CYB, NEA and MGX performed well on ASX in today’s trading session. Stocks were up in the range of 1% to 3%. We intend to throw some light on the announced latest updates for these companies.
CYBG PLC (ASX: CYB)
CYBG PLC (ASX: CYB) has made an application to the Financial Conduct Authority and the LSE for 8.4 million ordinary shares of £0.10 each to be admitted to the Official List. It is expected that admission will become effective on 12 March 2019.
On 6th March 2019, the company announced that it has completed pricing of issue of £250,000,000 9.25 per cent. The Notes are convertible into ordinary shares of CYBG, if the common equity tier 1 capital ratio of the CYBG group falls below 7%. The offering was scheduled to close on 13th March 2019.
In its earlier announcement, the company informed that it has not received a grant from Pool A of the Capability and Innovation Fund, which is part of the RBS Alternative Remedies Package. CYBG enjoys a strong position in the SME banking segment. The company is capable to scale up SME proposition to tap the UK market.
CYBG informed that Clydesdale, a wholly owned subsidiary of CYBG, has entered into a JV with Salary Finance to add an innovative channel to CYBG’s personal loan segment. It will provide the opportunity for the platform to connect the payroll of participating employers for financial wellbeing benefits to employees, including salary-deducted savings, loans, financial education, etc.
The company is trading at $3.980 per share (up 2.314% during days’ trade) with an annual dividend yield at 1.43% (on 15 April 2019 AEST: 01:00 PM). The stock has generated a YTD return of 19.33%.
Nearmap Limited (ASX: NEA)
Nearmap Limited (ASX: NEA) earlier hosted a conference call to discuss the first half results of FY19. The group portfolio saw a growth of 42% (Y-o-Y) at $78.3 million (after currency exchange rate adjustment). The strong growth was largely attributed to subscribers and average subscription value. The company added $7.8 million from new subscribers, 37% higher as compared to H1 FY18. Analysing the growth territory-wise, US portfolio grew 6x in the last two years to $17.6 million largely driven by ACV.
The management has plans to invest minimum $5 million over the next 18 months targeting the Canadian Market, which is expected at $300 million to $400 million. Management intends to enter the market with leveraging its current US infrastructure for sales and operations in Canada.
The stock is currently trading at $3.290 per share (up 1.858% on 15 April 2019 AEST 01:15 PM) with a market cap of $1.44 billion. The stock has generated a YTD return of 111.11%.
Mount Gibson Iron Limited (ASX: MGX)
Mount Gibson Iron Limited (ASX: MGX) has recently released Global Iron Ore & Steel Forecast Conference Presentation and updated market about the development of the projects. MGX is the only company in Australia, which produces high-grade hematite with +65% Fe. Management considers Koolan a lucrative investment opportunity with the production of high grade and low-impurity iron ores. The pre-production activities at Koolan land is about to complete and is likely to see the revenue generation from April 2019.
Recently, the company announced that that MGX stock, as per March 2019 Quarterly Rebalance of the Ordinaries S&P Dow Jones Indices, was added to S&P/ASX 300 Index, effective from March 18, 2018.
The stock has zoomed substantially in the last one year with 182.93% of gains. From a short-term perspective, share gained 43.21% in the last one month. The stock of MGX is currently trading at $1.190 with a P/E multiple of 19.900 per share (on 15 April 2019 AEST: 01:15 PM). Today, the stock is up by 2.586% from its previous close.
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