARE ANALYSIS: SUN - SUNCORP GROUP LIMITED
For more info SHARE ANALYSIS: TAH - TABCORP HOLDINGS LIMITED
For more info SHARE ANALYSIS: VEA - VIVA ENERGY GROUP LIMITED
For more info SHARE ANALYSIS: WMX - WAM INCOME MAXIMISER LIMITED
For more info SHARE ANALYSIS: XEN - XENITRA LIMITED
For more info SHARE ANALYSIS: ZIP - ZIP CO LIMITED

