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Speculative

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When Declining Ads and Audiences Collide Broadcaster Prime Media (ASX:PRT) released interim numbers last Friday showcasing that it continues to face a structurally challenging market with declining audiences and tighter margins. Today, we take a closer look at those results and weigh in on the best move forward. Recap There have been numerous developments since our last coverage of Prime Media (FAT-AUS-823), including expectations of existing media rules being relaxed, and a strong FY17 result which saw Prime’s share price rally to a

Praemium (ASX:PPS)

Speculative

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A Home run in the First Half Investment platform provider, Praemium (ASX:PPS) has not escaped the recent sell-off, with the stock giving back this year’s gains after a strong run. This also likely reflected investors view of the operating leverage that the company possesses to the broader market. With volatility subsiding, the company’s half year results last week have provided a useful health check. Indeed, these show that Praemium continues perform handsomely, hitting milestone after milestone and benefitting from a confluence

Medibank Private (ASX:MPL)

Core

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Long-term tailwinds The interim results from Australia’s largest private health insurer Medibank Private (ASX, MPL) were positive in our view, with a solid improvement in operating profit from the core health insurance operations. The group has a market leading position, with a favourable long-term thematic due to an aging and growing population and we continue to rate it a buy. Affordability remains a headwind for the industry, but Medibank is mitigating this through cost-out initiatives. We believe there is more scope for privatisation

InvoCare (ASX:IVC)

Core

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Fat Prophets take some profits Shares of Funeral services provider, InvoCare (ASX:IVC) sold off yesterday despite posting solid double-digit growth in operating earnings per share and boosting its dividend. We continue to like several characteristics of the Invocare investment proposition. However, the deterioration in the technical picture at the same time the company has advanced profits indicate it is getting increasingly difficult to meet investor’s expectations. Given strong gains since our initial buy recommendation we believe it is time to take

Domain Group Holdings (ASX:DHG)

Speculative

high

An impressive maiden Domain HoldingsAustralia (ASX:DHG) has had a shaky start to its share market life, thanks in the main to the abrupt and unexpected departure of experienced CEO Anthony Catalano just a few months after listing. Investors shot first and asked questions later, but interim results from the company confirm that operationally the investment thematic is very much intact. The market also responded positively, with the shares rising 7% over the past two sessions, and providing further credence to the

Woodside Petroleum (ASX:WPL)

Core

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Entitlement on offer Woodside Petroleum (ASX:WPL) is offering its shareholders the opportunity to be involved in the ongoing development of the company through a pro rata accelerated renounceable entitlement offer. The shareholder offering comes at a time when the company is acquiring a further interest in the Scarborough gas field in Western Australia. The following figure shows the location of the Scarborough blocks and gas fields: Source: Woodside Petroleum (ASX:WPL) The company plans to raise circa A$2.5 billion through a one (1) for

AWE (ASX:AWE)

Speculative

high

CERCG persists as Mitsui sets the date China Energy Reserve and Chemical Australia (CERCG) has now lodged a supplementary Bidders Statement in support of its offer to acquire AWE (ASX:AWE). In the meantime, Mitsui & Co (Mitsui), a late entrant into the AWE battle has set the record date to determine those AWE shareholders who will receive the documentation pertinent to its takeover offer. But wait the market is now bidding A97.5 cents. CERCG was directed by the Australian Government Takeover Panel

Silver Chef (ASX:SIV)

Core

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Perhaps a Silver Lining? Equipment financier Silver Chef (ASX:SIV) has recently released to the market a trading update covering the performance of its core business as well as the execution of a new $200 million securitisation funding arrangement with Westpac. This will be the primary focus of today’s report, as we peruse the details of the new financing arrangement and the overall update of trading conditions to 31 December 2017. Recap Before we proceed to the company’s trading update, we make a brief

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

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